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Oct 03, 2020
Avnet Q1 2021 Earnings Report
First quarter results reflected improving macroeconomic conditions and renewed emphasis on effective execution within the Electronic Components business.
Key Takeaways
Avnet reported first-quarter sales of $4.7 billion, up from $4.2 billion in the previous quarter and $4.6 billion in the prior year quarter. GAAP diluted loss per share was $0.19, while non-GAAP adjusted diluted EPS was $0.36. Cash flow from operations totaled $122 million.
Sales of $4.7 billion, up from $4.2 billion in the previous quarter and $4.6 billion in the prior year quarter.
GAAP diluted loss per share of $0.19, compared with earnings per share of $0.40 a year ago.
Non-GAAP adjusted diluted EPS of $0.36 compared with $0.60 a year ago.
Cash flow from operations totaled $122 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the second quarter of fiscal 2021, Avnet expects sales between $4.0B and $4.4B, with a midpoint of $4.2B. Non-GAAP diluted EPS is expected to be between $0.33 and $0.43, with a midpoint of $0.38. The estimated annual tax rate is expected to be between 13% and 17%, with a midpoint of 15%.
Positive Outlook
- Sales are expected to be between $4.0B and $4.4B.
- Midpoint for sales is $4.2B.
- Non-GAAP diluted EPS is expected to be between $0.33 and $0.43.
- Midpoint for Non-GAAP diluted EPS is $0.38.
- Estimated annual tax rate is expected to be between 13% and 17%.
Challenges Ahead
- Guidance excludes amortization of intangibles.
- Guidance excludes any potential restructuring, integration, and other expenses.
- Guidance excludes certain income tax adjustments.
- Sales guidance assumes approximately $200 million in lower sales of Texas Instruments products.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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