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Sep 30, 2023
Avnet Q1 2024 Earnings Report
Avnet's first quarter 2024 sales decreased but diluted EPS increased, with adjusted diluted EPS exceeding guidance.
Key Takeaways
Avnet reported first quarter sales of $6.3 billion, a 6.1% decrease year over year, but diluted EPS of $2.25, compared with $1.93 in the prior year quarter. Adjusted diluted EPS of $1.61 exceeded guidance. Electronic Components operating margin of 4.6% increased 38 basis points year over year.
Sales of $6.3 billion decreased 6.1% year over year.
Diluted earnings per share of $2.25, compared with $1.93 in the prior year quarter.
Adjusted diluted earnings per share of $1.61, compared with $2.00 in the prior year quarter.
Electronic Components operating income margin of 4.6%, increased 38 basis points year over year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Avnet expects sales between $6.00B and $6.30B and adjusted diluted EPS between $1.35 and $1.45 for the second quarter of fiscal 2024.
Positive Outlook
- Guidance is based upon current market conditions.
- Assumes a seasonal decline in sales from the Western regions primarily due to holidays.
- Excludes restructuring, integration and other expenses.
- Excludes amortization of intangibles, and certain income tax adjustments.
- Assumes similar interest expense to the fourth quarter and an effective tax rate of between 22% and 26%.
Challenges Ahead
- Implies a sequential sales decline of 1% to 5%.
- Currency exchange rates are subject to change.
- Market conditions are subject to change.
- Guidance excludes certain expenses and adjustments.
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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