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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.
Revenue by Segment
Revenue by Geographic Location
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.
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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