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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

__________________

Date of Report (Date of earliest event reported)    February 1, 2023

AVNET, INC.

(Exact name of registrant as specified in its charter)

New York

 

1-4224

 

11-1890605

(State or other jurisdiction

 

(Commission

 

(IRS Employer

of incorporation)

 

File Number)

 

Identification No.)

2211 South 47th Street, Phoenix, Arizona

 

85034

(Address of principal executive offices)

 

(Zip Code)

(480) 643-2000

(Registrant’s telephone number, including area code.)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered:

Common stock, par value $1.00 per share

 

AVT

 

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02     Results of Operations and Financial Condition.

On February 1, 2023, Avnet, Inc. (the “Company”) issued a press release announcing its second quarter results of operations for fiscal 2023. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Current Report on Form 8-K and the exhibit attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 except as shall be expressly set forth in such filing.

Item 9.01     Financial Statements and Exhibits.

(d) Exhibits.

The following materials are attached as exhibits to this Current Report on Form 8-K:

Exhibit
Number

   

Description

 

 

 

99.1

 

Press Release, dated February 1, 2023.

104

Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 1, 2023

AVNET, INC.

By:

/s/ Kenneth A. Jacobson

Name: Kenneth A. Jacobson

Title: Chief Financial Officer

Exhibit 99.1

A picture containing text, clipart

Description automatically generated

Avnet Reports Second Quarter Fiscal 2023 Financial Results

Second quarter sales of $6.7 billion up 14.5% year over year

Operating income of $299 million grew nearly three times faster than sales

PHOENIX – February 1, 2023 Avnet, Inc. (Nasdaq: AVT) today announced results for its second quarter ended December 31, 2022.

Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “We delivered another strong quarter of sales and earnings to close out 2022. This past year we were able to accelerate our sales growth, expand operating margins and gain market share thanks in large part to our customers’ partnership and our employees’ dedication and commitment. As we head into 2023, we are closely monitoring near-term market dynamics and remain encouraged about the medium-term growth opportunities across our diverse end markets.”

Fiscal Second Quarter Key Financial Highlights:

Sales of $6.7 billion up 14.5% year over year from $5.9 billion.
oOn a constant currency basis, sales increased 21.1% year over year.
Diluted earnings per share increased to $2.63, compared with $1.50 in the prior year quarter.
oAdjusted diluted earnings per share of $2.00, compared with $1.51 in the prior year quarter.
oHigher interest expense negatively impacted second quarter adjusted diluted earnings per share by $0.31 year over year.
Operating income margin of 4.5%, increased 84 basis points year over year.
oAdjusted operating income margin of 4.5%, increased 80 basis points year over year.
Electronic Components operating income margin of 4.7%, increased 122 basis points year over year.
Farnell operating income margin of 9.0% decreased 461 basis points year over year.
Returned $64 million to shareholders in the quarter from share repurchases, representing 1.8% of outstanding shares.
Returned $26 million to shareholders in dividends during the quarter.


Key Financial Metrics

($ in millions, except per share data)

Second Quarter Results (GAAP)

Dec – 22

   

Dec – 21

   

Change Y/Y

   

Sep – 22

   

Change Q/Q

Sales

$

6,717.5

$

5,865.2

14.5

%

$

6,750.1

(0.5)

%

Operating Income

299.0

211.7

41.2

%

290.5

2.9

%

Operating Income Margin

4.5

%

3.6

%

84

bps

4.3

%

15

bps

Diluted Earnings Per Share (EPS)

$

2.63

$

1.50

75.3

%

$

1.93

36.3

%

Second Quarter Results (Non-GAAP)(1)

Dec – 22

   

Dec – 21

   

Change Y/Y

   

Sep – 22

   

Change Q/Q

Adjusted Operating Income

300.5

215.5

39.5

%

293.3

2.5

%

Adjusted Operating Income Margin

4.5

%

3.7

%

80

bps

4.4

%

12

bps

Adjusted Diluted Earnings Per Share (EPS)

