Avnet Reports Second Quarter Fiscal 2019 Financial Results

Quarterly sales grew 12% year over year to $5.05 billion; GAAP diluted EPS of $0.33 decreased 30%; Adjusted diluted EPS of $1.04 rose 33%

PHOENIX — (BUSINESS WIRE) — January 24, 2019 — Avnet, Inc. (Nasdaq: AVT) today announced results for the second quarter ended December 29, 2018.

Second Quarter Key Financial Highlights

  • Sales rose 11.7% year over year (13.1% in constant currency) to $5.05 billion
  • GAAP diluted EPS from continuing operations decreased 30% year over year to $0.33
    • Non-GAAP adjusted diluted EPS rose 33% year over year to $1.04
    • Foreign exchange rates negatively impacted adjusted diluted EPS by $0.02
  • GAAP operating income rose 18% year over year to $96.1 million
    • Adjusted operating income rose 28% year over year to $178.8 million
  • GAAP operating income margin was 1.9%, up from 1.8% a year ago
    • Adjusted operating income margin was 3.5%, up from 3.1% a year ago
  • Returned $197 million to shareholders with $175 million of share repurchases and dividends of $22 million

CEO Commentary

“Our second quarter results demonstrate the tremendous progress we are making in transforming Avnet into a global technology solutions company,” said Avnet CEO Bill Amelio. “Even with the current uncertainties in Asia, Avnet posted strong gains in revenue and profitability compared to a year ago. Our unique ecosystem approach is really starting to pay off with our suppliers and customers. With the addition of Softweb Solutions, we now have the software and hardware to deliver an end-to-end IoT capability that can lower costs, speed time to market, and reduce complexity for our customers.”

Key Financial Metrics

($ in millions, except per share data)

 
Second Quarter Results (GAAP)(2)
  Dec – 18   Dec – 17   Change Y/Y   Sep – 18   Change Q/Q
Sales $ 5,049.0 $ 4,521.6 11.7 % $ 5,089.9 (0.8) %
Operating Income 96.1 81.6 17.7 % 146.8 (34.6) %
Operating Income Margin 1.9 % 1.8 % 9 bps 2.9 % (98) bps
Diluted Earnings Per Share $ 0.33 $ 0.47 (29.8) % $ 0.72 (54.2) %
Second Quarter Results (Non-GAAP) (1)(2)
Dec – 18 Dec – 17 Change Y/Y Sep – 18 Change Q/Q
Sales $ 5,049.0 $ 4,521.6 11.7 % $ 5,089.9 (0.8) %
Adjusted Operating Income 178.8 140.3 27.5 % 182.5 (2.0) %
Adjusted Operating Income Margin 3.5 % 3.1 % 44 bps 3.6 % (5) bps
Adjusted Diluted Earnings Per Share $ 1.04 $ 0.78 33.3 % $ 1.03 1.0 %
Segment and Geographical Mix (2)
Dec – 18 Dec – 17 Change Y/Y Sep – 18 Change Q/Q
Electronic Components (EC) Sales $ 4,680.7 $ 4,163.5 12.4 % $ 4,710.8 (0.6) %
EC Operating Income Margin 3.4 % 3.1 % 27 bps 3.4 % (5) bps
Premier Farnell (PF) Sales $ 368.3 $ 358.1 2.8 % $ 379.1 (2.9) %
PF Operating Income Margin 10.8 % 9.3 % 142 bps 10.8 % 0 bps
Americas Sales $ 1,300.4 $ 1,210.2 7.5 % $ 1,271.8 2.3 %
EMEA Sales 1,668.6 1,506.0 10.8 % 1,714.9 (2.7) %
Asia Sales 2,080.0 1,805.4 15.2 % 2,103.2 (1.1) %

_______________

(1)   A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the “Non-GAAP Financial Information” section of this press release.
(2) Certain prior year amounts in the Company’s measurement of operating income have been recasted to reflect the adoption of new accounting standards during the first quarter of fiscal 2019.

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9  Next Page »



Review Article Be the first to review this article
Featured Video
Latest Blog Posts
Alex Carrick, Chief Economist at ConstructConnectThe AEC Lens
by Alex Carrick, Chief Economist at ConstructConnect
Clock Winds Down on Homebuilding Parties in U.S. and Canada
Dr. Biplab SarkarVectorworks Blog
by Dr. Biplab Sarkar
See How You Can Design Without Limits With Vectorworks
Jobs
Senior Highway Engineer for RS&H at Jacksonville, Florida
ASIC Architects and Hardware Engineers at D. E. Shaw Research for D. E. Shaw Research at New York, New York
Product Design Engineer - Softgoods for Apple Inc at Cupertino, California
Director, Industrial Machinery Solutions- SISW PLM for Siemens AG at Livonia, Michigan
Transit GIS analyst/planner for Jarrett Walker and Associates at Portland, Oregon
Upcoming Events
The Buildings Show 2021 at Metro Toronto Convention Centre – South Hall. Toronto Canada - Dec 1 - 3, 2021
SIGGRAPH Asia 2021 at Tokyo, Japan Japan - Dec 14 - 17, 2021
Utopian and Sacred Architecture Studies (USAS) - 2nd Edition at University Way, Dockland Campus London, E16 2RD, UK London --Choose One-- United Kingdom - Jun 14 - 15, 2022



© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise