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.
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 WIRE)-- Avnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year 2024 ended June 29, 2024. “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.” Fiscal Fourth Quarter Key Financial Highlights: Sales of $5.6 billion, compared with $6.6 billion in the prior year quarter. Diluted earnings per share of $0.91, compared with $1.68 in the prior year quarter. Adjusted diluted earnings per share of $1.22, compared with $2.06 in the prior year quarter. Operating income margin of 3.0%, compared with 4.3% in the prior year quarter. Adjusted operating income margin of 3.5%. Electronic Components operating income margin of 4.1%. Farnell operating income margin of 4.0%. Generated $274 million of cash flow from operations. Returned $79 million to shareholders from share repurchases, representing 1.6% of shares outstanding. Returned $28 million to shareholders in dividends. Fiscal 2024 Key Financial Highlights: Sales of $23.8 billion, compared with $26.5 billion in the prior year. Diluted earnings per share of $5.43, compared with $8.26 in the prior year. Adjusted diluted earnings per share of $5.34, compared with $8.06 in the prior year. Operating income margin of 3.6%, compared with 4.5% in the prior year. Adjusted operating income margin of 3.8%. Electronic Components operating income margin of 4.3%. Farnell operating income margin of 4.1%. Generated $690 million of cash flow from operations. Returned $165 million to shareholders from share repurchases, representing 3.6% of shares outstanding. Returned $112 million to shareholders in dividends. Key Financial Metrics ($ in millions, except per share data) Fourth Quarter Results (GAAP) Jun – 24 Jun – 23 Change Y/Y Mar – 24 Change Q/Q Sales $ 5,563.0 $ 6,554.6 (15.1) % $ 5,653.6 (1.6) % Operating Income $ 164.2 $ 283.7 (42.1) % $ 190.2 (13.7) % Operating Income Margin 3.0 % 4.3 % (138) bps 3.4 % (41) bps Diluted Earnings Per Share (EPS) $ 0.91 $ 1.68 (45.8) % $ 0.97 (6.2) % Fourth Quarter Results (Non-GAAP)(1) Jun – 24 Jun – 23 Change Y/Y Mar – 24 Change Q/Q Adjusted Operating Income $ 193.4 $ 312.6 (38.1) % $ 202.7 (4.6) % Adjusted Operating Income Margin 3.5 % 4.8 % (129) bps 3.6 % (11) bps Adjusted Diluted Earnings Per Share (EPS) $ 1.22 $ 2.06 (40.8) % $ 1.10 10.9 % Segment and Geographical Mix Jun – 24 Jun – 23 Change Y/Y Mar – 24 Change Q/Q Electronic Components (EC) Sales $ 5,187.8 $ 6,109.2 (15.1) % $ 5,245.8 (1.1) % EC Operating Income Margin 4.1 % 5.1 % (103) bps 4.1 % (8) bps Farnell Sales $ 375.2 $ 445.4 (15.8) % $ 407.8 (8.0) % Farnell Operating Income Margin 4.0 % 8.1 % (406) bps 4.0 % 3 bps Americas Sales $ 1,353.8 $ 1,732.7 (21.9) % $ 1,403.4 (3.5) % EMEA Sales $ 1,920.3 $ 2,450.6 (21.6) % $ 2,053.1 (6.5) % Asia Sales $ 2,288.9 $ 2,371.3 (3.5) % $ 2,197.1 4.2 % _______________ (1) A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the “Non-GAAP Financial Information” section of this press release. Outlook for the First Quarter of Fiscal 2025 Ending on September 28, 2024 Guidance Range Midpoint Sales $5.25B – $5.55B $5.40B Diluted EPS (1) $0.80 – $0.90 $0.85 _______________ (1) A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release. The above guidance implies a sequential sales change of flat to down approximately 5% and assumes sales declines in the western regions and sales growth in Asia. The above guidance also excludes restructuring, integration and other expenses, foreign currency gains and losses, and certain income tax adjustments. The above guidance assumes similar interest expense to the fourth quarter of fiscal 2024 and an effective tax rate of between 21% and 25%. The above guidance assumes 90 million average diluted shares outstanding and average currency exchange rates as shown in the table below: Q1 Fiscal 2025 Q4 Fiscal Q1 Fiscal Guidance 2024 2024 Euro to U.S. Dollar $1.08 $1.08 $1.09 GBP to U.S. Dollar $1.27 $1.26 $1.27 Today’s Conference Call and Webcast Details Avnet will host a conference call and webcast today at 9:00 a.m. PT / Noon ET to discuss its financial results, provide a business update and answer questions. Live conference call: 877-407-8112 (domestic) or 201-689-8840 (international) Conference call replay available through August 15, 2024: 877-660-6853 or 201-612-7415 and using Conference ID: 13747493 Live and archived webcast can be accessed via Avnet’s Investor Relations web page at: https://ir.avnet.com Forward-Looking Statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, results of operations, and business of the Company. You can find many of these statements by looking for words like “believes,” “projected,” “plans,” “expects,” “anticipates,” “should,” “will,” “may,” “estimates,” or similar expressions. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties. The following important factors, in addition to those discussed elsewhere in the Company’s Annual Report on Form 10-K for the fiscal year ended July 1, 2023 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, could affect the Company’s future results of operations, and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: geopolitical events and military conflicts; pandemics and other health-related crises; competitive pressures among distributors of electronic components; an industry down-cycle in semiconductors, including supply shortages; relationships with key suppliers and allocations of products by suppliers, including increased non-cancellable/non-returnable orders; accounts receivable defaults; risks relating to the Company’s international sales and operations, including risks relating to repatriating cash, foreign currency fluctuations, inflation, duties and taxes, sanctions and trade restrictions, and compliance with international and U.S. laws; risks relating to acquisitions, divestitures, and investments; adverse effects on the Company’s supply chain, operations of its distribution centers, shipping costs, third-party service providers, customers, and suppliers, including as a result of issues caused by military conflicts, terrorist attacks, natural and weather-related disasters, pandemics and health related crises, warehouse modernization, and relocation efforts; risks related to cyber security attacks, other privacy and security incidents, and information systems failures, including related to current or future implementations, integrations, and upgrades; general economic and business conditions (domestic, foreign, and global) affecting the Company’s operations and financial performance and, indirectly, the Company’s credit ratings, debt covenant compliance, liquidity, and access to financing; constraints on employee retention and hiring; and legislative or regulatory changes. Any forward-looking statement speaks only as of the date on which that statement is made. Except as required by law, the Company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made. About Avnet As a leading global technology distributor and solutions provider, Avnet has served customers’ evolving needs for more than a century. We support customers at each stage of a product’s lifecycle, from idea to design and from prototype to production. Our unique position at the center of the technology value chain enables us to accelerate the design and supply stages of product development so customers can realize revenue faster. Decade after decade, Avnet helps its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com. (AVT_IR) AVNET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Fourth Quarters Ended Years Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 (Thousands, except per share data) Sales $ 5,562,977 $ 6,554,608 $ 23,757,129 $ 26,536,881 Cost of sales 4,920,097 5,736,586 20,990,687 23,354,738 Gross profit 642,880 818,022 2,766,442 3,182,143 Selling, general