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Dec 31, 2022
Avnet Q2 2023 Earnings Report
Avnet's second quarter results for fiscal year 2023 were reported, featuring a sales increase and significant operating income growth.
Key Takeaways
Avnet reported strong second-quarter results with sales reaching $6.7 billion, a 14.5% increase year-over-year. Diluted earnings per share increased to $2.63, and operating income grew nearly three times faster than sales.
Sales reached $6.7 billion, up 14.5% year over year.
Diluted earnings per share increased to $2.63, compared to $1.50 in the prior year quarter.
Operating income margin of 4.5%, increased 84 basis points year over year.
Returned $64 million to shareholders in the quarter from share repurchases, representing 1.8% of outstanding shares.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the third quarter of fiscal year 2023, Avnet expects sales to be between $6.15 billion and $6.45 billion, with an adjusted diluted EPS of $1.75 to $1.85.
Positive Outlook
- Implies a sequential growth rate range of down 4% to down 8%.
- Guidance assumes similar interest expense to the second quarter.
- Guidance assumes an effective tax rate of between 22% and 26%.
- Guidance assumes 92.5 million average diluted shares outstanding.
- Based upon current market conditions
Challenges Ahead
- Assumes a seasonal decline in sales from Asia primarily due to the Lunar New Year.
- Below seasonal growth for the western regions.
- Excludes amortization of intangibles.
- Excludes certain income tax adjustments.
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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