Avnet, Inc. Reports Second Quarter Fiscal Year 2015 Results
Continued Growth and Leverage Drive Record EPS and Strong Cash Flow
Q2 Fiscal 2015 Results
SECOND QUARTERS ENDED | |||||||||||||||||
2014 |
2013 |
Change | |||||||||||||||
$ in millions, except per share data | |||||||||||||||||
Sales | $ | 7,551.9 | $ | 7,421.9 | 1.8 | % | |||||||||||
GAAP Operating Income | 250.3 | 221.6 | 13.0 | % | |||||||||||||
Adjusted Operating Income(1) |
274.6 | 263.2 | 4.3 | % | |||||||||||||
GAAP Net Income | 163.7 | 124.9 | 31.1 | % | |||||||||||||
Adjusted Net Income(1) |
176.0 | 163.9 | 7.4 | % | |||||||||||||
GAAP Diluted EPS | $ | 1.18 | $ | 0.89 | 32.6 | % | |||||||||||
Adjusted Diluted EPS(1) |
$ | 1.27 | $ | 1.17 | 8.5 | % |
(1) | A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the Non-GAAP Financial Information section in this press release. | |
-
Sales for the quarter ended
December 27, 2014 increased 1.8% year over year to$7.6 billion ; and 4.6% in constant currency -
Adjusted operating income of
$274.6 million increased 4.3% year over year and adjusted operating income margin of 3.6% increased 9 basis points year over year. Sequentially, adjusted operating income and adjusted operating income margin were up 22.7% and 37 basis points, respectively -
Adjusted net income of
$176.0 million increased 7.4% and record adjusted diluted earnings per share of$1.27 increased 8.5% year over year. Sequentially, adjusted net income and adjusted diluted earnings per share increased 22.1% and 24.5%, respectively, driven by the significant profit growth typically associated with the strong seasonal sales performance in the Technology Solutions (TS) segment
Avnet Electronics Marketing Results
Year-over-Year Growth Rates |
|||||||||||||||||||
Q2 FY15 Sales |
Reported and Organic Sales |
||||||||||||||||||
(in millions) | |||||||||||||||||||
EM Total | $ | 4,435.2 | 6.8% | ||||||||||||||||
Excluding FX(1) |
9.7% | ||||||||||||||||||
|
$ | 1,200.9 | (0.3)% | ||||||||||||||||
EMEA | $ | 1,205.3 | (1.0)% | ||||||||||||||||
Excluding FX(1) |
7.1% | ||||||||||||||||||
|
$ | 2,029.0 | 17.1% | ||||||||||||||||
Q2 FY15 | Q2 FY14 | Change | |||||||||||||||||
Operating Income | $ | 191.4 | $ | 171.7 |
11.5 |
% |
|||||||||||||
Operating Income Margin |
4.3 |
% |
|
4.1 |
% |
|
19 bps |
(1) | Year-over-year sales growth rate excluding the impact of changes in foreign currency exchange rates. | |
-
Sales increased 6.8% year over year to
$4.4 billion and 9.7% in constant currency - Operating income margin increased 19 basis points year over year to 4.3% due to improvements across all three regions
- Working capital (defined as receivables plus inventories less accounts payables) decreased 4.5% sequentially primarily due to a 10% reduction in inventories
- Return on working capital (ROWC) increased 125 basis points year over year and decreased 162 basis points sequentially
Avnet Technology Solutions Results
Year-over-Year Growth Rates |
|||||||||||||||||||
Q2 FY15 Sales |
Reported and Organic Sales |
||||||||||||||||||
(in millions) | |||||||||||||||||||
TS Total | $ | 3,116.7 | (4.6)% | ||||||||||||||||
Excluding FX (1) | (2.0)% | ||||||||||||||||||
|
$ | 1,851.0 | (0.4)% | ||||||||||||||||
EMEA | $ | 856.8 | (8.5)% | ||||||||||||||||
Excluding FX(1) | (3.0)% | ||||||||||||||||||
|
$ | 408.9 | (13.4)% | ||||||||||||||||
Q2 FY15 | Q2 FY14 | Change | |||||||||||||||||
Operating Income | $ | 117.6 | $ | 120.2 |
(2.2 |
)% |
|||||||||||||
Operating Income Margin |
3.8 |
% |
3.7 |
% |
9 bps |
(1) | Year-over-year sales growth rate excluding the impact of changes in foreign currency exchange rates. | |
-
Sales decreased 4.6% year over year to
$3.1 billion and decreased 2.0% in constant currency primarily due to weakness in theAsia region -
Operating income margin increased 9 basis points year over year as
improvements in EMEA and
Asia were partially offset by weakness in theAmericas region -
ROWC decreased 194 basis points year over year primarily due to lower
operating income in the
Americas region - At a product level, year-over-year growth in networking and security, services, and storage, was offset by a decline in computing components
Cash Flow/Dividend
-
Cash generated from operations was
$265 million in the December quarter and for the trailing twelve months, cash generated from operations was$616 million -
Cash and cash equivalents at the end of the quarter was
$903 million ; net debt (total debt less cash and cash equivalents) was approximately$1.2 billion -