$

2.00

$

1.51

32.5

%

$

2.00

-

%

Segment and Geographical Mix

Dec – 22

   

Dec – 21

   

Change Y/Y

Sep – 22

   

Change Q/Q

Electronic Components (EC) Sales

$

6,309.5

$

5,424.3

16.3

%

$

6,324.2

(0.2)

%

EC Operating Income Margin

4.7

%

3.5

%

122

bps

4.2

%

47

bps

Farnell Sales

$

408.0

$

440.9

(7.5)

%

$

425.9

(4.2)

%

Farnell Operating Income Margin

9.0

%

13.7

%

(461)

bps

12.1

%

(308)

bps

Americas Sales

$

1,681.2

$

1,391.5

20.8

%

$

1,678.9

0.1

%

EMEA Sales

2,255.9

1,840.8

22.6

%

2,129.5

5.9

%

Asia Sales

2,780.4

2,632.9

5.6

%

2,941.7

(5.5)

%


(1)A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the “Non-GAAP Financial Information” section of this press release.

Outlook for the Third Quarter of Fiscal 2023 Ending on April 1, 2023

    

Guidance Range

    

Midpoint

Sales

$6.15B – $6.45B

$6.30B

Adjusted Diluted EPS(1)

$1.75 – $1.85

$1.80


(1)A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release.

The above guidance is based upon current market conditions and implies a sequential growth rate range of down 4% to down 8%. This guidance assumes a seasonal decline in sales from Asia primarily due to the Lunar New Year and below seasonal growth for the western regions.

The above guidance also excludes amortization of intangibles and certain income tax adjustments. The above guidance assumes similar interest expense to the second quarter and an effective tax rate of between 22% and 26%. The above guidance assumes 92.5 million average diluted shares outstanding and average currency exchange rates as shown in the table below:


Q3 Fiscal

2023

Q2 Fiscal

Q3 Fiscal

Guidance

    

2023

    

2022

Euro to U.S. Dollar

$1.09

$1.02

$1.12

GBP to U.S. Dollar

$1.24

$1.17

$1.34

Today’s Conference Call and Webcast Details

Avnet will host a quarterly webcast and teleconference today at 1:30 p.m. PT and 4:30 p.m. ET to discuss its financial results and provide a corporate update. The webcast can be accessed via Avnet’s Investor Relations web page at: https://ir.avnet.com.

Those who would still like to participate in the live call can dial 877-407-8112 or 201-689-8840. A replay of the conference call will be available for 90 days, through May 2, 2023, at 5:00 p.m. ET, and can be accessed by dialing: 877-660-6853 or 201-612-7415 and using Conference ID: 13734794.

Forward-Looking Statements

This document contains 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, with respect to the financial condition, results of operations and business of the Company. You can find many of these statements by looking for words like “believes,” “projected”, “plans,” “expects,” “anticipates,” “should,” “will,” “may,” “estimates” or similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties. The following important factors, in addition to those discussed elsewhere in the Company’s Annual Report on Form 10-K for the fiscal year ended July 2, 2022 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, could affect the Company’s future results of operations, and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: geopolitical events and military conflicts; pandemics and other health-related crises, including COVID-19; competitive pressures among distributors of electronic components; an industry down-cycle in semiconductors, including supply shortages; relationships with key suppliers and allocations of products by suppliers, including increased non-cancellable/non-returnable orders; accounts receivable defaults; risks relating to the Company’s international sales and operations, including risks relating to the ability to repatriate cash, foreign currency fluctuations, inflation, duties and taxes, sanctions and trade restrictions, and compliance with international and U.S. laws; risks relating to acquisitions, divestitures and investments; adverse effects on the Company’s supply chain, operations of its distribution centers, shipping costs, third-party service providers, customers and suppliers, including as a result of issues caused by military conflicts, terrorist attacks, natural and weather-related disasters, pandemics and health related crises, warehouse modernization and relocation efforts; risks related to cyber security attacks, other privacy and security incidents and information systems failures, including related to current or future implementations, integrations or upgrades; general economic and business conditions (domestic, foreign and global) affecting the Company’s operations and financial performance and, indirectly, the Company’s credit ratings, debt covenant compliance, liquidity and access to financing; constraints on employee retention and hiring; and legislative or regulatory changes affecting the Company’s businesses.


