– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Third quarter sales of $6.5 billion, up 32% year over year and 11% sequentially
Diluted EPS of $1.84 and adjusted diluted EPS of $2.15
Electronic Components and Farnell operating margins increased to 4.4% and 14.9%, respectively
PHOENIX--(BUSINESS WIRE)--Avnet, Inc. (Nasdaq: AVT) today announced results for its third quarter ended April 2, 2022.
Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “We are pleased to report another strong quarter of sales and operating margin growth. Farnell achieved record operating margin as our continued investments in inventory breadth and e-commerce capabilities continue to pay off. Supported by increased sales, the Americas expanded operating margins for the fifth consecutive quarter. Growing demand for supply chain orchestration is driving strong financial performance across our global business. Looking ahead to the fourth quarter, amid the backdrop of geopolitical uncertainty, we continue to anticipate a favorable demand environment and expect to sustain strong margins from our recently implemented operating improvements.”
Fiscal Third Quarter Key Financial Highlights:
Key Financial Metrics |
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($ in millions, except per share data) |
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Third Quarter Results (GAAP) |
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Mar – 22 |
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Mar – 21 |
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Change Y/Y |
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Dec – 21 |
|
Change Q/Q |
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||||||||
Sales |
|
$ |
6,488.1 |
|
|
$ |
4,916.7 |
|
|
32.0 |
% |
|
$ |
5,865.2 |
|
|
10.6 |
% |
|
Operating Income |
|
|
274.4 |
|
|
|
87.7 |
|
|
213.0 |
% |
|
|
211.7 |
|
|
29.6 |
% |
|
Operating Income Margin |
|
|
4.2 |
% |
|
|
1.8 |
% |
|
245 |
bps |
|
|
3.6 |
% |
|
62 |
bps |
|
Diluted Earnings Per Share (EPS) |
|
$ |
1.84 |
|
|
$ |
1.07 |
|
|
72.0 |
% |
|
$ |
1.50 |
|
|
22.7 |
% |
|
Third Quarter Results (Non-GAAP)(1) |
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Mar – 22 |
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Mar – 21 |
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Change Y/Y |
|
Dec – 21 |
|
Change Q/Q |
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Sales |
|
$ |
6,488.1 |
|
|
$ |
4,916.7 |
|
|
32.0 |
% |
|
$ |
5,865.2 |
|
|
10.6 |
% |
|
Adjusted Operating Income |
|
|
303.7 |
|
|
|
110.5 |
|
|
174.8 |
% |
|
|
215.5 |
|
|
41.0 |
% |
|
Adjusted Operating Income Margin |
|
|
4.7 |
% |
|
|
2.3 |
% |
|
243 |
bps |
|
|
3.7 |
% |
|
101 |
bps |
|
Adjusted Diluted Earnings Per Share (EPS) |
|
$ |
2.15 |
|
|
$ |
0.74 |
|
|
190.5 |
% |
|
$ |
1.51 |
|
|
42.4 |
% |
|
Segment and Geographical Mix |
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||||||||||||||||||
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|
Mar – 22 |
|
Mar – 21 |
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Change Y/Y |
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Dec – 21 |
|
Change Q/Q |
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Electronic Components (EC) Sales |
|
$ |
6,019.1 |
|
|
$ |
4,520.6 |
|
|
33.2 |
% |
|
$ |
5,424.3 |
|
|
11.0 |
% |
|
EC Operating Income Margin |
|
|
4.4 |
% |
|
|
2.6 |
% |
|
178 |
bps |
|
|
3.5 |
% |
|
92 |
bps |
|
Farnell Sales |
|
$ |
469.0 |
|
|
$ |
396.1 |
|
|
18.4 |
% |
|
$ |
440.9 |
|
|
6.4 |
% |
|
Farnell Operating Income Margin |
|
|
14.9 |
% |
|
|
6.0 |
% |
|
886 |
bps |
|
|
13.7 |
% |
|
123 |
bps |
|
Americas Sales |
|
$ |
1,627.2 |
|
|
$ |
1,161.0 |
|
|
40.2 |
% |
|
$ |
1,391.5 |
|
|
16.9 |
% |
|
EMEA Sales |
|
|
2,185.7 |
|
|
|
1,585.6 |
|
|
37.9 |
% |
|
|
1,840.8 |
|
|
18.7 |
% |
|
Asia Sales |
|
|
2,675.2 |
|
|
|
2,170.1 |
|
|
23.3 |
% |
|
|
2,632.9 |
|
|
1.6 |
% |
|
_________________________
(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 2022 Ending on July 2, 2022 |
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|
|
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Guidance Range |
|
Midpoint |
Sales |
|
$6.0B – $6.4B |
|
$6.2B |
Adjusted Diluted EPS(1) |
|
$1.90 – $2.00 |
|
$1.95 |
_________________________
(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 is based upon current market conditions and inventory availability, the current state of COVID restrictions and geopolitical events. The above guidance excludes amortization of intangibles, the possibility of increased COVID restrictions, any additional expense associated with the Russian-Ukraine conflict and certain income tax adjustments. The above guidance assumes an effective tax rate of between 21% and 25%. The above guidance assumes 99 million average diluted shares outstanding and currency exchange rates versus the U.S. Dollar as shown in the table below:
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Q4 Fiscal |
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|
|
2022 |
|
Q3 Fiscal |
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Q4 Fiscal |
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Guidance |
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2022 |
|
2021 |
Euro |
|
$1.08 |
|
$1.12 |
|
$1.20 |
GBP |
|
$1.30 |
|
$1.34 |
|
$1.40 |
Today’s Conference Call and Webcast Details
Avnet will host a quarterly webcast and teleconference today at 1:30 p.m. PT and 4:30 p.m. ET to discuss its financial results and provide a corporate update. The webcast can be accessed via Avnet’s Investor Relations web page at: https://ir.avnet.com.
