Business
Avnet Reports Fourth Quarter and Fiscal 2024 Financial Results
Fourth quarter sales of $5.6 billion and diluted EPS of $0.91 Adjusted diluted EPS of $1.22 Electronic Components operating margin of 4.1% PHOENIX--(BUSINESS
About this update from Avnet, Inc.
[{"type":"text","content":"\nFourth quarter sales of $5.6 billion and diluted EPS of $0.91\n\n\nAdjusted diluted EPS of $1.22\n\n\nElectronic Components operating margin of 4.1%\n\n\n PHOENIX--(BUSINESS WIRE)--\nAvnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year 2024 ended June 29, 2024.\n\n\n“We are pleased with our fiscal 2024 performance as we executed well, despite some challenging market conditions,” said Avnet Chief Executive Officer Phil Gallagher. “I want to thank our team for their focus on supporting our supplier and customer partners, growing market share, controlling costs, and managing working capital to drive operating cash flow. Their efforts enabled us to exceed the upper end of our fourth quarter sales and earnings guidance. We are well positioned entering into fiscal year 2025 and I am confident we have the right team and strategy in place to benefit from the eventual market recovery.”\n\n\nFiscal Fourth Quarter Key Financial Highlights:\n\n\n\nSales of $5.6 billion, compared with $6.6 billion in the prior year quarter.\n\n\n\nDiluted earnings per share of $0.91, compared with $1.68 in the prior year quarter.\n\n\nAdjusted diluted earnings per share of $1.22, compared with $2.06 in the prior year quarter.\n\n\n\n\n\n\nOperating income margin of 3.0%, compared with 4.3% in the prior year quarter.\n\n\nAdjusted operating income margin of 3.5%.\n\n\n\nElectronic Components operating income margin of 4.1%.\n\n\n\nFarnell operating income margin of 4.0%.\n\n\n\n\n\n\nGenerated $274 million of cash flow from operations.\n\n\n\nReturned $79 million to shareholders from share repurchases, representing 1.6% of shares outstanding.\n\n\n\nReturned $28 million to shareholders in dividends.\n\n\n\nFiscal 2024 Key Financial Highlights:\n\n\n\nSales of $23.8 billion, compared with $26.5 billion in the prior year.\n\n\n\nDiluted earnings per share of $5.43, compared with $8.26 in the prior year.\n\n\nAdjusted diluted earnings per share of $5.34, compared with $8.06 in the prior year.\n\n\n\n\n\n\nOperating income margin of 3.6%, compared with 4.5% in the prior year.\n\n\nAdjusted operating income margin of 3.8%.\n\n\n\nElectronic Components operating income margin of 4.3%.\n\n\n\nFarnell operating income margin of 4.1%.\n\n\n\n\n\n\nGenerated $690 million of cash flow from operations.\n\n\n\nReturned $165 million to...