Any forward-looking statement speaks only as of the date on which that statement is made. Except as required by law, the Company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made.

About Avnet

As a leading global technology distributor and solutions provider, Avnet has served customers’ evolving needs for an entire century. We support customers at each stage of a product’s lifecycle, from idea to design and from prototype to production. Our unique position at the center of the technology value chain enables us to accelerate the design and supply stages of product development so customers can realize revenue faster. Decade after decade, Avnet helps its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com. (AVT_IR)

Investor Relations Contacts

Joe Burke, 480-643-7431

Joseph.Burke@avnet.com

Media Relations Contact

Jeanne Forbis, 480-643-7499

Jeanne.Forbis@Avnet.com


AVNET, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Second Quarters Ended

Six Months Ended

 

    

December 31,

    

January 1,

    

December 31,

    

January 1,

 

2022

2022

2022

2022

 

(Thousands, except per share data)

 

Sales

$

6,717,521

$

5,865,217

$

13,467,654

$

11,449,912

Cost of sales

 

5,933,421

 

5,152,182

 

11,915,381

 

10,077,185

Gross profit

 

784,100

 

713,035

 

1,552,273

 

1,372,727

Selling, general and administrative expenses

 

485,127

 

501,363

 

962,764

 

987,540

Restructuring, integration and other expenses

 

 

 

 

5,272

Operating income

 

298,973

 

211,672

 

589,509

 

379,915

Other income, net

 

1,476

 

1,737

 

1,800

 

1,327

Interest and other financing expenses, net

 

(59,020)

 

(21,630)

 

(104,118)

 

(44,474)

Gain on legal settlement

61,705

 

 

61,705

 

Income before taxes

 

303,134

 

191,779

 

548,896

 

336,768

Income tax expense

 

59,248

 

40,958

 

120,749

 

74,629

Net income

$

243,886

$

150,821

$

428,147

$

262,139

Earnings per share:

Basic

$

2.67

$

1.52

$

4.62

$

2.64

Diluted

$

2.63

$

1.50

$

4.55

$

2.60

Shares used to compute earnings per share:

Basic

 

91,192

 

99,032

 

92,621

 

99,340

Diluted

 

92,755

 

100,286

 

94,195

 

100,701

Cash dividends paid per common share

$

0.29

$

0.24

$

0.58

$

0.48


AVNET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

    

December 31,

    

July 2,

 

2022

2022

 

(Thousands)

 

ASSETS

Current assets:

Cash and cash equivalents

$

324,778

$

153,693

Receivables

 

4,789,402

 

4,301,002

Inventories

 

4,972,898

 

4,244,148

Prepaid and other current assets

 

216,487

 

177,783

Total current assets

 

10,303,565

 

8,876,626

Property, plant and equipment, net

 

378,269

 

315,204

Goodwill

 

755,030

 

758,833

Operating lease assets

229,537

227,138

Other assets

 

263,473

 

210,731

Total assets

$

11,929,874

$

10,388,532

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term debt

$

209,401

$

174,422

Accounts payable

 

3,106,667

 

3,431,683

Accrued expenses and other

688,643

591,020

Short-term operating lease liabilities

 

52,944

 

54,529

Total current liabilities

 

4,057,655

 

4,251,654

Long-term debt

 

2,979,823

 

1,437,400

Long-term operating lease liabilities

198,986

199,418

Other liabilities

 

263,747

 

307,300

Total liabilities

7,500,211

6,195,772

Shareholders’ equity

 

4,429,663

 

4,192,760

Total liabilities and shareholders’ equity

$

11,929,874

$

10,388,532


AVNET, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Six Months Ended

 

    

December 31, 2022

    

January 1, 2022

 

(Thousands)

 

Cash flows from operating activities:

