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Dec 28, 2019
Avnet Q2 2020 Earnings Report
Avnet's financial performance reflected the ongoing industry correction, with sales and EPS aligned with guidance. Transformation initiatives drove significant cost savings, and the company is focused on growing its customer base and expanding into new areas.
Key Takeaways
Avnet reported second quarter fiscal year 2020 results, with sales of $4.5 billion and GAAP diluted EPS of $0.05. The company achieved its operating expense reduction goal of $50 million annually and returned $109 million to shareholders through share repurchases and dividends.
Sales of $4.5 billion were in line with guidance.
GAAP diluted EPS from continuing operations totaled $0.05, compared with $0.33 a year ago.
Non-GAAP adjusted diluted EPS totaled $0.40 compared with $1.04 a year ago.
Achieved operating expense reduction goal of $50 million annually.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the third quarter of fiscal 2020, Avnet expects sales to be in the range of $4.1 billion to $4.5 billion, with a midpoint of $4.3 billion. Non-GAAP diluted EPS is expected to be between $0.38 and $0.48, with a midpoint of $0.43.
Positive Outlook
- Sales guidance midpoint is $4.3B
- Non-GAAP diluted EPS guidance midpoint is $0.43
- Estimated Annual Tax Rate 21%
- Euro $1.11
- GBP $1.30
Challenges Ahead
- Excludes amortization of intangibles
- Excludes restructuring
- Excludes integration
- Excludes other expenses
- Excludes certain income tax 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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