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Dec 30, 2023
Avnet Q2 2024 Earnings Report
Second quarter results were announced, with sales of $6.2 billion and diluted EPS of $1.28.
Key Takeaways
Avnet reported second quarter sales of $6.2 billion and diluted EPS of $1.28. Adjusted diluted EPS was $1.40. The results were in line with expectations.
Sales of $6.2 billion, compared with $6.7 billion in the prior year quarter.
Diluted earnings per share of $1.28, compared with $2.63 in the prior year quarter.
Adjusted diluted earnings per share of $1.40, compared with $2.00 in the prior year quarter.
Electronic Components operating margin of 4.3%.
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 2024, Avnet expects sales of $5.70B and diluted EPS of $1.10.
Positive Outlook
- Sales are expected to be $5.55B – $5.85B
- Diluted EPS is expected to be $1.05 – $1.15
- The guidance assumes similar interest expense to the second quarter
- The guidance assumes an effective tax rate of between 22% and 26%
- The guidance assumes 91 million average diluted shares outstanding
Challenges Ahead
- The guidance implies a sequential sales decline of 6% to 11%
- The guidance assumes sales declines for the Western regions versus typical seasonal growth
- The guidance assumes a typical seasonal decline in Asia due to the Lunar New Year holiday
- The guidance excludes restructuring, integration and other expenses
- The guidance excludes foreign currency gains and losses, and certain income tax adjustments
Revenue & Expenses
Visualization of income flow from segment revenue to net income