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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.
Revenue by Segment
Revenue by Geographic Location
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.
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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