Avnet Posts Fiscal Q1 Results
First quarter sales of $6.8 billion up 21% year over year
Operating income of $291 million grew three times faster than sales
PHOENIX– Avnet, Inc. (Nasdaq: AVT) today announced results for its first quarter ended October 1, 2022.
Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “Our first quarter saw meaningful sales growth across all regions as demand in most of our end markets continued to be strong. By delivering another quarter of solid sales and improved profitability, our team has once again demonstrated their ability to consistently execute given challenging business conditions. Although we can’t control the overall market, we are confident we can continue to deliver value to our supplier and customer partners despite uncertain market conditions.”
Fiscal First Quarter Key Financial Highlights:
- Sales of $6.8 billion up 20.9% year over year from $5.6 billion.
- On a constant currency basis, sales increased 28.9% year over year.
- Diluted earnings per share increased to $1.93, compared with $1.10 in the prior year quarter.
- Adjusted diluted earnings per share of $2.00, compared with $1.22 in the prior year quarter.
- Higher interest expense and an increase in the effective income tax rate negatively impacted first quarter adjusted diluted earnings per share by $0.23 year over year.
- Operating income margin of 4.3%, increased 129 basis points year over year.
- Adjusted operating income margin of 4.4%, increased 115 basis points year over year.
- Electronic Components operating income margin of 4.2%, increased 106 basis points year over year.
- Farnell operating income margin of 12.1% increased 123 basis points year over year.
- Returned $148 million to shareholders in the quarter from share repurchases, representing 3.6% of outstanding shares.
- Returned $27 million to shareholders in dividends during the quarter.