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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)    January 31, 2024

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 January 31, 2024, Avnet, Inc. issued a press release announcing its second quarter results of operations for fiscal 2024. 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 January 31, 2024.

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: January 31, 2024

AVNET, INC.

By:

/s/ Kenneth A. Jacobson

Name: Kenneth A. Jacobson

Title: Chief Financial Officer

Exhibit 99.1

Graphic

Avnet Reports Second Quarter 2024 Financial Results

Second quarter sales of $6.2 billion and diluted EPS of $1.28

Adjusted diluted EPS of $1.40

Electronic Components operating margin of 4.3%

PHOENIX – January 31, 2024 Avnet, Inc. (Nasdaq: AVT) today announced results for its second quarter ended December 30, 2023.

Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “We are pleased with the second quarter results, which were in line with our expectations. Our team continues to execute well despite the current economic environment and related challenges. We are confident that our strong competitive position and experience managing through many industry cycles will serve us well as we navigate through the next few quarters. We remain encouraged about future opportunities for growth across our end markets.”

Fiscal Second Quarter Key Financial Highlights:

Sales of $6.2 billion, compared with $6.7 billion in the prior year quarter.
Diluted earnings per share of $1.28, compared with $2.63 in the prior year quarter.
oAdjusted diluted earnings per share of $1.40, compared with $2.00 in the prior year quarter.
Operating income margin of 3.8%, compared with 4.5% in the prior year quarter.
oAdjusted operating income margin of 3.9%.
oElectronic Components operating income margin of 4.3%.
oFarnell operating income margin of 4.0%.
Trailing twelve month cash flows from operations of $169.2 million.
Returned $59.0 million to shareholders in the quarter from share repurchases.
Returned $27.8 million to shareholders in dividends during the quarter.


Key Financial Metrics

($ in millions, except per share data)

Second Quarter Results (GAAP)

Dec – 23

   

Dec – 22

   

Change Y/Y

   

Sep – 23

   

Change Q/Q

Sales

$

6,204.9

$

6,717.5

(7.6)

%

$

6,335.6

(2.1)

%

Operating Income

$

236.3

$

299.0

(21.0)

%

$

253.8

(6.9)

%

Operating Income Margin

3.8

%

4.5

%

(64)

bps

4.0

%

(20)

bps

Diluted Earnings Per Share (EPS)

$

1.28

$

2.63

(51.3)

%

$

2.25

(43.1)

%

Second Quarter Results (Non-GAAP)(1)

Dec – 23

   

Dec – 22

   

Change Y/Y

   

Sep – 23

   

Change Q/Q

Adjusted Operating Income

$

242.2

$

300.5

(19.4)

%

$

261.7

(7.5)

%

Adjusted Operating Income Margin

3.9

%

4.5

%

(57)

bps

4.1

%

(23)

bps

Adjusted Diluted Earnings Per Share (EPS)

$

1.40

$

2.00

(30.0)

%

$

1.61

(13.0)

%

Segment and Geographical Mix

Dec – 23

   

Dec – 22

   

Change Y/Y

Sep – 23

   

Change Q/Q

Electronic Components (EC) Sales

$

5,812.1

$

6,309.5

(7.9)

%

$

5,914.4

(1.7)

%

EC Operating Income Margin

4.3

%

4.7

%

(43)

bps

4.6

%

(34)

bps

Farnell Sales

$

392.8

$

408.0

(3.7)

%

$

421.2

(6.8)

%

Farnell Operating Income Margin

4.0

%

9.0

%

(504)

bps

4.2

%

(20)

bps

Americas Sales

$

1,588.5

$

1,681.2

(5.5)

%

$

1,573.5

1.0

%

EMEA Sales

$

2,113.6

$

2,255.9

(6.3)

%

$

2,308.0

(8.4)

%

Asia Sales

$

2,502.8

$

2,780.4

(10.0)

%

$

2,454.1

2.0

%


(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 2024 Ending on March 30, 2024

    

Guidance Range

    

Midpoint

Sales

$5.55B – $5.85B

$5.70B

Diluted EPS (1)

$1.05 – $1.15

$1.10


(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 implies a sequential sales decline of 6% to 11% and assumes sales declines for the Western regions versus typical seasonal growth, and a typical seasonal decline in Asia due to the Lunar New Year holiday.

