Business
Avnet Reports Fourth Quarter and Fiscal 2023 Financial Results
Fiscal year 2023 sales of $26.5 billion and record diluted EPS of $8.26 Fourth quarter sales of $6.6 billion exceeded guidance Electronic components fourth
About this update from Avnet, Inc.
[{"type":"text","content":"\nFiscal year 2023 sales of $26.5 billion and record diluted EPS of $8.26\n\n\nFourth quarter sales of $6.6 billion exceeded guidance\n\n\nElectronic components fourth quarter operating income margin of 5.1%\n\n\n PHOENIX--(BUSINESS WIRE)--\nAvnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year ended July 1, 2023.\n\n\nCommenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “Our strong financial results in fiscal 2023 demonstrate the dedication and commitment of our employees in driving profitable growth. With the breadth of our supplier line card, our diversified customer base and the strength of the end markets they serve, we are well-positioned to capitalize on the industry growth expected over the next several years. Although we can’t control near-term market conditions, our team will continue to focus on executing well in the market.”\n\n\nFiscal Fourth Quarter Key Financial Highlights:\n\n\n\nSales of $6.6 billion up 2.9% year over year from $6.4 billion.\n\n\nOn a constant currency basis, sales increased 2.9% year over year.\n\n\n\n\n\n\nDiluted earnings per share of $1.68, compared with $2.51 in the prior year quarter.\n\n\nAdjusted diluted earnings per share of $2.06, compared with $2.07 in the prior year quarter.\n\n\n\nHigher interest expense negatively impacted year-over-year adjusted diluted earnings per share by $0.39.\n\n\n\n\n\n\nOperating income margin of 4.3%, decreased 14 basis points year over year.\n\n\nAdjusted operating income margin of 4.8%, increased 26 basis points year over year.\n\n\n\nYear-over-year adjusted operating income grew three times greater than sales.\n\n\n\n\n\n\nElectronic Components operating income margin of 5.1%, increased 77 basis points year over year.\n\n\n\nFarnell operating income margin of 8.1% decreased 90 basis points sequentially.\n\n\n\nGenerated $234.5 million of cash flow from operations during the quarter.\n\n\n\nReturned $26.5 million to shareholders in dividends during the quarter.\n\n\n\nFiscal 2023 Key Financial Highlights:\n\n\n\nSales of $26.5 billion up 9.2% year over year from $24.3 billion.\n\n\nOn a constant currency basis, sales increased 13.4% year over year.\n\n\n\n\n\n\nDiluted earnings per share of $8.26, compared with $6.94 in the prior year.\n\n\nAdjusted diluted earnings per sh...