Avnet Reports Third Quarter 2024 Financial Results

Avnet, Inc. (Nasdaq: AVT) today announced results for its third quarter ended March 30, 2024.

“In the third quarter, we delivered results that were in line with our expectations, amidst economic softness and lower demand in the markets we serve. I am proud of our team’s effort to deliver robust cash flow from operations as the benefits from our countercyclical balance sheet started to take effect this quarter,” said Avnet Chief Executive Officer Phil Gallagher. “Our fourth quarter outlook reflects a continuation of these market conditions. Looking ahead, our team remains focused on the things we can control – bringing value to our customer and supplier partners, reducing operating costs, improving our working capital, generating cash flows and driving shareholder return.”

Fiscal Third Quarter Key Financial Highlights:

• Sales of $5.7 billion, compared with $6.5 billion in the prior year quarter.
• Diluted earnings per share of $0.97, compared with $2.03 in the prior year quarter.
  • Adjusted diluted earnings per share of $1.10, compared with $2.00 in the prior year quarter.
• Operating income margin of 3.4%, compared with 4.8% in the prior year quarter.
  • Adjusted operating income margin of 3.6%.
  • Electronic Components operating income margin of 4.1%.
  • Farnell operating income margin of 4.0%.
• Generated nearly $500 million of cash flow from operations.
  • Trailing twelve month cash flows from operations of $650 million.
• Returned $28 million to shareholders in dividends during the quarter.

Key Financial Metrics
($ in millions, except per share data)
Third Quarter Results (GAAP)
		Mar – 24				Mar – 23				Change Y/Y			Dec – 23				Change Q/Q
Sales		$	5,653.6			$	6,514.6			(13.2)	%		$	6,204.9			(8.9)	%
Operating Income		$	190.2			$	313.6			(39.4)	%		$	236.3			(19.5)	%
Operating Income Margin			3.4	%			4.8	%		(145)	bps			3.8	%		(45)	bps
Diluted Earnings Per Share (EPS)		$	0.97			$	2.03			(52.2)	%		$	1.28			(24.2)	%
Third Quarter Results (Non-GAAP)(1)
		Mar – 24				Mar – 23				Change Y/Y			Dec – 23				Change Q/Q
Adjusted Operating Income		$	202.7			$	314.5			(35.6)	%		$	242.2			(16.3)	%
Adjusted Operating Income Margin			3.6	%			4.8	%		(124)	bps			3.9	%		(31)	bps
Adjusted Diluted Earnings Per Share (EPS)		$	1.10			$	2.00			(45.0)	%		$	1.40			(21.4)	%
Segment and Geographical Mix
		Mar – 24				Mar – 23				Change Y/Y			Dec – 23				Change Q/Q
Electronic Components (EC) Sales		$	5,245.8			$	6,059.6			(13.4)	%		$	5,812.1			(9.7)	%
EC Operating Income Margin			4.1	%			5.0	%		(91)	bps			4.3	%		(14)	bps
Farnell Sales		$	407.8			$	455.0			(10.4)	%		$	392.8			3.8	%
Farnell Operating Income Margin			4.0	%			9.0	%		(499)	bps			4.0	%		0	bps
Americas Sales		$	1,403.4			$	1,714.9			(18.2)	%		$	1,588.5			(11.7)	%
EMEA Sales		$	2,053.1			$	2,393.4			(14.2)	%		$	2,113.6			(2.9)	%
Asia Sales		$	2,197.1			$	2,406.3			(8.7)	%		$	2,502.8			(12.2)	%

(1)

A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the “Non-GAAP Financial Information” section of this press release.

Outlook for the Fourth Quarter of Fiscal 2024 Ending on June 29, 2024
		Guidance Range		Midpoint
Sales		$5.20B – $5.50B		$5.35B
Diluted EPS (1)		$0.90 – $1.00		$0.95

(1)

A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release.

The above guidance implies a sequential sales decline of 3% to 8% and assumes below seasonal changes in sales across all regions.