The above guidance also excludes restructuring, integration and other expenses, foreign currency gains and losses, 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 91 million average diluted shares outstanding and average currency exchange rates as shown in the table below:

Q3 Fiscal

2024

Q2 Fiscal

Q3 Fiscal

Guidance

    

2024

    

2023

Euro to U.S. Dollar

$1.08

$1.08

$1.07

GBP to U.S. Dollar

$1.27

$1.24

$1.21


Today’s Conference Call and Webcast Details

Avnet will host a conference call and webcast today at 8:00 a.m. PT / 11:00 a.m. ET to discuss its financial results, provide a business update and answer questions.

Live conference call: 877-407-8112 (domestic) or 201-689-8840 (international)
Conference call replay available through February 7, 2024: 877-660-6853 or 201-612-7415 and using Conference ID: 13743228
Live and archived webcast can be accessed via Avnet’s Investor Relations web page at: https://ir.avnet.com

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 1, 2023 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; 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 repatriating 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, and 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.


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 more than a century. 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 Contact

InvestorRelations@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 30,

    

December 31,

    

December 30,

    

December 31,

 

2023

2022

2023

2022

 

(Thousands, except per share data)

 

Sales

$

6,204,914

$

6,717,521

$

12,540,562

$

13,467,654

Cost of sales

 

5,498,730

 

5,933,421

 

11,086,273

 

11,915,381

Gross profit

 

706,184

 

784,100

 

1,454,289

 

1,552,273

Selling, general and administrative expenses

 

464,692

 

485,127

 

951,977

 

962,764

Restructuring, integration and other expenses

 

5,235

 

 

12,286

 

Operating income

 

236,257

 

298,973

 

490,026

 

589,509

Other (expense) income, net

 

(8,397)

 

1,476

 

(2,437)

 

1,800

Interest and other financing expenses, net

 

(74,302)

 

(59,020)

 

(145,098)

 

(104,118)

Gain on legal settlements and other

 

61,705

 

86,499

 

61,705

Income before taxes

 

153,558

 

303,134

 

428,990

 

548,896

Income tax expense

 

35,627

 

59,248

 

101,791

 

120,749

Net income

$

117,931

$

243,886

$

327,199

$

428,147

Earnings per share:

Basic

$

1.31

$

2.67

$

3.60

$

4.62

Diluted

$

1.28

$

2.63

$

3.54

$

4.55

Shares used to compute earnings per share:

Basic

 

90,253

 

91,192

 

90,874

 

92,621

Diluted

 

91,792

 

92,755

 

92,485

 

94,195

Cash dividends paid per common share

$

0.31

$

0.29

$

0.62

$

0.58


AVNET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

    

December 30,

    

July 1,

 

2023

2023

 

(Thousands)

 

ASSETS

Current assets:

Cash and cash equivalents

$

272,850

$

288,230

Receivables

 

4,508,742

 

4,763,788

Inventories

 

6,115,999

 

5,465,031

Prepaid and other current assets

 

241,371

 

233,804

Total current assets

 

11,138,962

 

10,750,853

Property, plant and equipment, net

 

563,758

 

441,557

Goodwill

 

787,007

 

780,629

Operating lease assets

227,145

221,698

Other assets

 

280,302

 

282,422

Total assets

$

12,997,174

$

12,477,159

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term debt

$

696,329

$

70,636

Accounts payable

 

3,308,060

 

3,373,820

Accrued expenses and other

705,745

753,130

Short-term operating lease liabilities

 

55,424

 

51,792

Total current liabilities

 

4,765,558

 

4,249,378

Long-term debt

 

2,753,521

 

2,988,029

Long-term operating lease liabilities

191,521

190,621

Other liabilities

 

276,191

 

297,462

Total liabilities

7,986,791

7,725,490

Shareholders’ equity

 

5,010,383

 

4,751,669

Total liabilities and shareholders’ equity

$

12,997,174

$

12,477,159


AVNET, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Six Months Ended

 

    

December 30, 2023

    

December 31, 2022

 

(Thousands)

 

Cash flows from operating activities:

Net income

$

327,199

$

428,147

Non-cash and other reconciling items:

Depreciation and amortization

 

42,727

 

43,705

Amortization of operating lease assets

26,205

 

26,414

Deferred income taxes

 

12,599

 

(15,581)

Stock-based compensation

 

19,951

 

21,338

Other, net

 

27,181

 

7,199

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

Receivables

 

287,320

 

(469,650)

Inventories

 

(610,008)

 

(686,884)

Accounts payable

 

(78,082)

 

(341,210)

Accrued expenses and other, net

 

(138,667)

 

20,021

Net cash flows used for operating activities

 

(83,575)

 

(966,501)

Cash flows from financing activities:

