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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.
Avnet
Avnet
Avnet Revenue by Segment
Avnet Revenue by Geographic Location
Revenue by Segment
Electronic Components Revenue
CapyFin.comFarnell Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAsia Revenue
CapyFin.com 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.
- Guidance is based upon current market conditions
Revenue & Expenses
Visualization of income flow from segment revenue to net income