The above guidance also excludes restructuring, integration and other expenses, foreign currency gains and losses, and certain income tax adjustments. The above guidance assumes similar interest expense to the third quarter and an effective tax rate of between 22% and 26%. The above guidance assumes 91 million average diluted shares outstanding and average currency exchange rates as shown in the table below:

		Q4 Fiscal
		2024		Q3 Fiscal		Q4 Fiscal
		Guidance		2024		2023
Euro to U.S. Dollar		$1.07		$1.09		$1.09
GBP to U.S. Dollar		$1.24		$1.27		$1.25

Today’s Conference Call and Webcast Details

Avnet will host a conference call and webcast today at 9:00 a.m. PT / Noon ET to discuss its financial results, provide a business update and answer questions.

• Live conference call: 877-407-8112 (domestic) or 201-689-8840 (international)
• Conference call replay available through May 8, 2024: 877-660-6853 or 201-612-7415 and using Conference ID: 13745576
• Live and archived webcast can be accessed via Avnet’s Investor Relations web page at: https://ir.avnet.com

Forward-Looking Statements

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, results of operations, and business of the Company. You can find many of these statements by looking for words like “believes,” “projected”, “plans,” “expects,” “anticipates,” “should,” “will,” “may,” “estimates,” or similar expressions. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties. The following important factors, in addition to those discussed elsewhere in the Company’s Annual Report on Form 10-K for the fiscal year ended July 1, 2023 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, could affect the Company’s future results of operations, and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: geopolitical events and military conflicts; pandemics and other health-related crises; competitive pressures among distributors of electronic components; an industry down-cycle in semiconductors, including supply shortages; relationships with key suppliers and allocations of products by suppliers, including increased non-cancellable/non-returnable orders; accounts receivable defaults; risks relating to the Company’s international sales and operations, including risks relating to repatriating cash, foreign currency fluctuations, inflation, duties and taxes, sanctions and trade restrictions, and compliance with international and U.S. laws; risks relating to acquisitions, divestitures, and investments; adverse effects on the Company’s supply chain, operations of its distribution centers, shipping costs, third-party service providers, customers, and suppliers, including as a result of issues caused by military conflicts, terrorist attacks, natural and weather-related disasters, pandemics and health related crises, warehouse modernization, and relocation efforts; risks related to cyber security attacks, other privacy and security incidents, and information systems failures, including related to current or future implementations, integrations, and upgrades; general economic and business conditions (domestic, foreign, and global) affecting the Company’s operations and financial performance and, indirectly, the Company’s credit ratings, debt covenant compliance, liquidity, and access to financing; constraints on employee retention and hiring; and legislative or regulatory changes.

Any forward-looking statement speaks only as of the date on which that statement is made. Except as required by law, the Company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made.

About Avnet

As a leading global technology distributor and solutions provider, Avnet has served customers’ evolving needs for more than a century. Decade after decade, Avnet helps its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com. (AVT_IR)

AVNET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
		Third Quarters Ended								Nine Months Ended
		March 30,				April 1,				March 30,				April 1,
		2024				2023				2024				2023
		(Thousands, except per share data)
Sales		$	5,653,591			$	6,514,619			$	18,194,153			$	19,982,273
Cost of sales			4,984,318				5,702,771				16,070,591				17,618,151
Gross profit			669,273				811,848				2,123,562				2,364,122
Selling, general and administrative expenses			467,275				498,219				1,419,253				1,460,984
Restructuring, integration and other expenses			11,847				—				24,132				—
Operating income			190,151				313,629				680,177				903,138
Other (expense) income, net			(14,707	)			1,653				(17,144	)			3,452
Interest and other financing expenses, net			(73,496	)			(71,695	)			(218,593	)			(175,813	)
Gain on legal settlements and other			—				—				86,499				61,705
Income before taxes			101,948				243,587				530,939				792,482
Income tax expense			13,114				56,161				114,906				176,910
Net income		$	88,834			$	187,426			$	416,033			$	615,572
Earnings per share:
Basic		$	0.98			$	2.05			$	4.59			$	6.67
Diluted		$	0.97			$	2.03			$	4.52			$	6.58
Shares used to compute earnings per share:
Basic			90,430				91,436				90,726				92,226
Diluted			91,256				92,456				92,075				93,616
Cash dividends paid per common share		$	0.31			$	0.29			$	0.93			$	0.87