Borrowings under accounts receivable securitization, net

 

58,600

 

352,200

Borrowings under senior unsecured credit facility, net

 

272,747

 

1,132,245

Borrowings under bank credit facilities and other debt, net

30,752

47,712

Repurchases of common stock

 

(86,027)

 

(221,282)

Dividends paid on common stock

 

(56,138)

 

(53,304)

Other, net

2,665

(1,048)

Net cash flows provided by financing activities

 

222,599

 

1,256,523

Cash flows from investing activities:

Purchases of property, plant and equipment

 

(158,088)

 

(111,436)

Other, net

 

373

 

(16,279)

Net cash flows used for investing activities

 

(157,715)

 

(127,715)

Effect of currency exchange rate changes on cash and cash equivalents

 

3,311

 

8,778

Cash and cash equivalents:

— (decrease) increase

(15,380)

171,085

— at beginning of period

 

288,230

 

153,693

— at end of period

$

272,850

$

324,778


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, 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, gain on legal settlements and other, foreign currency gains and losses and certain items impacting 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 effective tax rate based upon the expected long-term 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.

Quarters Ended

Fiscal Year

December 30,

September 30,

 

2024*

  

2023*

  

2023

($ in thousands, except per share amounts)

GAAP selling, general and administrative expenses

$

951,977

$

464,692

$

487,286

Amortization of intangible assets

(1,590)

(712)

(878)

Adjusted operating expenses

950,387

463,980

486,408

GAAP operating income

$

490,026

$

236,257

$

253,769

Restructuring, integration and other expenses

12,286

5,235

7,051

Amortization of intangible assets

1,590

712

878

Adjusted operating income

503,902

242,204

261,698

GAAP other (expense) income, net

$

(2,437)

$

(8,397)

$

5,960

Foreign currency loss (gain), net

9,200

9,200

Adjusted other (expense) income, net

6,763

803

5,960

GAAP income before income taxes

$

428,990

$

153,558

$

275,432

Restructuring, integration and other expenses

12,286

5,235

7,051

Amortization of intangible assets

1,590

712

878

Foreign currency loss (gain), net

9,200

9,200

Gain on legal settlements and other

(86,499)

(86,499)

Adjusted income before income taxes

365,567

168,705

196,862

GAAP income tax expense

$

101,791

$

35,627

$

66,164

Restructuring, integration and other expenses

2,977

1,274

1,703

Amortization of intangible assets

359

156

203

Foreign currency loss (gain), net

2,034

2,034

Gain on legal settlements and other

(20,434)

(20,434)

Income tax expense items, net

1,009

1,399

(390)

Adjusted income tax expense

87,736

40,490

47,246

GAAP net income

$

327,199

$

117,931

$

209,268

Restructuring, integration and other expenses (net of tax)

9,309

3,961

5,348

Amortization of intangible assets (net of tax)

1,231

556

675

Foreign currency loss (gain), net (net of tax)

7,166

7,166

Gain on legal settlements and other (net of tax)

(66,065)

(66,065)

Income tax expense items, net

(1,009)

(1,399)

390

Adjusted net income

277,831

128,215

149,616

GAAP diluted earnings per share

$

3.54

$

1.28

$

2.25

Restructuring, integration and other expenses (net of tax)

0.09

0.04

0.06

Amortization of intangible assets (net of tax)

0.01

0.01

0.01

Foreign currency loss (gain), net (net of tax)

0.08

0.08

Gain on legal settlements and other (net of tax)

(0.71)

(0.71)

Income tax expense items, net

(0.01)

(0.01)

0.00

Adjusted diluted EPS

3.00

1.40

1.61


* May not foot/cross foot due to rounding.


Quarters Ended

Fiscal Year

July 1,

April 1,

December 31,

October 1,

 

2023*

  

2023*

  

2023

  

2022

  

2022

($ in thousands, except per share amounts)

GAAP selling, general and administrative expenses

$

1,967,305

$

506,322

$

498,219

$

485,127

$

477,636

Amortization of intangible assets

(6,053)

(878)

(876)

(1,541)

(2,759)

Adjusted operating expenses

1,961,252

505,444

497,343

483,586

474,877

GAAP operating income

$

1,186,800

$

283,662

$

313,629

$

298,973

$

290,537

Restructuring, integration and other expenses

28,038

28,038

Amortization of intangible assets

6,053

878

876

1,541

2,759

Adjusted operating income

1,220,891

312,578

314,505

300,514

293,296

GAAP income before income taxes

$

982,876

$

190,393

$

243,587

$

303,134

$

245,762

Restructuring, integration and other expenses

28,038

28,038

Amortization of intangible assets

6,053

878

876

1,541

2,759

Gain on legal settlements and other

(37,037)

