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Jul 01, 2023
Avnet Q4 2023 Earnings Report
Reported sales increased and earnings per share decreased year over year.
Key Takeaways
Avnet reported a 2.9% increase in sales to $6.6 billion, driven by growth in the Americas and EMEA regions, while diluted EPS decreased to $1.68. The Electronic Components segment's operating income margin improved, but the Farnell segment's margin decreased sequentially.
Sales of $6.6 billion increased 2.9% year over year.
Diluted earnings per share was $1.68, compared to $2.51 in the prior year quarter.
Electronic Components operating income margin of 5.1% increased 77 basis points year over year.
Generated $234.5 million of cash flow from operations during the 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 first quarter of fiscal 2024, Avnet expects sales between $6.15B and $6.45B, and adjusted diluted EPS between $1.45 and $1.55.
Positive Outlook
- Guidance is based upon current market conditions.
- Assumes a mix shift in sales to Asia from the Western regions.
- Excludes restructuring, integration and other expenses.
- Excludes amortization of intangibles, gains on legal settlements and certain income tax adjustments.
- Assumes similar interest expense to the fourth quarter and an effective tax rate of between 22% and 26%.
Challenges Ahead
- Implies a sequential growth rate range of down 2% to down 6%.
- Guidance excludes restructuring expenses.
- Guidance excludes integration expenses.
- Guidance excludes amortization of intangibles.
- Guidance excludes gains on legal settlements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income