AVNET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
		March 30,			July 1,
		2024			2023
		(Thousands)
ASSETS
Current assets:
Cash and cash equivalents		$	218,473		$	288,230
Receivables			4,315,063			4,763,788
Inventories			5,751,872			5,465,031
Prepaid and other current assets			200,428			233,804
Total current assets			10,485,836			10,750,853
Property, plant and equipment, net			561,560			441,557
Goodwill			780,506			780,629
Operating lease assets			219,572			221,698
Other assets			277,763			282,422
Total assets		$	12,325,237		$	12,477,159
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt		$	548,519		$	70,636
Accounts payable			3,324,043			3,373,820
Accrued expenses and other			565,047			753,130
Short-term operating lease liabilities			55,063			51,792
Total current liabilities			4,492,672			4,249,378
Long-term debt			2,406,421			2,988,029
Long-term operating lease liabilities			183,427			190,621
Other liabilities			253,620			297,462
Total liabilities			7,336,140			7,725,490
Shareholders’ equity			4,989,097			4,751,669
Total liabilities and shareholders’ equity		$	12,325,237		$	12,477,159

AVNET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
		Nine Months Ended
		March 30, 2024				April 1, 2023
		(Thousands)
Cash flows from operating activities:
Net income		$	416,033			$	615,572
Non-cash and other reconciling items:
Depreciation and amortization			64,151				65,039
Amortization of operating lease assets			40,181				39,962
Deferred income taxes			12,895				(11,053	)
Stock-based compensation			27,150				30,057
Other, net			7,932				7,986
Changes in (net of effects from businesses acquired and divested):
Receivables			424,437				(320,097	)
Inventories			(311,104	)			(1,033,381	)
Accounts payable			(23,247	)			(331,352	)
Accrued expenses and other, net			(242,698	)			(10,974	)
Net cash flows provided by (used for) operating activities			415,730				(948,241	)
Cash flows from financing activities:
Issuance of notes, net of discounts			—				498,615
Borrowings (repayments) under accounts receivable securitization, net			(80,100	)			261,000
Borrowings under senior unsecured credit facility, net			(49,057	)			763,991
Borrowings (repayments) under bank credit facilities and other debt, net			22,884				(90,256	)
Repurchases of common stock			(86,027	)			(221,282	)
Dividends paid on common stock			(84,154	)			(79,807	)
Other, net			(8,033	)			(9,814	)
Net cash flows (used for) provided by financing activities			(284,487	)			1,122,447
Cash flows from investing activities:
Purchases of property, plant and equipment			(200,210	)			(137,804	)
Other, net			629				(16,326	)
Net cash flows used for investing activities			(199,581	)			(154,130	)
Effect of currency exchange rate changes on cash and cash equivalents			(1,419	)			12,168
Cash and cash equivalents:
— (decrease) increase			(69,757	)			32,244
— at beginning of period			288,230				153,693
— at end of period		$	218,473			$	185,937

Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also discloses certain non-GAAP financial information including (i) adjusted operating income, (ii) adjusted other income (expense), (iii) adjusted income before income taxes, (iv) adjusted income tax expense (benefit), and (v) adjusted diluted earnings per share.

There are also references to the impact of foreign currency in the discussion of the Company’s results of operations. When the U.S. Dollar strengthens and the stronger exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is a decrease in U.S. Dollars of reported results. Conversely, when the U.S. Dollar weakens and the weaker exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is an increase in U.S. Dollars of reported results. In the discussion of the Company’s results of operations, results excluding this impact are referred to as “constant currency.” Management believes sales in constant currency is a useful measure for evaluating current period performance as compared with prior periods and for understanding underlying trends. In order to determine the translation impact of changes in foreign currency exchange rates on sales, income or expense items for subsidiaries reporting in currencies other than the U.S. Dollar, the Company adjusts the average exchange rates used in current periods to be consistent with the average exchange rates in effect during the comparative period.

