Avnet Reports Third Quarter Fiscal 2021 Financial Results
Avnet, Inc. (Nasdaq: AVT) today announced results for its third quarter ended April 3, 2021.
Fiscal Third Quarter Key Financial Highlights:
-
Sales of
$4.9 billion , up from$4.7 billion sequentially and compared to$4.3 billion in the prior year quarter. Sales exceeded guidance, driven by broad end-market strength.-
On a constant currency basis, sales grew
10.7% year over year and4.8% sequentially. -
Excluding Texas Instruments from both periods, sales grew
22% in constant currency year over year.
-
On a constant currency basis, sales grew
-
GAAP diluted earnings per share of
$1.07 , compared with a GAAP diluted loss per share of$1.29 in the prior year quarter.-
Non-GAAP adjusted diluted earnings per share of
$0.74 , compared with$0.38 earnings per share in the prior year quarter.
-
Non-GAAP adjusted diluted earnings per share of
-
GAAP operating margin was up 447 basis points to
1.8% compared with negative2.7% in the prior year quarter.-
Adjusted operating margin of
2.3% increased 62 basis points from1.6% in the prior year quarter.
-
Adjusted operating margin of
-
Farnell operating margins increased sequentially 154 basis points to
6.0% . -
Sales of Texas Instruments’ products were less than
$2 million compared with$400.6 million in the prior year quarter. -
As expected, cash used for operations totaled
$9.9 million in the quarter as strong demand drives investment in working capital.
CEO Commentary
“In the third quarter, the impact of our back-to-basics strategy resulted in strong execution and performance across all regions,” said Avnet Chief Executive Officer Phil Gallagher. “As we continue to navigate supply constraints, extended lead times and a shifting operating environment, our deep relationships with our partners and tight management of our backlog will continue to be of utmost importance. Our prioritization of these relationships and focus on execution to date have put Avnet on a more linear growth path. Further, our ability to enhance value through demand creation for our partners has continued to contribute to our success at the center of the technology supply chain. We remain confident in our ability to execute and create value for our customers and suppliers.”
Key Financial Metrics ($ in millions, except per share data) |
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Third Quarter Results (GAAP) |
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Mar – 21 |
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Mar – 20 |
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Change Y/Y |
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Dec – 20 |
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Change Q/Q |
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Sales |
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$ |
4,916.7 |
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$ |
4,309.8 |
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14.1 |
% |
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$ |
4,668.2 |
|
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5.3 |
% |
Operating Income (Loss) |
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|
87.7 |
|
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(115.8) |
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175.7 |
% |
|
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57.2 |
|
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53.2 |
% |
Operating Income (Loss) Margin |
|
|
1.8 |
% |
|
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(2.7) |
% |
|
447 |
bps |
|
|
1.2 |
% |
|
55 |
bps |
Diluted Earnings (Loss) Per Share (EPS) |
|
$ |
1.07 |
|
|
$ |
(1.29) |
|
|
182.9 |
% |
|
$ |
0.19 |
|
|
463.2 |
% |
Third Quarter Results (Non-GAAP)(1) |
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Mar – 21 |
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Mar – 20 |
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Change Y/Y |
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Dec – 20 |
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Change Q/Q |
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Sales |
|
$ |
4,916.7 |
|
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$ |
4,309.8 |
|
|
14.1 |
% |
|
$ |
4,668.2 |
|
|
5.3 |
% |
Adjusted Operating Income |
|
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110.5 |
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70.4 |
|
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57.1 |
% |
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79.6 |
|
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38.9 |
% |
Adjusted Operating Income Margin |
|
|
2.3 |
% |
|
|
1.6 |
% |
|
62 |
bps |
|
|
1.7 |
% |
|
55 |
bps |
Adjusted Diluted Earnings Per Share (EPS) |
|
$ |
0.74 |
|
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$ |
0.38 |
|
|
94.7 |
% |
|
$ |
0.48 |
|
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54.2 |
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