The Company repurchased 2.3 million shares during the quarter at an
aggregate cost of
$91 million . Entering the third quarter, the Company had approximately$357 million remaining under the current repurchase authorization -
The Company paid a quarterly dividend of
$0.16 per share or$21.8 million
Outlook for Third Quarter of Fiscal 2015 Ending
on
-
EM sales are expected to be in the range of
$4.15 billion to$4.45 billion and TS sales are expected to be in the range of$2.45 billion to$2.75 billion -
After adjusting for the changes in foreign currency exchange rates,
the midpoint of guidance would represent a 1% sequential decline for
EM and a 15% decline for TS. For the March quarter, EM's normal
seasonality is +4% to +7% and TS's normal seasonality is -20% to -16%
-
This guidance for EM reflects sequential growth in our western
regions and a sequential decline in our
Asia region due to an expected decline in our select high volume supply chain engagements
-
This guidance for EM reflects sequential growth in our western
regions and a sequential decline in our
-
Avnet sales are expected to be in the range of$6.6 billion to$7.2 billion -
Adjusted diluted earnings per share is expected to be in the range of
$1.04 to$1.14 per share - The guidance assumes 138.5 million average diluted shares outstanding and a tax rate of 27% to 31%
The above guidance excludes the amortization of intangibles and any
potential restructuring, integration and other expenses. In addition,
the above guidance assumes that the average U.S. Dollar to Euro currency
exchange rate for the third quarter of fiscal 2015 is
Forward-Looking Statements
This document contains certain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements are based on management's current expectations and are
subject to uncertainty and changes in facts and circumstances. The
forward-looking statements herein include statements addressing future
financial and operating results of
The following factors, among others, could cause actual results to
differ materially from those described in the forward-looking
statements: the Company's ability to retain and grow market share and to
generate additional cash flow, risks associated with any acquisition
activities and the successful integration of acquired companies,
declines in sales, changes in business conditions and the economy in
general, changes in market demand and pricing pressures, any material
changes in the allocation of product or product rebates by suppliers,
and other competitive and/or regulatory factors affecting the businesses
of
More detailed information about these and other factors is set forth in
Avnet's filings with the
Non-GAAP Financial Information
In addition to disclosing financial results that are determined in
accordance with generally accepted accounting principles in
Management believes that operating income adjusted for (i) restructuring, integration and other expenses and (ii) amortization of acquired intangible assets and other, is a useful measure to help investors better assess and understand the Company's operating performance, especially when comparing results with previous periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Avnet's normal operating results or non-cash in nature. Management analyzes operating income without the impact of these items as an indicator of ongoing margin performance and underlying trends in the business. Management also uses these non-GAAP measures to establish operational goals and, in some cases, for measuring performance for compensation purposes.
Management believes net income and diluted EPS adjusted for (i) the impact of the items described above, (ii) certain items impacting income tax expense and (iii) the gain on legal settlement, is useful to investors because it provides a measure of the Company's net profitability on a more comparable basis to historical periods and provides a more meaningful basis for forecasting future performance. Additionally, because of management's focus on generating shareholder value, of which net profitability is a primary driver, management believes net income and diluted EPS excluding the impact of these items provides an important measure of the Company's net results for the investing public.
Other metrics management monitors in its assessment of business performance include return on working capital (ROWC), return on capital employed (ROCE) and working capital velocity (WC velocity).