Management believes that operating income adjusted for restructuring, integration and other expenses, and amortization of acquired intangible assets, is a useful measure to help investors better assess and understand the Company’s operating performance. This is especially the case when comparing results with previous periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Avnet’s normal operating results or non-cash in nature. Management analyzes operating income without the impact of these items as an indicator of ongoing margin performance and underlying trends in the business. Management also uses these non-GAAP measures to establish operational goals and, in most cases, for measuring performance for compensation purposes. Management measures operating income for its reportable segments excluding restructuring, integration and other expenses, and amortization of acquired intangible assets and other.

Management also believes income tax expense (benefit), net income and diluted earnings per share adjusted for the impact of the items described above, gain on legal settlements and other, foreign currency gains and losses and certain items impacting income tax expense (benefit) are useful to investors because they provide a measure of the Company’s net profitability on a more comparable basis to historical periods and provide a more meaningful basis for forecasting future performance. Adjustments to income tax expense (benefit) and the effective income tax rate include the effect of changes in tax laws, certain changes in valuation allowances and unrecognized tax benefits, income tax audit settlements and adjustments to effective tax rate based upon the expected long-term adjusted effective tax rate. Additionally, because of management’s focus on generating shareholder value, of which net profitability is a primary driver, management believes net income and diluted earnings per share excluding the impact of these items provides an important measure of the Company’s net profitability for the investing public.

Additional non-GAAP metrics management uses are adjusted operating income margin, which is defined as adjusted operating income divided by sales and the adjusted effective income tax rate, which is defined as adjusted income tax expense divided by adjusted income before income taxes.

Any analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, results presented in accordance with GAAP.

		Fiscal				Quarters Ended
		Year to Date				March 30,				December 30,				September 30,
		2024*				2024*				2023				2023
		($ in thousands, except per share amounts)
GAAP operating income		$	680,177			$	190,151			$	236,257			$	253,769
Restructuring, integration and other expenses			24,132				11,847				5,235				7,051
Amortization of intangible assets			2,301				712				712				878
Adjusted operating income			706,610				202,710				242,204				261,698
GAAP other (expense) income, net		$	(17,144	)		$	(14,707	)		$	(8,397	)		$	5,960
Foreign currency loss (gain) and other, net			27,050				17,850				9,200				—
Adjusted other (expense) income, net			9,906				3,143				803				5,960
GAAP income before income taxes		$	530,939			$	101,948			$	153,558			$	275,432
Restructuring, integration and other expenses			24,132				11,847				5,235				7,051
Amortization of intangible assets			2,301				712				712				878
Foreign currency loss (gain) and other, net			27,050				17,850				9,200				—
Gain on legal settlements and other			(86,499	)			—				—				(86,499	)
Adjusted income before income taxes			497,923				132,357				168,705				196,862
GAAP income tax expense		$	114,906			$	13,114			$	35,627			$	66,164
Restructuring, integration and other expenses			5,749				2,772				1,274				1,703
Amortization of intangible assets			515				156				156				203
Foreign currency loss (gain) and other, net			7,285				5,251				2,034				—
Gain on legal settlements and other			(20,434	)			—				—				(20,434	)
Income tax expense items, net			11,481				10,472				1,399				(390	)
Adjusted income tax expense			119,502				31,765				40,490				47,246
GAAP net income		$	416,033			$	88,834			$	117,931			$	209,268
Restructuring, integration and other expenses (net of tax)			18,383				9,075				3,961				5,348
Amortization of intangible assets (net of tax)			1,786				556				556				675
Foreign currency loss (gain) and other, net (net of tax)			19,765				12,599				7,166				—
Gain on legal settlements and other (net of tax)			(66,065	)			—				—				(66,065	)
Income tax expense items, net			(11,481	)			(10,472	)			(1,399	)			390
Adjusted net income			378,421				100,592				128,215				149,616
GAAP diluted earnings per share		$	4.52			$	0.97			$	1.28			$	2.25
Restructuring, integration and other expenses (net of tax)			0.20				0.10				0.04				0.06
Amortization of intangible assets (net of tax)			0.02				0.01				0.01				0.01
Foreign currency loss (gain) and other, net (net of tax)			0.21				0.14				0.08				—
Gain on legal settlements and other (net of tax)			(0.72	)			—				—				(0.71	)
Income tax expense items, net			(0.12	)			(0.11	)			(0.01	)			0.00
Adjusted diluted EPS			4.11				1.10				1.40				1.61
* May not foot/cross foot due to rounding.

