Avnet, Inc. (Nasdaq: AVT) today announced results for its third quarter ended April 2, 2022.
Commenting on the company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “We are pleased to report another strong quarter of sales and operating margin growth. Farnell achieved record operating margin as our continued investments in inventory breadth and e-commerce capabilities continue to pay off. Supported by increased sales, the Americas expanded operating margins for the fifth consecutive quarter. Growing demand for supply chain orchestration is driving strong financial performance across our global business. Looking ahead to the fourth quarter, amid the backdrop of geopolitical uncertainty, we continue to anticipate a favorable demand environment and expect to sustain strong margins from our recently implemented operating improvements.”
Fiscal Third Quarter Key Financial Highlights:
- Sales of $6.5 billion, up from $5.9 billion sequentially and $4.9 billion in the prior year quarter.
- On a constant currency basis, sales grew 35.7% year over year and 11.4% sequentially.
- GAAP diluted earnings per share of $1.84, compared with $1.07 in the prior year quarter.
- Non-GAAP adjusted diluted earnings per share of $2.15, compared with $0.74 in the prior year quarter.
- Farnell operating margins increased 123 basis points sequentially to 14.9%.
- Electronic Components operating margins increased 92 basis points sequentially to 4.4%, supported by growth in EMEA and the Americas and better than expected results in Asia.
- Returned $25.6 million to shareholders in dividends, with the dividend payout increasing 23.8% year over year.
The full release and tables are available here.