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Apr 01, 2023
Avnet Q3 2023 Earnings Report
Third quarter sales and diluted EPS exceeded guidance, and Electronic Components achieved target operating margin.
Key Takeaways
Avnet reported third-quarter sales of $6.5 billion, a 0.4% increase year-over-year, and diluted EPS of $2.03. The Electronic Components business achieved an operating margin of 5.0%.
Sales of $6.5 billion increased 0.4% year over year.
Diluted earnings per share increased to $2.03, compared with $1.84 in the prior year quarter.
Operating income margin of 4.8%, increased 58 basis points year over year.
Electronic Components operating income margin of 5.0%, increased 64 basis points year over year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the fourth quarter of fiscal year 2023, Avnet expects sales between $6.10B and $6.40B, and adjusted diluted EPS between $1.60 and $1.70.
Positive Outlook
- The guidance is based upon current market conditions.
- The guidance implies a sequential growth rate range of down 1% to 6%.
- The guidance assumes below seasonal changes in sales across all regions.
- The guidance excludes restructuring, integration and other expenses.
- The guidance excludes amortization of intangibles, gains on legal settlements and certain income tax adjustments.
Challenges Ahead
- Guidance assumes similar interest expense to the third quarter.
- Guidance assumes an effective tax rate of between 22% and 26%.
- Guidance assumes 93 million average diluted shares outstanding.
- The above guidance is based upon current market conditions.
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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