24,669

(61,705)

Adjusted income before income taxes

979,931

243,978

244,463

242,970

248,521

GAAP income tax expense

$

212,048

$

35,138

$

56,161

$

59,248

$

61,501

Restructuring, integration and other expenses

6,007

6,007

Amortization of intangible assets

1,360

207

203

345

605

Gain on legal settlements and other

(8,711)

5,828

(14,539)

Income tax expense items, net

16,453

5,583

3,529

12,287

(4,946)

Adjusted income tax expense

227,157

52,763

59,893

57,341

57,160

GAAP net income

$

770,828

$

155,255

$

187,426

$

243,886

$

184,261

Restructuring, integration and other expenses (net of tax)

22,031

22,031

Amortization of intangible assets (net of tax)

4,693

671

673

1,196

2,154

Gain on legal settlements and other (net of tax)

(28,326)

18,841

(47,166)

Income tax expense items, net

(16,453)

(5,583)

(3,529)

(12,287)

4,946

Adjusted net income

752,774

191,215

184,570

185,629

191,361

GAAP diluted earnings per share

$

8.26

$

1.68

$

2.03

$

2.63

$

1.93

Restructuring, integration and other expenses (net of tax)

0.24

0.24

Amortization of intangible assets (net of tax)

0.05

0.01

0.01

0.01

0.02

Gain on legal settlements and other (net of tax)

(0.31)

0.20

(0.51)

Income tax expense items, net

(0.18)

(0.06)

(0.04)

(0.13)

0.05

Adjusted diluted EPS

8.06

2.06

2.00

2.00

2.00


* May not foot/cross foot due to rounding.


Sales in Constant Currency

The following table presents reported sales growth rates and sales growth rates in constant currency for the second quarter and first six months of fiscal 2024 compared to the second quarter and first six months of fiscal 2023.

Quarter Ended

Six Months Ended

December 30, 2023

December 30, 2023

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

(7.6)

%

(8.7)

%

 

(2.1)

%

 

(1.5)

%

(6.9)

%

(8.3)

%

Avnet by region

Americas

(5.5)

%

(5.5)

%

 

1.0

%

 

1.0

%

(5.9)

%

(5.9)

%

EMEA

(6.3)

(10.2)

 

(8.4)

 

(7.3)

0.8

(4.3)

Asia

(10.0)

(9.4)

 

2.0

 

2.3

(13.4)

(12.7)

Avnet by segment

EC

(7.9)

%

(8.9)

%

 

(1.7)

%

 

(1.2)

%

(7.2)

%

(8.5)

%

Farnell

(3.7)

(6.0)

 

(6.8)

 

(5.9)

(2.4)

(4.9)

Historical Segment Financial Information

Quarters Ended

Fiscal

Second Quarter

First Quarter

Year

December 30,

September 30,

2024*

  

2023

  

2023

($ in millions)

Sales:

Electronic Components

$

11,726.5

$

5,812.1

$

5,914.4

Farnell

814.1

392.8

421.2

Avnet sales

$

12,540.6

$

6,204.9

$

6,335.6

Operating income:

Electronic Components

$

520.7

$

247.9

$

272.8

Farnell

33.4

15.7

17.7

554.1

263.6

290.5

Corporate expenses

(50.2)

(21.4)

(28.7)

Restructuring, integration and other expenses

(12.3)

(5.2)

(7.1)

Amortization of acquired intangible assets

(1.6)

(0.7)

(0.9)

Avnet operating income

$

490.0

$

236.3

$

253.8

Sales by geographic area:

Americas

$

3,162.0

$

1,588.5

$

1,573.5

EMEA

4,421.6

2,113.6

2,308.0

Asia

4,957.0

2,502.8

2,454.1

Avnet sales

$

12,540.6

$

6,204.9

$

6,335.6


* May not foot/cross foot due to rounding.


Quarters Ended

Fiscal

Fourth Quarter

Third Quarter

Second Quarter

First Quarter

Year

July 1,

April 1,

December 31,

October 1,

2023*

2023*

2023

2022

2022

($ in millions)

Sales:

Electronic Components

$

24,802.6

$

6,109.2

$

6,059.6

$

6,309.5

$

6,324.2

Farnell

1,734.3

445.4

455.0

408.0

425.9

Avnet sales

$

26,536.9

$

6,554.6