- ROWC is defined as annualized adjusted operating income (as defined above) divided by the sum of the monthly average balances of receivables and inventories less accounts payable.
- ROCE is defined as annualized, tax effected adjusted operating income (as defined above) divided by the monthly average balances of interest-bearing debt and equity (including the impact of adjustments to operating income discussed above) less cash and cash equivalents.
- WC velocity is defined as annualized sales divided by the sum of the monthly average balances of receivables and inventories less accounts payable.
Any analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, results presented in accordance with GAAP.
Second Quarter Fiscal 2015
Second Quarter Fiscal 2015 | ||||||||||||||||||||||||
Operating
Income |
Income Before Income Taxes |
Net Income |
Diluted
EPS |
|||||||||||||||||||||
$ in thousands, except per share amounts | ||||||||||||||||||||||||
GAAP results | $ | 250,287 | $ | 220,097 | $ | 163,706 | $ | 1.18 | ||||||||||||||||
Restructuring, integration and other expenses |
13,257 | 13,257 | 10,188 | 0.07 | ||||||||||||||||||||
Amortization of intangible assets and other | 11,052 | 11,052 | 7,675 | 0.06 | ||||||||||||||||||||
Income tax adjustments | — | — | (5,597 | ) | (0.04 | ) | ||||||||||||||||||
Total adjustments | 24,309 | 24,309 | 12,266 | 0.09 | ||||||||||||||||||||
Adjusted results | $ | 274,596 | $ | 244,406 | $ | 175,972 | $ | 1.27 | ||||||||||||||||
Items impacting the second quarter of fiscal 2015 consisted of the following:
-
Restructuring, integration and other expenses of
$13.3 million before tax consisted of$1.7 million for severance,$4.1 million for facility exit and asset impairment related costs,$0.8 million for other restructuring costs,$4.0 million for integration-related costs,$2.1 million for other costs, and net expense of$0.6 million to adjust prior period restructuring liabilities. Restructuring, integration and other expenses after tax was$10.2 million ; -
Amortization expense and other substantially all of which related to
acquired intangible assets of
$11.1 million before tax and$7.7 million after tax; and -
An income tax benefit (net) of
$5.6 million primarily related to certain items impacting the effective income tax rate in the second quarter of fiscal 2015.
First Quarter Fiscal 2015
First Quarter Fiscal 2015 | ||||||||||||||||||||||||
Operating
Income |
Income Before Income Taxes |
Net Income |
Diluted
EPS* |
|||||||||||||||||||||
$ in thousands, except per share amounts | ||||||||||||||||||||||||
GAAP results | $ | 193,197 | $ | 168,304 | $ | 127,946 | $ | 0.91 | ||||||||||||||||
Restructuring, integration and other expenses |
18,320 | 18,320 | 13,160 | 0.09 | ||||||||||||||||||||
Amortization of intangible assets and other | 12,208 | 12,208 | 8,973 | 0.07 | ||||||||||||||||||||
Income tax adjustments | — | — | (5,926 | ) | (0.04 | ) | ||||||||||||||||||
Total adjustments | 30,528 | 30,528 | 16,207 | 0.12 | ||||||||||||||||||||
Adjusted results | $ | 223,725 | $ | 198,832 | $ | 144,153 | $ | 1.02 |
* Does not foot due to rounding
Items impacting the first quarter of fiscal 2015 consisted of the following:
-
Restructuring, integration and other expenses of
$18.3 million before tax consisted of$4.1 million for severance,$6.1 million for facility exit and asset impairment related costs,$0.6 million for other restructuring costs,$6.3 million for integration-related costs,$1.6 million for other costs, and a net reversal of$0.4 million to adjust prior period restructuring liabilities. Restructuring, integration and other expenses after tax was$13.2 million ; -
Amortization expense and other substantially all of which related to
acquired intangible assets of
$12.2 million before tax and$9.0 million after tax; and -
An income tax benefit (net) of
$5.9 million primarily related to certain items impacting the effective income tax rate in the first quarter of fiscal 2015.
