Business
Avnet Reports Fourth Quarter and Fiscal 2020 Financial Results
Quarterly revenues of $4.2 billion Operating cash flow of $730 million for fiscal year 2020 and $288 million for the quarter PHOENIX--(BUSINESS WIRE)--
About this update from Avnet, Inc.
[{"type":"text","content":"\nQuarterly revenues of $4.2 billion\n\n\nOperating cash flow of $730 million for fiscal year 2020 and $288 million for the quarter \n\n PHOENIX--(BUSINESS WIRE)--\nAvnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year ended June 27, 2020.\n\n\nFiscal Fourth Quarter Key Financial Highlights:\n\n\n\nSales of $4.2 billion, compared with $4.3 billion in the previous quarter and $4.7 billion in the prior year quarter.\n\n\nGAAP diluted earnings per share from continuing operations of $0.53, compared with loss per share of $0.33 a year ago.\n\n\nNon-GAAP adjusted diluted EPS of $0.64 compared with $0.95 a year ago.\n\n\nGAAP and Non-GAAP diluted EPS was positively impacted by $0.42 from lower tax expense and $0.08 from lower interest expense and favorable foreign currency gains as compared to the prior quarter.\n\n\n\n\nGAAP operating income totaled $1.9 million, compared with GAAP operating loss of $30 million a year ago.\n\n\nAdjusted operating income of $42.9 million, compared with $156.3 million a year ago.\n\n\n\n\nGAAP operating margin of 0.1%, compared with GAAP operating loss margin of (0.6)% a year ago.\n\n\nAdjusted operating income margin was 1.0%, compared with 3.3% a year ago.\n\n\n\n\nCash flow from operations totaled $288 million in the quarter, up sequentially from $98 million in the previous quarter.\n\n\nAdjusted operating expenses improved by $16 million compared to the previous quarter and by $7 million compared to the prior year quarter.\n\n\nFor fiscal year 2020, cash flow from continuing operations totaled $730 million, up $139 million from fiscal year 2019.\n\n\nFor fiscal year 2020, reduced debt by $296 million with net debt of $948 million at the end of the current fiscal year.\n\n\n\nCEO Commentary\n\n\n“In the fourth quarter, we delivered quarterly revenues above consensus and generated strong operating cash flow,” said Avnet Interim CEO Phil Gallagher. “Despite the challenges of the COVID-19 operating environment, we are committed to improving our bottom-line results. In fiscal year 2021, we will enhance our core distribution business capabilities, while helping our current and future supplier partners deploy their technologies to over two million customers.”\n\n\nGallagher continued, “I want to thank all of our employees for their continued dedication and commitment to ...