Business
Avnet Reports Second Quarter Fiscal 2023 Financial Results
Second quarter sales of $6.7 billion up 14.5% year over year Operating income of $299 million grew nearly three times faster than sales PHOENIX--(BUSINESS
About this update from Avnet, Inc.
[{"type":"text","content":"\nSecond quarter sales of $6.7 billion up 14.5% year over year\n\nOperating income of $299 million grew nearly three times faster than sales\n\n PHOENIX--(BUSINESS WIRE)--\nAvnet, Inc. (Nasdaq: AVT) today announced results for its second quarter ended December 31, 2022.\n\nCommenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “We delivered another strong quarter of sales and earnings to close out 2022. This past year we were able to accelerate our sales growth, expand operating margins and gain market share thanks in large part to our customers’ partnership and our employees’ dedication and commitment. As we head into 2023, we are closely monitoring near-term market dynamics and remain encouraged about the medium-term growth opportunities across our diverse end markets.”\n\nFiscal Second Quarter Key Financial Highlights:\n\n\nSales of $6.7 billion up 14.5% year over year from $5.9 billion.\n\n\nOn a constant currency basis, sales increased 21.1% year over year.\n\n\n\n\nDiluted earnings per share increased to $2.63, compared with $1.50 in the prior year quarter.\n\n\nAdjusted diluted earnings per share of $2.00, compared with $1.51 in the prior year quarter.\n\n\nHigher interest expense negatively impacted second quarter adjusted diluted earnings per share by $0.31 year over year.\n\n\n\n\nOperating income margin of 4.5%, increased 84 basis points year over year.\n\n\nAdjusted operating income margin of 4.5%, increased 80 basis points year over year.\n\n\n\n\nElectronic Components operating income margin of 4.7%, increased 122 basis points year over year.\n\n\nFarnell operating income margin of 9.0% decreased 461 basis points year over year.\n\n\nReturned $64 million to shareholders in the quarter from share repurchases, representing 1.8% of outstanding shares.\n\n\nReturned $26 million to shareholders in dividends during the quarter.\n\n\nKey Financial Metrics\n\n($ in millions, except per share data)\n\n\n\nSecond Quarter Results (GAAP)\n\n\n\n\n\n \n\n\n\n \n\n\n\nDec – 22\n\n\n\n \n\n\n\nDec – 21\n\n\n\n \n\n\n\nChange Y/Y\n\n\n\n \n\n\n\nSep – 22\n\n\n\n \n\n\n\nChange Q/Q\n\n\n\n\n\nSales\n\n\n\n \n\n\n\n$\n\n\n\n6,717.5\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n5,865.2\n\n\n\n \n\n\n\n \n\n\n\n14.5\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n6,750.1\n\n\n\n \n\n\n\n \n\n\n\n(0.5\n\n\n\n)%\n\n\n...