Second Quarter Fiscal 2014
Second Quarter Fiscal 2014 | |||||||||||||||||||||||
Operating
Income |
Income Before Income Taxes |
Net Income |
Diluted
EPS |
||||||||||||||||||||
$ in thousands, except per share amounts | |||||||||||||||||||||||
GAAP results | $ | 221,572 | $ | 188,552 | $ | 124,864 | $ | 0.89 | |||||||||||||||
Restructuring, integration and other expenses |
28,442 | 28,442 | 21,746 | 0.15 | |||||||||||||||||||
Amortization of intangible assets and other | 13,194 | 13,194 | 9,125 | 0.07 | |||||||||||||||||||
Income tax adjustments | — | — | 8,158 | 0.06 | |||||||||||||||||||
Total adjustments | 41,636 | 41,636 | 39,029 | 0.28 | |||||||||||||||||||
Adjusted results | $ | 263,208 | $ | 230,188 | $ | 163,893 | $ | 1.17 | |||||||||||||||
Items impacting the second quarter of fiscal 2014 consisted of the following:
-
Restructuring, integration and other expenses of
$28.4 million before tax consisted of$19.3 million for severance,$1.4 million for facility exit and asset impairment related costs,$0.4 million for other charges,$1.5 million for other costs,$4.3 million for integration-related costs, and a net expense of$1.5 million to adjust prior period restructuring liabilities. Restructuring, integration and other expenses after tax was$21.7 million ; -
Amortization expense and other substantially all of which related to
acquired intangible assets of
$13.2 million before tax and$9.1 million after tax; and -
An income tax expense (net) of
$8.2 million primarily related to certain items impacting the effective income tax rate in the second quarter of fiscal 2014.
Organic Sales
Organic sales is defined as reported sales adjusted for the impact of acquisitions and divestitures by adjusting Avnet's prior periods to include the sales of acquired businesses and exclude the sales of divested businesses as if the acquisitions and divestitures had occurred at the beginning of the earliest period presented.
The following table presents the reconciliation of reported sales to organic sales for the first six months of fiscal 2014. For quarterly periods subsequent to the first quarter of fiscal 2014, reported sales are equivalent to organic sales.
Six Months Ended | |||||||||||||||||
As Reported and Organic - Fiscal 2014 |
Acquisitions/ Divestitures |
Organic Sales - Fiscal 2014 |
|||||||||||||||
(in thousands) | |||||||||||||||||
|
$ | 13,767,329 | $ | 119,950 | $ | 13,887,279 | |||||||||||
EM | 8,092,907 | 119,950 | 8,212,857 | ||||||||||||||
EMEA | 2,314,828 | 119,950 | 2,434,778 | ||||||||||||||
"Acquisition/Divestiture" as presented in the preceding table includes
the acquisition of
ROWC, ROCE and WC Velocity
The following table (in thousands) presents the calculation for ROWC, ROCE and WC velocity.
Q2 FY15 | Q2 FY14 | Q1 FY15 | ||||||||||||||||||
Sales | $ | 7,551,880 | $ | 7,421,854 | $ | 6,839,587 | ||||||||||||||
Sales, annualized | (a) | $ | 30,207,520 | $ | 29,687,416 | $ | 27,358,348 | |||||||||||||
Adjusted operating income(1) |
$ | 274,596 | $ | 263,208 | $ | 223,725 | ||||||||||||||
Adjusted annualized operating income |
(b) | $ | 1,098,384 | $ | 1,052,832 | $ | 894,900 | |||||||||||||
Adjusted effective tax rate(2) |
27.8 | % | 27.9 | % | 27.5 | % | ||||||||||||||
Adjusted annualized operating income, after tax | (c) | $ | 793,253 | $ | 759,302 | $ | 648,803 | |||||||||||||
Average monthly working capital | ||||||||||||||||||||
Accounts receivable | $ | 5,318,083 | $ | 5,036,079 | $ | 4,993,653 | ||||||||||||||
Inventories | $ | 2,700,424 | $ | 2,632,361 | $ | 2,729,194 | ||||||||||||||
Accounts payable | $ | (3,437,897 | ) | $ | (3,289,709 | ) | $ | (3,231,037 | ) | |||||||||||
Average working capital | (d) | $ | 4,580,610 | $ | 4,378,731 | $ | 4,491,810 | |||||||||||||
Average monthly capital employed | (e) | $ | 6,161,858 | $ | 5,912,624 | $ | 6,101,274 | |||||||||||||
ROWC = (b) / (d) | 24.0 | % | 24.0 | % | 19.9 | % | ||||||||||||||
WC Velocity = (a) / (d) | 6.6 | 6.8 | 6.1 | |||||||||||||||||
ROCE = (c) / (e) | 12.9 | % | 12.8 | % | 10.6 | % |
(1) | See reconciliation to GAAP amounts in the preceding tables in this Non-GAAP Financial Information section. | |
(2) | Adjusted effective tax rate for each quarterly period in a fiscal year is based upon the currently anticipated annual effective tax rate, excluding the tax effect of the items described above in the reconciliation to GAAP amounts in this Non-GAAP Financial Information section. | |
Teleconference and Upcoming Events
For a listing of Avnet's upcoming events and other information, please visit Avnet's investor relations website at www.ir.avnet.com.
