Welcome to our dedicated page for Avnet news (Ticker: AVT), a resource for investors and traders seeking the latest updates and insights on Avnet stock.
Avnet, Inc. reports on its role as a global technology distributor and solutions provider for electronic components, design support and supply-chain activity across the Americas, EMEA and Asia. Company updates around the Electronic Components business and Farnell describe regional sales trends, inventory levels, operating margins, cash flow and demand from OEM, EMS, ODM and lower-volume prototyping customers.
Avnet news also includes quarterly financial results, earnings-call schedules, regular cash dividends and investor conference participation. The company frames its operations around supporting customers and suppliers through the product lifecycle, from idea and design through prototype and production.
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Avnet (Nasdaq: AVT) will report its financial results for the third quarter of fiscal year 2023 on May 3 after market close. Following the release, CEO Phil Gallagher and CFO Ken Jacobson will host a webcast and conference call at 1:30 p.m. PT / 4:30 p.m. ET to discuss the results and provide a corporate update. Interested parties can join the live call by dialing 877-407-8112 or 201-689-8840.
The live and archived webcast will be accessible on Avnet’s Investor Relations website. A replay of the conference call will be available until May 10.
Avnet (Nasdaq: AVT), a global technology solutions company, is set to participate in the 44th Annual Raymond James Institutional Investors Conference on March 6, 2023. The event will feature CFO Ken Jacobson and VP Joe Burke in a fireside chat at 11:35 a.m. ET. Investors can watch the presentation live on the Avnet Investor Relations website, with a replay available post-event. With a century of experience, Avnet excels in supporting customers through the product lifecycle, offering accelerated design and supply services. Learn more at www.avnet.com.
Avnet, Inc. (NASDAQ: AVT) announced a quarterly cash dividend of $0.29 per share, approved by its Board of Directors on February 15, 2023. The dividend will be distributed on March 15, 2023, to shareholders recorded on March 1, 2023. This move reflects Avnet's commitment to returning value to its investors as the company continues to support customers at every stage of the product lifecycle for over a century.
Avnet reported $6.7 billion in sales for Q2, a 14.5% increase year-over-year, while operating income rose to $299 million. The diluted EPS surged to $2.63, a notable 75.3% rise from the previous year. Adjusted diluted EPS was $2.00. Higher interest expenses impacted adjusted EPS by $0.31. The operating income margin improved to 4.5%, with Electronic Components leading at 4.7%, while Farnell's margin declined to 9.0%. For Q3 FY2023, Avnet projects sales between $6.15B and $6.45B and adjusted diluted EPS of $1.75 to $1.85, reflecting expected decline in sales due to seasonal factors.