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Jul 03, 2021
Avnet Q4 2021 Earnings Report
Avnet achieved record sales and EPS growth, driven by strong performance in Electronic Components and Farnell.
Key Takeaways
Avnet reported record fourth-quarter sales of $5.2 billion, a 25.7% increase year-over-year. Diluted EPS was $0.85, and adjusted diluted EPS was $1.12, up 75% year-over-year. The company saw strong growth in its Electronic Components business and at Farnell, contributing to operating margin improvement.
Avnet reported record fourth quarter sales of $5.2 billion, up 25.7% year over year.
GAAP diluted earnings per share was $0.85, compared to $0.53 in the prior year quarter.
Non-GAAP adjusted diluted earnings per share was $1.12, compared to $0.64 in the prior year quarter.
Farnell operating margins increased 469 basis points year over year and 224 basis points sequentially to 8.3%.
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 first quarter of fiscal 2022, Avnet expects sales between $5.1 billion and $5.4 billion, with adjusted diluted EPS between $1.02 and $1.12.
Positive Outlook
- Sales are expected to be between $5.1B and $5.4B.
- Adjusted diluted EPS is expected to be between $1.02 and $1.12.
- Guidance is based upon current market conditions and inventory availability.
- Mid-point of sales guidance indicates year over year organic growth of 26% after excluding the extra week.
- Guidance excludes amortization of intangibles, any potential restructuring, integration, and other expenses and certain income tax adjustments.
Challenges Ahead
- Guidance assumes an effective tax rate of between 19% and 23% as compared to 13.5% in the fourth quarter of fiscal 2021.
- Guidance assumes 100 million average diluted shares outstanding.
- Guidance assumes average U.S. Dollar to Euro exchange rate of $1.18.
- Guidance assumes average U.S. Dollar to GBP exchange rate of $1.39.
- Guidance is subject to market conditions and inventory availability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income