\n<\/p>\n
\n
<\/p>\n
PHOENIX, US –\u00a0Media OutReach<\/a>\u00a0– 29 January 2020 –\u00a0Avnet, Inc. (Nasdaq: AVT<\/a>) today announced results for its second quarter
Fiscal Second Quarter<\/b> Key
\t\t<\/span>\u00a0 \u00a0 \u00a0o\u00a0\u00a0
\t\t<\/span>\u00a0 \u00a0 \u00a0o\u00a0\u00a0
\t\t<\/span>\u00a0 \u00a0 \u00a0o\u00a0\u00a0 When excluding TI, organic
\u00a0<\/b><\/p>\n
CEO
“Improvements
\u00a0<\/p>\n
Key Financial Metrics<\/b><\/p>\n
($ in millions, except per share data)<\/p>\n
\u00a0<\/p>\n<\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Second Quarter Results (GAAP)<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
\u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n Dec — 20<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Dec — 19<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Change Y\/Y<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Sep — 20<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Change Q\/Q<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Sales<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n \u00a04,668.2<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n 4,534.8<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a02.9<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n 4,723.1<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(1.2)<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Operating
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a057.2<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a046.5<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a023.1<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a018.5<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0209.3<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Operating
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a01.2<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a01.0<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a021<\/p>\n
\n <\/td>\n
<\/p>\n bps<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a00.4<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a084<\/p>\n
\n <\/td>\n
<\/p>\n bps<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Diluted
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n \u00a00.19<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n \u00a00.05<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0280.0<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(0.19)<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0200.0<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Second Quarter
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
\u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n Dec — 20<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Dec — 19<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Change Y\/Y<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Sep — 20<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Change Q\/Q<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Sales <\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n \u00a04,668.2<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n 4,534.8<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a02.9<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n 4,723.1<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(1.2)<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Adjusted
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a079.6<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n 82.2<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(3.2)<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a065.1<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a022.3<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Adjusted
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a01.7<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n 1.8<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(11)<\/p>\n
\n <\/td>\n
<\/p>\n bps<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a01.4<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a032<\/p>\n
\n <\/td>\n
<\/p>\n bps<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Adjusted
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n \u00a00.48<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n 0.40<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a020.0<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n \u00a00.36<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a033.3<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Segment and Geographical Mix<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
\u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n Dec — 20<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Dec — 19<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Change Y\/Y<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Sep — 20<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Change Q\/Q<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Electronic
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n \u00a04,342.4<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n 4,203.6<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a03.3<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n 4,382.2<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(0.9)<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
EC Operating
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a02.4<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n 2.2<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a017<\/p>\n
\n <\/td>\n
<\/p>\n bps<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n 1.9<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a046<\/p>\n
\n <\/td>\n
<\/p>\n bps<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Farnell Sales<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0325.8<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n 331.2<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(1.6)<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n 340.9<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(4.4)<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Farnell
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a04.5<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n 6.0<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(155)<\/p>\n
\n <\/td>\n
<\/p>\n bps<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n 3.5<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a097<\/p>\n
\n <\/td>\n
<\/p>\n bps<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Americas
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n \u00a01,101.5<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n 1,186.6<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(7.2)<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n 1,205.7<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(8.7)<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