About
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
||||||||||||||||||||||||
Second Quarters Ended | Six Months Ended | |||||||||||||||||||||||
2014 |
2013 |
2014 |
2013 |
|||||||||||||||||||||
(Thousands, except per share data) | ||||||||||||||||||||||||
Sales | $ | 7,551,880 | $ | 7,421,854 | $ | 14,391,466 | $ | 13,767,329 | ||||||||||||||||
Cost of sales | 6,714,374 | 6,573,221 | 12,758,497 | 12,183,526 | ||||||||||||||||||||
Gross profit | 837,506 | 848,633 | 1,632,969 | 1,583,803 | ||||||||||||||||||||
Selling, general and administrative expenses | 573,962 | 598,619 | 1,157,908 | 1,142,703 | ||||||||||||||||||||
Restructuring, integration and other expenses | 13,257 | 28,442 | 31,577 | 40,541 | ||||||||||||||||||||
Operating income | 250,287 | 221,572 | 443,484 | 400,559 | ||||||||||||||||||||
Other income (expense), net | (5,524 | ) | (4,794 | ) | (7,017 | ) | (3,999 | ) | ||||||||||||||||
Interest expense | (24,666 | ) | (28,226 | ) | (48,066 | ) | (55,203 | ) | ||||||||||||||||
Gain on legal settlement | — | — | — | 19,137 | ||||||||||||||||||||
Income before income taxes | 220,097 | 188,552 | 388,401 | 360,494 | ||||||||||||||||||||
Income tax expense | 56,391 | 63,688 | 96,749 | 115,006 | ||||||||||||||||||||
Net income | $ | 163,706 | $ | 124,864 | $ | 291,652 | $ | 245,488 | ||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||
Basic | $ | 1.20 | $ | 0.91 | $ | 2.12 | $ | 1.78 | ||||||||||||||||
Diluted | $ | 1.18 | $ | 0.89 | $ | 2.08 | $ | 1.75 | ||||||||||||||||
Shares used to compute earnings per share: | ||||||||||||||||||||||||
Basic | 136,541 | 137,702 | 137,425 | 137,558 | ||||||||||||||||||||
Diluted | 138,972 | 140,144 | 139,911 | 139,934 | ||||||||||||||||||||
Cash dividends paid per common share | $ | 0.16 | $ | 0.15 | $ | 0.32 | $ | 0.30 | ||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
||||||||||||||||
2014 |
2014 |
|||||||||||||||
(Thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 903,331 | $ | 928,971 | ||||||||||||
Receivables, net | 5,696,642 | 5,220,528 | ||||||||||||||
Inventories | 2,493,576 | 2,613,363 | ||||||||||||||
Prepaid and other current assets | 196,111 | 191,337 | ||||||||||||||
Total current assets | 9,289,660 | 8,954,199 | ||||||||||||||
Property, plant and equipment, net | 541,904 | 534,999 | ||||||||||||||
Goodwill | 1,298,805 | 1,348,468 | ||||||||||||||
Intangible assets, net | 152,265 | 184,308 | ||||||||||||||
Other assets | 208,460 | 233,543 | ||||||||||||||
Total assets | $ | 11,491,094 | $ | 11,255,517 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Short-term debt | $ | 409,184 | $ | 865,088 | ||||||||||||
Accounts payable | 3,850,295 | 3,402,369 | ||||||||||||||
Accrued expenses and other | 672,576 | 711,369 | ||||||||||||||
Total current liabilities | 4,932,055 | 4,978,826 | ||||||||||||||
Long-term debt | 1,692,307 | 1,213,814 | ||||||||||||||
Other liabilities | 161,802 | 172,684 | ||||||||||||||
Total liabilities | 6,786,164 | 6,365,324 | ||||||||||||||
Shareholders' equity | 4,704,930 | 4,890,193 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 11,491,094 | $ | 11,255,517 | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||||||||||||
Six Months Ended | |||||||||||||||||
2014 |
2013 |
