Avnet, Inc. (Nasdaq: AVT) today announced results for its second quarter ended January 1, 2022.
Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “We’re pleased to have delivered another quarter of strong sales and margin expansion in both our Electronic Components and Farnell businesses, contributing to a solid first half to our fiscal year 2022. Our results reflect our team’s continued ability to execute, driving operating strength and organic growth across all regions, with a notable performance in the Americas. As we progress through the second half of fiscal year 2022, we expect to continue to benefit from the favorable demand environment as well as from our investments in e-commerce and in expanding customer relationships.”
Fiscal Second Quarter Key Financial Highlights:
- Sales of $5.9 billion, up from $4.7 billion in the prior year and exceeding guidance.
- On a constant currency basis, sales grew 27.4% year over year and 6.1% sequentially.
- GAAP diluted earnings per share of $1.50, compared with $0.19 in the prior year.
- Non-GAAP adjusted diluted earnings per share of $1.51, compared with $0.48 in the prior year.
- Farnell operating margins increased 276 basis points sequentially to 13.7%.
- Electronic Components operating margins increased 31 basis points sequentially to 3.5%, supported by growth across all regions.
- Returned $23.7 million to shareholders in dividends, with the dividend payout increasing 14% year over year.
Additional information and financial tables can be found here.