						Quarters Ended
		Fiscal Year				July 1,				April 1,				December 31,				October 1,
		2023*				2023*				2023				2022				2022
		($ in thousands, except per share amounts)
GAAP operating income		$	1,186,800			$	283,662			$	313,629			$	298,973			$	290,537
Restructuring, integration and other expenses			28,038				28,038				—				—				—
Amortization of intangible assets			6,053				878				876				1,541				2,759
Adjusted operating income			1,220,891				312,578				314,505				300,514				293,296
GAAP income before income taxes		$	982,876			$	190,393			$	243,587			$	303,134			$	245,762
Restructuring, integration and other expenses			28,038				28,038				—				—				—
Amortization of intangible assets			6,053				878				876				1,541				2,759
Gain on legal settlements and other			(37,037	)			24,669				—				(61,705	)			—
Adjusted income before income taxes			979,931				243,978				244,463				242,970				248,521
GAAP income tax expense		$	212,048			$	35,138			$	56,161			$	59,248			$	61,501
Restructuring, integration and other expenses			6,007				6,007				—				—				—
Amortization of intangible assets			1,360				207				203				345				605
Gain on legal settlements and other			(8,711	)			5,828				—				(14,539	)			—
Income tax expense items, net			16,453				5,583				3,529				12,287				(4,946	)
Adjusted income tax expense			227,157				52,763				59,893				57,341				57,160
GAAP net income		$	770,828			$	155,255			$	187,426			$	243,886			$	184,261
Restructuring, integration and other expenses (net of tax)			22,031				22,031				—				—				—
Amortization of intangible assets (net of tax)			4,693				671				673				1,196				2,154
Gain on legal settlements and other (net of tax)			(28,326	)			18,841				—				(47,166	)			—
Income tax expense items, net			(16,453	)			(5,583	)			(3,529	)			(12,287	)			4,946
Adjusted net income			752,774				191,215				184,570				185,629				191,361
GAAP diluted earnings per share		$	8.26			$	1.68			$	2.03			$	2.63			$	1.93
Restructuring, integration and other expenses (net of tax)			0.24				0.24				—				—				—
Amortization of intangible assets (net of tax)			0.05				0.01				0.01				0.01				0.02
Gain on legal settlements and other (net of tax)			(0.31	)			0.20				—				(0.51	)			—
Income tax expense items, net			(0.18	)			(0.06	)			(0.04	)			(0.13	)			0.05
Adjusted diluted EPS			8.06				2.06				2.00				2.00				2.00
* May not foot/cross foot due to rounding.

Sales in Constant Currency

The following table presents reported sales growth rates and sales growth rates in constant currency for the third quarter and first nine months of fiscal 2024 compared to the third quarter and first nine months of fiscal 2023.

		Quarter Ended																Nine Months Ended
		March 30, 2024																March 30, 2024
						Sales								Sales								Sales
						Year-Year %								Sequential %								Year-Year %
		Sales				Change in				Sales				Change in				Sales				Change in
		Year-Year				Constant				Sequential				Constant				Year-Year				Constant
		% Change				Currency				% Change				Currency				% Change				Currency
Avnet		(13.2	)	%		(13.0	)	%		(8.9	)	%		(9.3	)	%		(9.0	)	%		(9.8	)	%
Avnet by region
Americas		(18.2	)	%		(18.2	)	%		(11.7	)	%		(11.7	)	%		(10.0	)	%		(10.0	)	%
EMEA		(14.2	)			(15.1	)			(2.9	)			(3.9	)			(4.5	)			(8.1	)
Asia		(8.7	)			(7.2	)			(12.2	)			(12.2	)			(12.0	)			(11.0	)
Avnet by segment
EC		(13.4	)	%		(13.1	)	%		(9.7	)	%		(10.1	)	%		(9.2	)	%		(10.0	)	%
Farnell		(10.4	)			(11.2	)			3.8				2.9				(5.2	)			(7.2	)

