Avnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year ended July 3, 2021.
Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “In the fourth quarter, we delivered strong sales growth with record sales in our Electronic Components business and at Farnell, driving operating margin improvement approaching our 3% percent and 10 percent near-term targets, respectively. We remain well-positioned across all operating regions and are continuing to capitalize on the strong demand environment to capture additional market opportunities. Avnet’s role at the center of the technology supply chain continues to be more vital than ever. As a result, our focus on providing trusted support to our customers and suppliers is driving robust financial performance which is demonstrated in our results.”
Fiscal Fourth Quarter Key Financial Highlights:
- Sales of $5.2 billion, up from $4.9 billion sequentially and $4.2 billion in the prior year quarter.
- On a constant currency basis, sales grew 21.5% year over year and 6.4% sequentially.
- GAAP diluted earnings per share of $0.85, compared with $0.53 in the prior year quarter.
- Non-GAAP adjusted diluted earnings per share of $1.12, compared with $0.64 in the prior year quarter.
- GAAP operating margin of 2.3% increased 221 basis points year over year.
- Adjusted operating margin of 2.9% increased 187 basis points year over year.
- Farnell operating margins increased 469 basis points year over year and 224 basis points sequentially to 8.3%.Tables and the full report are available here.