PHOENIX--(BUSINESS WIRE)--
Avnet,
Inc. (NYSE:AVT) announced today that its Board of Directors approved
a 6.25 percent increase in the quarterly cash dividend to $0.17 per
share. The dividend will be paid on September 18, 2015 to shareholders
of record as of the close of business on September 9, 2015.
In addition, Avnet's Board of Directors approved an expansion of its
current share repurchase authorization by $250 million. Since the
inception of the repurchase program in August of 2011, Avnet has
approved a cumulative total of $1.25 billion toward share purchases.
During this time, the Company has purchased approximately $762 million
of shares.
Rick Hamada, Avnet Chief Executive Officer, commented, "Our strong
financial position and cash generation profile provides us the
foundation to continue with our consistent capital allocation priorities
of investing in organic growth initiatives, value-creating acquisitions
and returning capital to shareholders. We believe now is an appropriate
time to increase both our dividend and share repurchase authorization.
Growing our dividend aligns with our strategy to provide a predictable
amount of return of capital to shareholders, while our disciplined share
repurchase program provides an opportunistic approach to enhancing this
return when we determine our own equity represents a compelling value."
Taken together, Avnet's dividend and disciplined share repurchase
program have returned approximately $932 million to shareholders over
the past four years.
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.
About Avnet
From components to cloud and design to disposal, Avnet, Inc. (NYSE:AVT)
accelerates the success of customers who build, sell and use technology
globally by providing them with a comprehensive portfolio of innovative
products, services and solutions. Avnet is a Fortune 500 company with
revenues of $27.9 billion for the fiscal year 2015. For more
information, visit www.avnet.com.
(AVT_IR)
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Investor Relations Contact:
Avnet,
Inc.
Vincent Keenan
Investor Relations
(480) 643-7053
investorrelations@avnet.com
Source: Avnet, Inc.
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