Business
Avnet Reports Fourth Quarter and Fiscal 2021 Financial Results
Record fourth quarter sales of $5.2 billion, up 25.7% year over year with diluted EPS of $0.85 Fourth quarter adjusted diluted EPS of $1.12, up 75% year over
About this update from Avnet, Inc.
[{"type":"text","content":"\nRecord fourth quarter sales of $5.2 billion, up 25.7% year over year with diluted EPS of $0.85\n\nFourth quarter adjusted diluted EPS of $1.12, up 75% year over year\n\n PHOENIX--(BUSINESS WIRE)--\nAvnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year ended July 3, 2021.\n\nCommenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “In the fourth quarter, we delivered strong sales growth with record sales in our Electronic Components business and at Farnell, driving operating margin improvement approaching our 3% and 10% near-term targets, respectively. We remain well-positioned across all operating regions and are continuing to capitalize on the strong demand environment to capture additional market opportunities. Avnet’s role at the center of the technology supply chain continues to be more vital than ever. As a result, our focus on providing trusted support to our customers and suppliers is driving robust financial performance which is demonstrated in our results.”\n\nFiscal Fourth Quarter Key Financial Highlights:\n\n\nSales of $5.2 billion, up from $4.9 billion sequentially and $4.2 billion in the prior year quarter.\n\n\nOn a constant currency basis, sales grew 21.5% year over year and 6.4% sequentially.\n\n\n\n\nGAAP diluted earnings per share of $0.85, compared with $0.53 in the prior year quarter.\n\n\nNon-GAAP adjusted diluted earnings per share of $1.12, compared with $0.64 in the prior year quarter.\n\n\n\n\nGAAP operating margin of 2.3% increased 221 basis points year over year.\n\n\nAdjusted operating margin of 2.9% increased 187 basis points year over year.\n\n\n\n\nFarnell operating margins increased 469 basis points year over year and 224 basis points sequentially to 8.3%.\n\n \n\n\n\n\n\nKey Financial Metrics\n\n\n($ in millions, except per share data)\n\n\n\n\n\nFourth Quarter Results (GAAP)\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\nJun – 21\n\n\n\n \n\n\n\nJun – 20\n\n\n\n \n\n\n\nChange Y/Y\n\n\n\n \n\n\n\nMar – 21\n\n\n\n \n\n\n\nChange Q/Q\n\n\n\n \n\n\n\n\n\nSales\n\n\n\n \n\n\n\n$\n\n\n\n5,226.7\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n4,159.7\n\n\n\n \n\n\n\n \n\n\n\n25.7\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n4,916.7\n\n\n\n \n\n\n\n \n\n\n\n6.3\n\n\n\n%\n\n\n\n \n\n\n\n\n\nOperating Income\n\n\n\n \n\n\n\n \n\n\n\n118.0\n\n\n\n \n\n\n\n \n\...