EMEA Sales<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a01,346.3<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n 1,425.8<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(5.6)<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n 1,480.7<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(9.1)<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Asia Sales<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a02,220.4<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n 1,922.4<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a015.5<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n 2,036.7<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a09.0<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
TI Sales<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
\u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n Dec — 20<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Dec — 19<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Change Y\/Y<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Sep — 20<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n Change Q\/Q<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Sales of TI
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n \u00a049.6<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n 399.2<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(87.6)<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $<\/p>\n
\n <\/td>\n
<\/p>\n 241.0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0(79.4)<\/p>\n
\n <\/td>\n
<\/p>\n %<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
(1)\u00a0\u00a0\u00a0\u00a0
\u00a0<\/b><\/p>\n
CFO
“During the second
\u00a0<\/p>\n
Additional Second Quarter Fiscal 2021 Updates<\/b><\/p>\n
Outlook for the
\u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0\u00a0<\/p>\n
\n <\/td>\n
<\/p>\n Guidance Range<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0\u00a0<\/p>\n
\n <\/td>\n
<\/p>\n Midpoint<\/b><\/p>\n
\n <\/td>\n
Sales<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $4.3B — $4.7B<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n $4.5B<\/p>\n
\n <\/td>\n
\nended January 2, 2021. <\/p>\n
\n
\n
\n
<\/p>\n
\nFinancial Highlights:<\/b><\/p>\n
\n
<\/p>\n\n
\nfrom $4.5 billion in the prior year quarter, supported by record sales in Asia
\nof $2.2 billion, up 16% year over year. <\/li>\n<\/ul>\n
\n
<\/p>\n
\nOn constant currency
\nbasis, organic sales increased 4.8% after adjusting for 14 weeks of activity in
\nthe prior quarter.<\/p>\n
\n
<\/p>\n\n
\nshare of $0.19, compared with a GAAP diluted loss per share of $0.19 in the
\nprior quarter, a 200% increase.<\/li>\n<\/ul>\n
\n
<\/p>\n
\nNon-GAAP adjusted diluted earnings per share of $0.48,
\ncompared with $0.36 in the prior quarter, a 33% increase. <\/p>\n
\n
<\/p>\n\n
\noperating margins increased sequentially 97 basis points to 4.5%.<\/li>\n
\noperating income margin of 1.2%, compared with 0.4% the prior quarter, and an
\nadjusted operating income margin of 1.7%, compared with 1.4% in the prior
\nquarter.<\/li>\n
\nnet working capital of 75 days, generating $85 million of cash flow from
\noperations.<\/li>\n
\n$399 million in the prior year.<\/li>\n<\/ul>\n
\n
<\/p>\n
\nsales grew 9.3% year over year on a constant currency basis.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nCommentary<\/b><\/p>\n
\n
<\/p>\n
\nin our Farnell, EMEA and Americas businesses, complemented by a record revenue
\nquarter in Asia, reflect our continued progress in driving operational
\nefficiencies and enhancing key business lines through strategic investments.
\nWe’ve seen tangible results from this back to the basics strategy over the past
\ntwo quarters with increased sales, improving returns on capital and a stronger
\nbalance sheet. As a result, we are better positioned today to manage our
\nbacklog and working capital to navigate uncertainties resulting from COVID-19,”
\nsaid Avnet Chief Executive Officer Phil Gallagher. “I am incredibly proud of
\nour team’s resilience amidst the challenges this past year. They’ve delivered
\nsignificant value in providing uninterrupted service at a global scale and in
\nworking collaboratively with our customers and suppliers to manage forecasts,
\nnavigate current market dynamics and mitigate supply chain risk.”<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n\n\n
\n
<\/p>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n <\/td>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Income<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Income Margin<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Earnings (Loss) Per Share (EPS)<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Results (Non-GAAP)(1)<\/b><\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Operating Income<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Operating Income Margin<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Diluted Earnings Per Share (EPS)<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Components (EC) Sales<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Income Margin<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Operating Income Margin<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Sales<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Products<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n<\/tbody>\n<\/table>\n
\n
<\/p>\n
\nA reconciliation of non-GAAP financial
\nmeasures to GAAP financial measures is presented in the “Non-GAAP Financial
\nInformation” section of this press release.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nCommentary<\/b><\/p>\n
\n
<\/p>\n
\nquarter, we delivered sales of $4.7 billion and adjusted diluted earnings per
\nshare of $0.48, driven by strong execution and a streamlined cost structure
\nthat has allowed us to achieve increased revenue without adding significant
\noperating expense. Our year over year top line growth and careful working
\ncapital management enabled us to achieve our goal of 75 net working capital
\ndays,” said Avnet CFO Tom Liguori. “Our $75 million operating expense reduction
\nplan was fully implemented in the quarter, driving our ninth consecutive
\nquarter of positive operating cash flows. We remain on track to achieve our
\n$245 million operating expense reduction plan by the end of fiscal year 2022.
\nWe are delivering improved financial and competitive performance, building
\nAvnet’s core distribution business while still strategically investing in
\nFarnell, where we see tremendous opportunity to deliver profitable growth.” <\/p>\n
\n
<\/p>\n
\n
\n
\n
<\/p>\n
\n
<\/p>\n\n
\nmillion to shareholders with dividends paid during the quarter.<\/li>\n
\nquarterly transportation revenue in 6 quarters in the Americas and Asia.<\/li>\n
\nselected as the authorized global distributor for National Instruments (NI).<\/li>\n
\nrejoined the Electronic Components Industry Association (ECIA) as a distributor
\nmember.\u00a0<\/li>\n
\nInfineon’s Best Performance GC Distribution Partner, Greater China PSS and
\nIndustrial Power Control Greater China.<\/li>\n
\nMicron’s Top EBU Demand Creation and Leading Automotive Tier One.<\/li>\n<\/ul>\n
\n
<\/p>\n
\nThird Quarter of Fiscal 2021 Ending on April 3, 2021<\/b><\/p>\n
\n
\n
\n
<\/p>\n\n\n
\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n