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.

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