Historical Segment Financial Information
						Quarters Ended
		Fiscal				Third Quarter				Second Quarter				First Quarter
		Year to Date				March 30,				December 30,				September 30,
		2024*				2024				2023				2023
		($ in millions)
Sales:
Electronic Components		$	16,972.3			$	5,245.8			$	5,812.1			$	5,914.4
Farnell			1,221.9				407.8				392.8				421.2
Avnet sales		$	18,194.2			$	5,653.6			$	6,204.9			$	6,335.6
Operating income:
Electronic Components		$	737.5			$	216.9			$	247.9			$	272.8
Farnell			49.7				16.3				15.7				17.7
			787.2				233.2				263.6				290.5
Corporate expenses			(80.6	)			(30.5	)			(21.4	)			(28.7	)
Restructuring, integration and other expenses			(24.1	)			(11.8	)			(5.2	)			(7.1	)
Amortization of acquired intangible assets			(2.3	)			(0.7	)			(0.7	)			(0.9	)
Avnet operating income		$	680.2			$	190.2			$	236.3			$	253.8
Sales by geographic area:
Americas		$	4,565.4			$	1,403.4			$	1,588.5			$	1,573.5
EMEA			6,474.7				2,053.1				2,113.6				2,308.0
Asia			7,154.1				2,197.1				2,502.8				2,454.1
Avnet sales		$	18,194.2			$	5,653.6			$	6,204.9			$	6,335.6
* May not foot/cross foot due to rounding.

					Quarters Ended
		Fiscal				Fourth Quarter				Third Quarter				Second Quarter				First Quarter
		Year				July 1,				April 1,				December 31,				October 1,
		2023*				2023*				2023				2022				2022
		($ in millions)
Sales:
Electronic Components		$	24,802.6			$	6,109.2			$	6,059.6			$	6,309.5			$	6,324.2
Farnell			1,734.3				445.4				455.0				408.0				425.9
Avnet sales		$	26,536.9			$	6,554.6			$	6,514.6			$	6,717.5			$	6,750.1
Operating income:
Electronic Components		$	1,179.6			$	310.4			$	305.2			$	296.7			$	267.3
Farnell			165.5				36.1				40.9				36.9				51.6
			1,345.1				346.5				346.1				333.6				318.9
Corporate expenses			(124.2	)			(33.9	)			(31.6	)			(33.1	)			(25.6	)
Restructuring, integration and other expenses			(28.0	)			(28.0	)			—				—				—
Amortization of acquired intangible assets			(6.1	)			(0.9	)			(0.9	)			(1.5	)			(2.8	)
Avnet operating income		$	1,186.8			$	283.7			$	313.6			$	299.0			$	290.5
Sales by geographic area:
Americas		$	6,807.7			$	1,732.7			$	1,714.9			$	1,681.2			$	1,678.9
EMEA			9,229.4				2,450.6				2,393.4				2,255.9				2,129.5
Asia			10,499.8				2,371.3				2,406.3				2,780.4				2,941.7
Avnet sales		$	26,536.9			$	6,554.6			$	6,514.6			$	6,717.5			$	6,750.1
* May not foot/cross foot due to rounding.

Guidance Reconciliation

The following table presents the reconciliation of non-GAAP adjusted diluted earnings per share guidance to the expected GAAP diluted earnings per share guidance for the fourth quarter of fiscal 2024.

		Low End of				High End of
		Guidance Range				Guidance Range
Adjusted diluted earnings per share guidance		$	0.90			$	1.00
Restructuring, integration and other expenses (net of tax)			(0.10	)			(0.15	)
GAAP diluted earnings per share guidance		$	0.80			$	0.85

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240501253431/en/

The Avnet Stock at the time of publication of the news with a fall of -2,14 % to 45,80USD on Tradegate stock exchange (30. April 2024, 22:26 Uhr).