||||||||||||||||
(Thousands) | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 291,652 | $ | 245,488 | |||||||||||||
Non-cash and other reconciling items: | |||||||||||||||||
Depreciation | 46,972 | 44,731 | |||||||||||||||
Amortization | 21,990 | 20,903 | |||||||||||||||
Deferred income taxes | 15,275 | 11,925 | |||||||||||||||
Stock-based compensation | 36,130 | 28,940 | |||||||||||||||
Other, net | 34,523 | 51,616 | |||||||||||||||
Changes in (net of effects from businesses acquired): | |||||||||||||||||
Receivables | (711,060 | ) | (771,728 | ) | |||||||||||||
Inventories | (5,957 | ) | (158,470 | ) | |||||||||||||
Accounts payable | 583,337 | 348,521 | |||||||||||||||
Accrued expenses and other, net | (88,438 | ) | 23,875 | ||||||||||||||
Net cash flows provided (used) for operating activities | 224,424 | (154,199 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Borrowings under accounts receivable securitization program, net | 77,000 | 60,000 | |||||||||||||||
(Repayments) borrowings of bank and other debt, net | (37,414 | ) | 55,436 | ||||||||||||||
Repurchases of common stock | (109,129 | ) | — | ||||||||||||||
Dividends paid on common stock | (43,875 | ) | (41,263 | ) | |||||||||||||
Other, net | (5,439 | ) | 4,293 | ||||||||||||||
Net cash flows (used) provided by financing activities | (118,857 | ) | 78,466 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of property, plant and equipment | (83,642 | ) | (47,024 | ) | |||||||||||||
Acquisitions of businesses, net of cash acquired | — | (116,882 | ) | ||||||||||||||
Other, net | (8,795 | ) | 1,800 | ||||||||||||||
Net cash flows used for investing activities | (92,437 | ) | (162,106 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (38,770 | ) | 7,827 | ||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
— (decrease) | (25,640 | ) | (230,012 | ) | |||||||||||||
— at beginning of period | 928,971 | 1,009,343 | |||||||||||||||
— at end of period | $ | 903,331 | $ | 779,331 | |||||||||||||
SEGMENT INFORMATION (UNAUDITED) |
||||||||||||||||||||||||
Second Quarters Ended* | Six Months Ended* | |||||||||||||||||||||||
2014 |
2013 |
2014 |
2013 |
|||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Sales: | ||||||||||||||||||||||||
Electronics Marketing | $ | 4,435.2 | $ | 4,154.8 | $ | 8,809.3 | $ | 8,092.9 | ||||||||||||||||
Technology Solutions | 3,116.7 | 3,267.1 | 5,582.2 | 5,674.4 | ||||||||||||||||||||
Consolidated Sales | $ | 7,551.9 | $ | 7,421.9 | $ | 14,391.5 | $ | 13,767.3 | ||||||||||||||||
Operating Income: | ||||||||||||||||||||||||
Electronics Marketing | $ | 191.4 | $ | 171.7 | $ | 394.2 | $ | 347.5 | ||||||||||||||||
Technology Solutions | 117.6 | 120.2 | 180.0 | 182.8 | ||||||||||||||||||||
Corporate | (34.4 | ) | (28.7 | ) | (75.8 | ) | (67.6 | ) | ||||||||||||||||
274.6 | 263.2 | 498.4 | 462.7 | |||||||||||||||||||||
Restructuring, integration and other expenses | (13.3 | ) | (28.4 | ) | (31.6 | ) | (40.5 | ) | ||||||||||||||||
Amortization of intangible assets and other | (11.1 | ) | (13.2 | ) | (23.3 | ) | (21.6 | ) | ||||||||||||||||
Operating Income | $ | 250.3 | $ | 221.6 | $ | 443.5 | $ | 400.6 |
*Sub-totals and totals may not foot due to rounding
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