Net income

$

428,147

$

262,139

Non-cash and other reconciling items:

Depreciation

 

39,411

 

43,876

Amortization

 

4,294

 

8,964

Amortization of operating lease assets

26,414

 

27,426

Deferred income taxes

 

(15,581)

 

(4,451)

Stock-based compensation

 

21,338

 

19,556

Other, net

 

7,199

 

10,281

Changes in (net of effects from businesses acquired and divested):

Receivables

 

(469,650)

 

(558,702)

Inventories

 

(686,884)

 

(359,755)

Accounts payable

 

(341,210)

 

328,574

Accrued expenses and other, net

 

20,021

 

(41,117)

Net cash flows used for operating activities

 

(966,501)

 

(263,209)

Cash flows from financing activities:

Borrowings under accounts receivable securitization, net

 

352,200

 

190,400

Borrowings under senior unsecured credit facility, net

 

1,132,245

 

109,669

Borrowings (repayments) under bank credit facilities and other debt, net

47,712

(1,550)

Repurchases of common stock

 

(221,282)

 

(45,570)

Dividends paid on common stock

 

(53,304)

 

(47,642)

Other, net

(1,048)

(6,069)

Net cash flows provided by financing activities

 

1,256,523

 

199,238

Cash flows from investing activities:

Purchases of property, plant and equipment

 

(111,436)

 

(22,116)

Other, net

 

(16,279)

 

68,270

Net cash flows (used) provided by investing activities

 

(127,715)

 

46,154

Effect of currency exchange rate changes on cash and cash equivalents

 

8,778

 

(14,056)

Cash and cash equivalents:

— increase (decrease)

171,085

(31,873)

— at beginning of period

 

153,693

 

199,691

— at end of period

$

324,778

$

167,818


Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also discloses certain non-GAAP financial information including (i) adjusted operating income, (ii) adjusted operating expenses, (iii) adjusted other income (expense), (iv) adjusted income before income taxes, (v) adjusted income tax expense (benefit), and (vi) adjusted diluted earnings per share.

There are also references to the impact of foreign currency in the discussion of the Company’s results of operations. When the U.S. Dollar strengthens and the stronger exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is a decrease in U.S. Dollars of reported results. Conversely, when the U.S. Dollar weakens and the weaker exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is an increase in U.S. Dollars of reported results. In the discussion of the Company’s results of operations, results excluding this impact are referred to as “constant currency.” Management believes sales in constant currency is a useful measure for evaluating current period performance as compared with prior periods and for understanding underlying trends. In order to determine the translation impact of changes in foreign currency exchange rates on sales, income or expense items for subsidiaries reporting in currencies other than the U.S. Dollar, the Company adjusts the average exchange rates used in current periods to be consistent with the average exchange rates in effect during the comparative period.

Management believes that operating income and operating expenses adjusted for restructuring, integration and other expenses, and amortization of acquired intangible assets and other, are useful measures to help investors better assess and understand the Company’s operating performance. This is especially the case 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 and operating expenses 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 most cases, for measuring performance for compensation purposes. Management measures operating income for its reportable segments excluding restructuring, integration and other expenses, and amortization of acquired intangible assets and other.

Additional non-GAAP metrics management uses is adjusted operating income margin, which is defined as adjusted operating income (as defined above) divided by sales.

Management also believes income tax expense (benefit), net income and diluted earnings per share adjusted for the impact of the items described above, gains on legal settlements, and certain items impacting other income (expense) and income tax expense (benefit) are useful to investors because they provide a measure of the Company’s net profitability on a more comparable basis to historical periods and provide a more meaningful basis for forecasting future performance. Adjustments to income tax expense (benefit) and the effective income tax rate include the effect of changes in tax laws, certain changes in valuation allowances and unrecognized tax benefits, income tax audit settlements and adjustments to the adjusted interim effective tax rate based upon the expected annual adjusted effective tax rate. Additionally, because of management’s focus on generating shareholder value, of which net profitability is a primary driver, management believes net income and diluted earnings per


share excluding the impact of these items provides an important measure of the Company’s net profitability for the investing public.

