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Oct 01, 2022
Avnet Q1 2023 Earnings Report
Reported first quarter results with sales growth across all regions and improved profitability.
Key Takeaways
Avnet's first quarter saw sales growth across all regions, driven by strong demand in most end markets. The team demonstrated their ability to execute consistently in challenging business conditions, delivering solid sales and improved profitability.
First quarter sales reached $6.8 billion, up 20.9% year over year.
Diluted earnings per share increased to $1.93, compared to $1.10 in the prior year quarter.
Adjusted diluted earnings per share was $2.00, compared to $1.22 in the prior year quarter.
Operating income margin increased to 4.3%, up 129 basis points year over year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the second quarter of fiscal year 2023, Avnet expects sales to be in the range of $6.35B to $6.65B and adjusted diluted EPS to be in the range of $1.80 to $1.90.
Positive Outlook
- Sales are expected to be between $6.35B and $6.65B.
- Adjusted diluted EPS is expected to be between $1.80 and $1.90.
- Guidance takes into account current market conditions.
- Guidance assumes similar interest expense to the first quarter.
- Guidance assumes an effective tax rate of between 21% and 25%.
Challenges Ahead
- Guidance includes a $60 million negative impact on sales due to the strengthening of the U.S. Dollar.
- Guidance implies a sequential growth rate range of down 1% to down 5% in constant currency.
- Guidance assumes a typical seasonal decline in sales from the western regions due to holidays.
- Guidance excludes amortization of intangibles.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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