and administrative expenses 450,274 506,322 1,869,525 1,967,305 Restructuring, integration, and other expenses 28,417 28,038 52,550 28,038 Operating income 164,189 283,662 844,367 1,186,800 Other income (expense), net 1,409 6,456 (15,736 ) 9,908 Interest and other financing expenses, net (64,274 ) (75,056 ) (282,867 ) (250,869 ) Gain on legal settlements and other — (24,669 ) 86,499 37,037 Income before taxes 101,324 190,393 632,263 982,876 Income tax expense 18,659 35,138 133,564 212,048 Net income $ 82,665 $ 155,255 $ 498,699 $ 770,828 Earnings per share: Basic $ 0.92 $ 1.70 $ 5.51 $ 8.37 Diluted $ 0.91 $ 1.68 $ 5.43 $ 8.26 Shares used to compute earnings per share: Basic 90,092 91,493 90,567 92,043 Diluted 91,122 92,626 91,837 93,368 Cash dividends paid per common share $ 0.31 $ 0.29 $ 1.24 $ 1.16 AVNET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 29, July 1, 2024 2023 (Thousands) ASSETS Current assets: Cash and cash equivalents $ 310,941 $ 288,230 Receivables 4,391,187 4,763,788 Inventories 5,468,730 5,465,031 Prepaid and other current assets 199,694 233,804 Total current assets 10,370,552 10,750,853 Property, plant and equipment, net 568,169 441,557 Goodwill 780,984 780,629 Operating lease assets 208,971 221,698 Other assets 280,471 282,422 Total assets $ 12,209,147 $ 12,477,159 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term debt $ 492,711 $ 70,636 Accounts payable 3,345,510 3,373,820 Accrued expenses and other 573,055 753,130 Short-term operating lease liabilities 53,993 51,792 Total current liabilities 4,465,269 4,249,378 Long-term debt 2,406,629 2,988,029 Long-term operating lease liabilities 173,886 190,621 Other liabilities 237,859 297,462 Total liabilities 7,283,643 7,725,490 Shareholders’ equity 4,925,504 4,751,669 Total liabilities and shareholders’ equity $ 12,209,147 $ 12,477,159 AVNET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Years Ended June 29, 2024 July 1, 2023 (Thousands) Cash flows from operating activities: Net income $ 498,699 $ 770,828 Non-cash and other reconciling items: Depreciation and amortization 86,708 88,613 Amortization of operating lease assets 53,796 54,392 Deferred income taxes (9,749 ) (37,060 ) Stock-based compensation 33,496 38,781 Other, net 15,800 52,142 Changes in (net of effects from businesses acquired and divested): Receivables 316,218 (461,117 ) Inventories (51,203 ) (1,173,124 ) Accounts payable 4,496 (75,943 ) Accrued expenses and other, net (258,277 ) 28,785 Net cash flows provided by (used for) operating activities 689,984 (713,703 ) Cash flows from financing activities: Issuance of notes, net of discounts — 498,615 Borrowings (repayments) under accounts receivable securitization, net (140,700 ) 258,000 Borrowings under senior unsecured credit facility, net (43,277 ) 728,182 Borrowings (repayments) under bank credit facilities and other debt, net 27,491 (96,209 ) Repurchases of common stock (162,723 ) (221,730 ) Dividends paid on common stock (111,963 ) (106,325 ) Other, net (2,627 ) (5,777 ) Net cash flows (used for) provided by financing activities (433,799 ) 1,054,756 Cash flows from investing activities: Purchases of property, plant and equipment (226,478 ) (194,674 ) Other, net 994 (16,877 ) Net cash flows used for investing activities (225,484 ) (211,551 ) Effect of currency exchange rate changes on cash and cash equivalents (7,990 ) 5,035 Cash and cash equivalents: — increase 22,711 134,537 — at beginning of period 288,230 153,693 — at end of period $ 310,941 $ 288,230 Non-GAAP Financial Information In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also discloses certain non-GAAP financial information including (i) adjusted operating income, (ii) adjusted other income (expense), (iii) adjusted income before income taxes, (iv) adjusted income tax expense (benefit), and (v) adjusted diluted earnings per share. There are also references to the impact of foreign currency in the