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.

Fiscal

Quarters Ended

Year to Date

December 31,

October 1,

 

2023*

  

2022

  

2022

($ in thousands, except per share amounts)

GAAP selling, general and administrative expenses

$

962,764

$

485,127

$

477,636

Amortization of intangible assets and other

(4,300)

(1,541)

(2,759)

Adjusted operating expenses

958,464

483,586

474,877

GAAP operating income

$

589,509

$

298,973

$

290,537

Amortization of intangible assets and other

4,300

1,541

2,759

Adjusted operating income

593,809

300,514

293,296

GAAP income before income taxes

$

548,896

$

303,134

$

245,762

Amortization of intangible assets and other

4,300

1,541

2,759

Gain on legal settlement

(61,705)

(61,705)

-

Adjusted income before income taxes

491,491

242,970

248,521

GAAP income tax expense

$

120,749

$

59,248

$

61,501

Amortization of intangible assets and other

950

345

605

Gain on legal settlement

(14,539)

(14,539)

-

Income tax expense items, net

7,341

12,287

(4,946)

Adjusted income tax expense

114,501

57,341

57,160

GAAP net income

$

428,147

$

243,886

$

184,261

Amortization of intangible assets and other (net of tax)

3,350

1,196

2,154

Gain on legal settlement (net of tax)

(47,166)

(47,166)

-

Income tax expense items, net

(7,341)

(12,287)

4,946

Adjusted net income

376,990

185,629

191,361

GAAP diluted earnings per share

$

4.55

$

2.63

$

1.93

Amortization of intangible assets and other (net of tax)

0.03

0.01

0.02

Gain on legal settlement (net of tax)

(0.50)

(0.51)

-

Income tax expense items, net

(0.08)

(0.13)

0.05

Adjusted diluted EPS

4.00

2.00

2.00


* May not foot/cross foot due to rounding.


Quarters Ended

Fiscal Year

July 2,

April 2,

January 1,

October 2,

 

2022*

  

2022*

2022*

2022*

2021*

($ in thousands, except per share amounts)

GAAP selling, general and administrative expenses

$

1,994,847

$

494,943

$

512,364

$

501,363

$

486,178

Amortization of intangible assets and other

(15,038)

(2,929)

(3,074)

(3,796)

(5,239)

Adjusted operating expenses

1,979,809

492,014

509,290

497,567

480,939

GAAP operating income

$

939,011

$

284,688

$

274,408

$

211,672

$

168,243

Restructuring, integration and other expenses

5,272

-

-

-

5,272

Russian-Ukraine conflict related expenses

26,261

-

26,261

-

-

Amortization of intangible assets and other

15,038

2,929

3,074

3,796

5,239

Adjusted operating income

985,582

287,617

303,743

215,468

178,754

GAAP income before income taxes

$

833,334

$

248,541

$

248,025

$

191,779

$

144,990

Restructuring, integration and other expenses

5,272

-

-

-

5,272

Russian-Ukraine conflict related expenses

26,261

-

26,261

-

-

Amortization of intangible assets and other

15,038

2,929

3,074

3,796

5,239

Other expenses

4,935

4,494

-

-

441

Adjusted income before income taxes

884,840

255,964

277,360

195,575

155,942

GAAP income tax expense

$

140,955

$

1,718

$

64,608

$

40,958

$

33,672

Restructuring, integration and other expenses

1,012

-

-

-

1,012

Russian-Ukraine conflict related expenses

6,836

-

6,836

-

-

Amortization of intangible assets and other

3,080

711

667

704

998

Other expenses

1,092

956

-

-

136

Income tax benefit (expense) items, net

40,376

49,142

(8,613)

2,917

(3,070)

Adjusted income tax expense

193,351

52,527

63,498

44,579

32,748

GAAP net income

$

692,379

$

246,823

$

183,417

$

150,821

$

111,318

Restructuring, integration and other expenses (net of tax)

4,260

-

-

-

4,260

Russian-Ukraine conflict related expenses (net of tax)

