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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%.
Revenue by Segment
Revenue by Geographic Location
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.
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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