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Mar 30, 2024
Avnet Q3 2024 Earnings Report
Avnet's Q3 2024 performance was in line with expectations amidst economic softness and lower demand, with sales of $5.7 billion and diluted EPS of $0.97.
Key Takeaways
Avnet reported third-quarter sales of $5.7 billion and diluted EPS of $0.97. The results were in line with expectations, but reflect economic softness and lower demand.
Sales reached $5.7 billion, compared to $6.5 billion in the prior year quarter.
Diluted earnings per share were $0.97, compared to $2.03 in the prior year quarter.
Adjusted diluted earnings per share were $1.10, compared to $2.00 in the prior year quarter.
Operating income margin was 3.4%, compared to 4.8% in the prior year quarter.
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 fourth quarter of fiscal 2024, Avnet expects sales between $5.20 billion and $5.50 billion, with diluted EPS between $0.90 and $1.00.
Positive Outlook
- Sales are expected to be between $5.20B and $5.50B.
- Diluted EPS is expected to be between $0.90 and $1.00.
- Guidance assumes similar interest expense to the third quarter.
- Guidance assumes an effective tax rate of between 22% and 26%.
- Guidance assumes 91 million average diluted shares outstanding.
Challenges Ahead
- Guidance implies a sequential sales decline of 3% to 8%.
- Guidance assumes below seasonal changes in sales across all regions.
- Guidance excludes restructuring, integration and other expenses.
- Guidance excludes foreign currency gains and losses.
- Guidance excludes certain income tax adjustments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income