19,425

-

19,425

-

-

Amortization of intangible assets and other (net of tax)

11,958

2,218

2,407

3,092

4,241

Other expenses (net of tax)

3,843

3,538

-

-

305

Income tax (benefit) expense items, net

(40,376)

(49,142)

8,613

(2,917)

3,070

Adjusted net income

691,489

203,437

213,862

150,996

123,194

GAAP diluted earnings per share

$

6.94

$

2.51

$

1.84

$

1.50

$

1.10

Restructuring, integration and other expenses (net of tax)

0.04

-

-

-

0.04

Russian-Ukraine conflict related expenses (net of tax)

0.19

-

0.20

-

-

Amortization of intangible assets and other (net of tax)

0.12

0.02

0.02

0.03

0.04

Other expenses (net of tax)

0.04

0.04

-

-

0.00

Income tax (benefit) expense items, net

(0.40)

(0.50)

0.09

(0.03)

0.03

Adjusted diluted EPS

6.93

2.07

2.15

1.51

1.22


* May not foot/cross foot due to rounding and differences in average diluted shares between quarterly periods compared to the fiscal year.


Sales in Constant Currency

The following table presents sales growth rates and sales growth rates in constant currency for the second quarter and first six months of fiscal 2023 compared to the second quarter and first six months of fiscal 2022.

Quarter Ended

Six Months Ended

Sales

Sales

Sales

Year-Year %

Sequential %

Year-Year %

Sales

Change in

Sales

Change in

Sales

Change in

Year-Year

Constant

Sequential

Constant

Year-Year

Constant

    

% Change

    

Currency

    

% Change

    

Currency

    

% Change

    

Currency

Avnet

14.5

%

21.1

%

 

(0.5)

%

 

(0.6)

%

17.6

%

24.9

%

Avnet by region

Americas

20.8

%

20.8

%

 

0.1

%

 

0.1

%

26.8

%

26.8

%

EMEA

22.6

37.6

 

5.9

 

4.8

22.2

39.9

Asia

5.6

9.3

 

(5.5)

 

(5.0)

9.8

13.4

Avnet by segment

EC

16.3

%

22.8

%

 

(0.2)

%

 

(0.3)

%

19.7

%

27.0

%

Farnell

(7.5)

(0.1)

 

(4.2)

 

(3.7)

(6.9)

0.8

Historical Segment Financial Information

Quarters Ended

Fiscal

Second Quarter

First Quarter

Year to Date

December 31,

October 1,

2023*

2022

2022

(in millions)

Sales:

Electronic Components

$

12,633.7

$

6,309.5

$

6,324.2

Farnell

833.9

408.0

425.9

Avnet sales

$

13,467.7

$

6,717.5

$

6,750.1

Operating income:

Electronic Components

$

564.0

$

296.7

$

267.3

Farnell

88.5

36.9

51.6

652.5

333.6

318.9

Corporate expenses

(58.7)

(33.1)

(25.6)

Amortization of acquired intangible assets and other

(4.3)

(1.5)

(2.8)

Avnet operating income

$

589.5

$

299.0

$

290.5

Sales by geographic area:

Americas

$

3,360.1

$

1,681.2

$

1,678.9

EMEA

4,385.4

2,255.9

2,129.5

Asia

5,722.2

2,780.4

2,941.7

Avnet sales

$

13,467.7

$

6,717.5

$

6,750.1


* May not foot/cross foot due to rounding.


Fiscal Year 2022

Quarters Ended

Fourth Quarter

Third Quarter

Second Quarter

First Quarter

Fiscal Year

July 2,

April 2,

January 1,

October 2,

2022*

2022*

2022

2022

2021

(in millions)

Sales:

Electronic Components

$

22,503.3

$

5,930.4

$

6,019.1

$

5,424.3

$

5,129.5

Farnell

1,807.4

442.3

469.0

440.9

455.2

Avnet sales

$

24,310.7

$

6,372.7

$

6,488.1

$

5,865.2

$

5,584.7