Business
Avnet Reports Second Quarter Fiscal 2020 Financial Results
Quarterly sales and EPS in line with guidance Book to bill metrics at quarter end improved across all regions PHOENIX--(BUSINESS WIRE)-- Avnet, Inc. (Nasdaq:
About this update from Avnet, Inc.
[{"type":"text","content":"\nQuarterly sales and EPS in line with guidance \n\n\nBook to bill metrics at quarter end improved across all regions\n\n PHOENIX--(BUSINESS WIRE)--\nAvnet, Inc. (Nasdaq: AVT) today announced results for its second fiscal quarter ended December 28, 2019.\n\n\nSecond Quarter Key Financial Highlights:\n\n\n\nSales of $4.5 billion were in line with guidance.\n\n\nGAAP diluted EPS from continuing operations totaled $0.05, compared with $0.33 a year ago.\n\n\nNon-GAAP adjusted diluted EPS totaled $0.40 compared with $1.04 a year ago.\n\n\nForeign exchange rates negatively impacted adjusted diluted EPS by $0.02.\n\n\n\n\nGAAP operating income totaled $46.5 million, compared with $96.1 million a year ago.\n\n\nAdjusted operating income declined 54% year over year to $82.2 million.\n\n\n\n\nGAAP operating income margin was 1.0%, compared with 1.9% a year ago.\n\n\nAdjusted operating income margin was 1.8%, compared with 3.5% a year ago.\n\n\n\n\nAchieved operating expense reduction goal of $50 million annually.\n\n\nCash flow from operations totaled $149 million, and totaled $948 million over the trailing four quarter period.\n\n\nReturned $109 million to shareholders with $88 million in share repurchases and $21 million in dividends paid during the quarter.\n\n\nReduced revolving debt by $144 million with net debt of $1.20 billion at the end of the quarter.\n\n\n\nCEO Commentary\n\n\n“While our second quarter results reflected the ongoing correction the industry has experienced, we saw good signs of stabilization across key geographies,” said Avnet CEO Bill Amelio. “Meanwhile, our transformation initiatives are helping drive significant cost savings and our new way of doing business will keep us nimble and better equipped to serve our customers over the long term. This includes growing our electronics components customer and supplier base while continuing to expand our ecosystem and broaden our reach into new areas.”\n\n\nKey Financial Metrics\n\n\n\n\n($ in millions, except per share data)\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nSecond Quarter Results (GAAP)\n\n\n\n\n\n \n\n\n\n \n\n\n\nDec – 19\n\n\n\n \n\n\n\nDec – 18\n\n\n\n \n\n\n\nChange Y/Y\n\n\n\n \n\n\n\nSep – 19\n\n\n\n \n\n\n\nChan...