Avnet Stock Price, News & Analysis

Avnet reported first quarter sales of $6.8 billion, a 21% year-over-year increase, with operating income of $291 million, growing three times faster than sales. Diluted earnings per share rose to $1.93, from $1.10 in the prior year, while adjusted diluted EPS reached $2.00, up from $1.22. The electronic components segment saw sales rise 23.3% year-over-year. However, guidance for Q2 projects sales of $6.35B to $6.65B, reflecting a potential sequential decline of 1% to 5% due to seasonal factors and currency fluctuations.

Avnet (AVT) will report its financial results for Q1 FY2023 on October 26 after market close. A conference call with CEO Phil Gallagher and CFO Ken Jacobson will follow at 1:30 p.m. PT / 4:30 p.m. ET to discuss these results and provide a corporate update. Interested participants can join by dialing 877-407-8112 or 201-689-8840. A replay of the call will be available for 90 days.

Avnet has been a key player in technology distribution for over a century, supporting customers through all product lifecycle stages.

Avnet has officially appointed Ken A. Jacobson as its new Chief Financial Officer (CFO). Jacobson, who previously served as Avnet's interim CFO and held roles since 2013, brings extensive experience in finance and leadership within the company. His appointment aims to bolster Avnet's finance team as it approaches its second century of operations. CEO Phil Gallagher emphasized Jacobson's ability to balance business objectives and financial outcomes, marking a strategic move for the company's future.

Avnet (AVT) has announced an 11.5% increase in its quarterly cash dividend, raising it to $0.29 per share. This dividend will be payable on September 28, 2022, to shareholders recorded by the close of business on September 14, 2022. CEO Phil Gallagher emphasized this increase as a commitment to sustainable shareholder returns, attributing it to strong performance in the 2022 fiscal year and expressing confidence in Avnet’s financial position and growth prospects.

Avnet (Nasdaq: AVT) announced that its CEO Phil Gallagher, incoming CFO Ken Jacobson, and VP of Treasury & Investor Relations Joe Burke will participate in Citi's 2022 Global Technology Conference on September 7 at the Hilton Hotel in New York. The fireside chat will begin at 8:15 a.m. ET and will be available via live webcast. Avnet, a leading global technology solutions provider, supports customers throughout the product lifecycle, enabling faster realization of revenue through innovative technology solutions.

Avnet, Inc. (Nasdaq: AVT) reported a strong fourth quarter with sales of $6.4 billion, marking a 21.9% increase year over year. The operating income margin rose to 4.5%, up 221 basis points. Fiscal 2022 sales reached $24.3 billion, a 24.5% increase, with record diluted EPS of $6.94. The company returned $25 million in dividends and $102 million in share repurchases during the quarter, representing 2.4% of outstanding shares. Looking ahead, guidance for Q1 fiscal 2023 anticipates sales between $6.20B – $6.50B and adjusted EPS between $1.85 – $1.95.

Avnet (AVT) will announce its fourth quarter and fiscal year 2022 financial results on August 10 after the market closes. Following the release, CEO Phil Gallagher, CFO Tom Liguori, and Corporate Controller Ken Jacobson will host a webcast and conference call at 1:30 p.m. PT / 4:30 p.m. ET to discuss the results. Additionally, Avnet's Annual Shareholder Meeting is set for November 17, with a record date of September 19 for voting shareholders.

Avnet (Nasdaq: AVT) announces the transition of Chief Financial Officer Thomas Liguori, effective September 6, with Kenneth A. Jacobson, previously corporate controller, succeeding him. Liguori, who joined in 2018, will remain as a senior advisor until March 2023, aiding in the transition. CEO Phil Gallagher praised Liguori's contributions during his tenure, notably during Avnet’s 100th anniversary. Jacobson has been with Avnet since 2013 and has held significant finance responsibilities within the company.

Avnet (Nasdaq: AVT) has formed a strategic collaboration with Amazon Web Services (AWS) to enhance its IoTConnect Platform. This partnership aims to simplify and expedite IoT implementations for Original Equipment Manufacturers (OEMs) by integrating AWS's extensive services. The platform will include preconfigured IoT solutions, addressing the need for scalability, security, and reduced development overhead. Key features will encompass device management, multi-layer security, and analytics, empowering OEMs to innovate effectively.