discussion of the Company’s results of operations. When the U.S. Dollar strengthens and the stronger exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is a decrease in U.S. Dollars of reported results. Conversely, when the U.S. Dollar weakens and the weaker exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is an increase in U.S. Dollars of reported results. In the discussion of the Company’s results of operations, results excluding this impact are referred to as “constant currency.” Management believes sales in constant currency is a useful measure for evaluating current period performance as compared with prior periods and for understanding underlying trends. In order to determine the translation impact of changes in foreign currency exchange rates on sales, income or expense items for subsidiaries reporting in currencies other than the U.S. Dollar, the Company adjusts the average exchange rates used in current periods to be consistent with the average exchange rates in effect during the comparative period. Management believes that operating income adjusted for restructuring, integration and other expenses, and amortization of acquired intangible assets, is a useful measure to help investors better assess and understand the Company’s operating performance. This is especially the case when comparing results with previous periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Avnet’s normal operating results or non-cash in nature. Management analyzes operating income without the impact of these items as an indicator of ongoing margin performance and underlying trends in the business. Management also uses these non-GAAP measures to establish operational goals and, in most cases, for measuring performance for compensation purposes. Management measures operating income for its reportable segments excluding restructuring, integration and other expenses, and amortization of acquired intangible assets and other. Management also believes income tax expense (benefit), net income and diluted earnings per share adjusted for the impact of the items described above, gain on legal settlements and other, foreign currency gains and losses and certain items impacting income tax expense (benefit) are useful to investors because they provide a measure of the Company’s net profitability on a more comparable basis to historical periods and provide a more meaningful basis for forecasting future performance. Adjustments to income tax expense (benefit) and the effective income tax rate include the effect of changes in tax laws, certain changes in valuation allowances and unrecognized tax benefits, income tax audit settlements and adjustments to effective tax rate based upon the expected long-term adjusted effective tax rate. Additionally, because of management’s focus on generating shareholder value, of which net profitability is a primary driver, management believes net income and diluted earnings per share excluding the impact of these items provides an important measure of the Company’s net profitability for the investing public. Additional non-GAAP metrics management uses are adjusted operating income margin, which is defined as adjusted operating income divided by sales and the adjusted effective income tax rate, which is defined as adjusted income tax expense divided by adjusted income before income taxes. Any analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, results presented in accordance with GAAP. Quarters Ended Fiscal Year June 29, March 30, December 30, September 30, 2024* 2024* 2024* 2023 2023 ($ in thousands, except per share amounts) GAAP operating income $ 844,367 $ 164,189 $ 190,151 $ 236,257 $ 253,769 Restructuring, integration, and other expenses 52,550 28,417 11,847 5,235 7,051 Amortization of intangible assets 3,130 828 712 712 878 Adjusted operating income 900,047 193,434 202,710 242,204 261,698 GAAP other (expense) income, net $ (15,736 ) $ 1,409 $ (14,707 ) $ (8,397 ) $ 5,960 Foreign currency loss (gain) and other, net 27,730 680 17,850 9,200 — Adjusted other (expense) income, net 11,994 2,089 3,143 803 5,960 GAAP income before income taxes $ 632,263 $ 101,324 $ 101,948 $ 153,558 $ 275,432 Restructuring, integration, and other expenses 52,550 28,417 11,847 5,235 7,051 Amortization of intangible assets 3,130 828 712 712 878 Foreign currency loss (gain) and other, net 27,730 680 17,850 9,200 — Gain on legal settlements and other (86,499 ) — — — (86,499 ) Adjusted income before income taxes 629,174 131,249 132,357 168,705 196,862 GAAP income tax expense $ 133,564 $ 18,659 $ 13,114 $ 35,627 $ 66,164 Restructuring, integration, and other expenses 13,000 7,251 2,772 1,274 1,703 Amortization of intangible assets 700 185 156 156 203 Foreign currency loss (gain) and other, net 7,373 88 5,251 2,034 — Gain on legal settlements and other (20,434 ) — — — (20,434 ) Income tax expense items, net 4,992 (6,489 ) 10,472 1,399 (390 ) Adjusted income tax expense 139,195 19,694 31,765 40,490 47,246 GAAP net income $ 498,699 $ 82,665 $ 88,834 $ 117,931 $ 209,268 Restructuring, integration, and other expenses (net of tax) 39,550 21,166 9,075 3,961 5,348 Amortization of intangible assets (net of tax) 2,430 643 556 556 675 Foreign currency loss (gain) and other, net (net of tax) 20,357 592 12,599 7,166 — Gain on legal settlements and other (net of tax) (66,065 ) — — — (66,065 ) Income tax expense items, net (4,992 ) 6,489 (10,472 ) (1,399 ) 390 Adjusted net income 489,979 111,555 100,592 128,215 149,616 GAAP diluted earnings per share $ 5.43 $ 0.91 $ 0.97 $ 1.28 $ 2.25 Restructuring, integration, and other expenses (net of tax) 0.43 0.23 0.10 0.04 0.06 Amortization of intangible assets (net of tax) 0.03 0.01 0.01 0.01 0.01 Foreign currency loss (gain) and other, net (net of tax) 0.22 0.01 0.14 0.08 — Gain on legal settlements and other (net of tax) (0.72 ) — — — (0.71 ) Income tax expense items, net (0.05 ) 0.07 (0.11 ) (0.01 ) 0.00 Adjusted diluted EPS 5.34 1.22 1.10 1.40 1.61 _______________ * May not foot/cross foot due to rounding. Quarters Ended Fiscal Year July 1, April 1, December 31, October 1, 2023* 2023* 2023 2022 2022 ($ in thousands, except per share amounts) GAAP operating income $ 1,186,800 $ 283,662 $ 313,629 $ 298,973 $ 290,537 Restructuring, integration, and other expenses 28,038 28,038 — — — Amortization of intangible assets 6,053 878 876 1,541 2,759 Adjusted operating income 1,220,891 312,578 314,505 300,514 293,296 GAAP income before income taxes $ 982,876 $ 190,393 $ 243,587 $ 303,134 $ 245,762 Restructuring, integration, and other expenses 28,038 28,038 — — — Amortization of intangible assets 6,053 878 876 1,541 2,759 Gain on legal settlements and other (37,037 ) 24,669 — (61,705 ) — Adjusted income before income taxes 979,931 243,978 244,463 242,970 248,521 GAAP income tax expense $ 212,048 $ 35,138 $ 56,161 $ 59,248 $ 61,501 Restructuring, integration, and other expenses 6,007 6,007 — — — Amortization of intangible assets 1,360 207 203 345 605 Gain on legal settlements and other (8,711 ) 5,828 — (14,539 ) — Income tax expense items, net 16,453 5,583 3,529 12,287 (4,946 ) Adjusted income tax expense 227,157 52,763 59,893 57,341 57,160 GAAP net income $ 770,828 $ 155,255 $ 187,426 $ 243,886 $ 184,261 Restructuring, integration, and other expenses (net of tax) 22,031 22,031 — — — Amortization of intangible assets (net of tax) 4,693 671 673 1,196 2,154 Gain on legal settlements and other (net of tax) (28,326 ) 18,841 — (47,166 ) — Income tax expense items, net (16,453 ) (5,583 ) (3,529 ) (12,287 ) 4,946 Adjusted net income 752,774 191,215 184,570 185,629 191,361 GAAP diluted earnings per share $ 8.26 $ 1.68 $ 2.03 $ 2.63 $ 1.93 Restructuring, integration, and other expenses (net of tax) 0.24 0.24 — — — Amortization of intangible assets (net of tax) 0.05 0.01 0.01 0.01 0.02 Gain on legal settlements and other (net of tax) (0.31 ) 0.20 — (0.51 ) — Income tax expense items, net (0.18 ) (0.06 ) (0.04 ) (0.13 ) 0.05 Adjusted diluted EPS 8.06 2.06 2.00 2.00 2.00 _______________ * May not foot/cross foot due to rounding. Sales in Constant Currency The following table presents reported sales growth rates and sales growth rates in constant currency for the fourth quarter and fiscal year 2024 compared to the fourth quarter and fiscal year 2023. Quarter Ended Years Ended June 29, 2024 June 29, 2024 Sales Sales Sales Year-Year % Sequential % Year-Year % Sales Change in Sales Change in Sales Change in Year-Year Constant Sequential Constant Year-Year Constant % Change Currency % Change Currency % Change Currency Avnet (15.1 )% (14.2 )% (1.6 )% (1.0 )% (10.5 )% (10.9 )% Avnet by region Americas (21.9 )% (21.9 )% (3.5 )% (3.5 )% (13.1 )% (13.1 )% EMEA (21.6 ) (20.7 ) (6.5 ) (5.6 ) (9.0 ) (11.4 ) Asia (3.5 ) (1.9 ) 4.2 4.8 (10.1 ) (9.0 ) Avnet by segment EC (15.1 )% (14.1 )% (1.1 )% (0.5 )% (10.7 )% (11.0 )% Farnell (15.8 ) (15.4 ) (8.0 ) (7.5 ) (7.9 ) (9.3 ) Historical Segment Financial Information Quarters Ended Fiscal Fourth Quarter Third Quarter Second Quarter First Quarter Year June 29, March 30, December 30, September 30, 2024* 2024 2024 2023 2023 ($ in millions) Sales: Electronic Components $ 22,160.0 $ 5,187.8 $ 5,245.8 $ 5,812.1 $ 5,914.4 Farnell 1,597.1 375.2 407.8 392.8 421.2 Avnet sales $ 23,757.1 $ 5,563.0 $ 5,653.6 $ 6,204.9 $ 6,335.6 Operating income: Electronic Components $ 947.6 $ 210.1 $ 216.9 $ 247.9 $ 272.8 Farnell 64.8 15.1 16.3 15.7 17.7 1,012.4 225.2 233.2 263.6 290.5 Corporate expenses (112.3 ) (31.8 ) (30.5 ) (21.4 ) (28.7 ) Restructuring, integration, and other expenses (52.6 ) (28.4 ) (11.8 ) (5.2 ) (7.1 ) Amortization of acquired intangible assets (3.1 ) (0.8 ) (0.7 ) (0.7 ) (0.9 ) Avnet operating income $ 844.4 $ 164.2 $ 190.2 $ 236.3 $ 253.8 Sales by geographic area: Americas $ 5,919.2 $ 1,353.8 $ 1,403.4 $ 1,588.5 $ 1,573.5 EMEA 8,395.0 1,920.3 2,053.1 2,113.6 2,308.0 Asia 9,442.9 2,288.9 2,197.1 2,502.8 2,454.1 Avnet sales $ 23,757.1 $ 5,563.0 $ 5,653.6 $ 6,204.9 $ 6,335.6 _______________ * May not foot/cross foot due to rounding. Quarters Ended Fiscal Fourth Quarter Third Quarter Second Quarter First Quarter Year July 1, April 1, December 31, October 1, 2023* 2023* 2023 2022 2022 ($ in millions) Sales: Electronic Components $ 24,802.6 $ 6,109.2 $ 6,059.6 $ 6,309.5 $ 6,324.2 Farnell 1,734.3 445.4 455.0 408.0 425.9 Avnet sales $ 26,536.9 $ 6,554.6 $ 6,514.6 $ 6,717.5 $ 6,750.1 Operating income: Electronic Components $ 1,179.6 $ 310.4 $ 305.2 $ 296.7 $ 267.3 Farnell 165.5 36.1 40.9 36.9 51.6 1,345.1 346.5 346.1 333.6 318.9 Corporate expenses (124.2 ) (33.9 ) (31.6 ) (33.1 ) (25.6 ) Restructuring, integration, and other expenses (28.0 ) (28.0 ) — — — Amortization of acquired intangible assets (6.1 ) (0.9 ) (0.9 ) (1.5 ) (2.8 ) Avnet operating income $ 1,186.8 $ 283.7 $ 313.6 $ 299.0 $ 290.5 Sales by geographic area: Americas $ 6,807.7 $ 1,732.7 $ 1,714.9 $ 1,681.2 $ 1,678.9 EMEA 9,229.4 2,450.6 2,393.4 2,255.9 2,129.5 Asia 10,499.8 2,371.3 2,406.3 2,780.4 2,941.7 Avnet sales $ 26,536.9 $ 6,554.6 $ 6,514.6 $ 6,717.5 $ 6,750.1 _______________ * May not foot/cross foot due to rounding. Guidance Reconciliation The following table presents the reconciliation of non-GAAP adjusted diluted earnings per share guidance to the expected GAAP diluted earnings per share guidance for the first quarter of fiscal 2025. Low End of High End of Guidance Range Guidance Range Adjusted diluted earnings per share guidance $ 0.80 $ 0.90 Restructuring, integration, and other expenses (net of tax) (0.17 ) (0.08 ) GAAP diluted earnings per share guidance $ 0.63 $ 0.82 View source version on businesswire.com: https://www.businesswire.com/news/home/20240808289693/en/ Investor Relations Contact [email protected] Media Relations Contact Jeanne Forbis, 480-643-7499 [email protected] Source: Avnet