Those who would still like to participate in the live call can dial 877-407-8112 or 201-689-8840. A replay of the conference call will be available for 90 days, through July 26, 2022 at 5:00 p.m. ET, and can be accessed by dialing: 877-660-6853 or 201-612-7415 and using Conference ID: 13726985.
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 3, 2021 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, including COVID-19; competitive pressures among distributors of electronic components; an industry down-cycle in semiconductors; relationships with key suppliers and allocations of products by suppliers; risks relating to the Company’s international sales and operations, including risks relating to the ability to repatriate cash, foreign currency fluctuations, inflation, duties and taxes, 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, natural and weather-related disasters, pandemics and health related crisis, warehouse modernization and relocation efforts; risks related to cyber-attacks, other privacy and security incidents and information systems failures, including related to current or future implementations, integrations or 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 affecting the Company’s businesses.
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.
As a leading global technology distributor and solutions provider, Avnet has served customers’ evolving needs for an entire century. We support customers at each stage of a product’s lifecycle, from idea to design and from prototype to production. Our unique position at the center of the technology value chain enables us to accelerate the design and supply stages of product development so customers can realize revenue faster. 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. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(UNAUDITED) |
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Third Quarters Ended |
|
Nine Months Ended |
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April 2, |
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April 3, |
|
April 2, |
|
April 3, |
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2022 |
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2021 |
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2022 |
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|
2021 |
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(Thousands, except per share data) |
|
||||||||||||||
Sales |
|
$ |
6,488,143 |
|
|
$ |
4,916,714 |
|
|
$ |
17,938,055 |
|
|
$ |
14,307,945 |
|
|
Cost of sales |
|
|
5,675,110 |
|
|
|
4,348,364 |
|
|
|
15,752,295 |
|
|
|
12,712,262 |
|
|
Gross profit |
|
|
813,033 |
|
|
|
568,350 |
|
|
|
2,185,760 |
|
|
|
1,595,683 |
|
|
Selling, general and administrative expenses |
|
|
512,364 |
|
|
|
463,092 |
|
|
|
1,499,904 |
|
|
|
1,376,333 |
|
|
Russian-Ukraine conflict related expenses |
|
|
26,261 |
|
|
|
— |
|
|
|
26,261 |
|
|
|
— |
|
|
Restructuring, integration and other expenses |
|
|
— |
|
|
|
17,574 |
|
|
|
5,272 |
|
|
|
55,943 |
|
|
Operating income |
|
|
274,408 |
|
|
|
87,684 |
|
|
|
654,323 |
|
|
|
163,407 |
|
|
Other (expense) income, net |
|
|
(469 |
) |
|
|
4,779 |
|
|
|
858 |
|
|
|
(16,052 |
) |
|
Interest and other financing expenses, net |
|
|
(25,914 |
) |
|
|
(22,342 |
) |
|
|
(70,388 |
) |
|
|
(66,128 |
) |
|
Income before taxes |
|
|
248,025 |
|
|
|
70,121 |
|
|
|
584,793 |
|
|
|
81,227 |
|
|
Income tax expense (benefit) |
|
|
64,608 |
|
|
|
(37,363 |
) |
|
|
139,237 |
|
|
|
(26,532 |
) |
|
Net income |
|
$ |
183,417 |
|
|
$ |
107,484 |
|
|
$ |
445,556 |
|
|
$ |
107,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.86 |
|
|
$ |
1.08 |
|
|
$ |
4.50 |
|
|
$ |
1.09 |
|
|
Diluted |
|
$ |
1.84 |
|
|
$ |
1.07 |
|
|
$ |
4.44 |
|
|
$ |
1.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shares used to compute earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
98,659 |
|
|
|
99,542 |
|
|
|
99,113 |
|
|
|
99,125 |
|
|
Diluted |
|
|
99,486 |
|
|
|
100,247 |
|
|
|
100,296 |
|
|
|
100,013 |
|
|
Cash dividends paid per common share |
|
$ |
0.26 |
|
|
$ |
0.21 |
|
|
$ |
0.74 |
|
|
$ |
0.63 |
|
|
AVNET, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(UNAUDITED) |
|||||||
|
|
April 2, |
|
July 3, |
|
||
|
|
2022 |
|
2021 |
|
||
|
|
(Thousands) |
|
||||
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
199,457 |
|
$ |
199,691 |
|
Receivables |
|
|
4,164,573 |
|
|
3,576,130 |
|
Inventories |
|
|
3,680,821 |
|
|
3,236,837 |
|
Prepaid and other current assets |
|
|
172,792 |
|
|
150,763 |
|
Total current assets |
|
|
8,217,643 |
|
|
7,163,421 |
|
Property, plant and equipment, net |
|
|
323,420 |
|
|
368,452 |
|
Goodwill |
|
|
805,384 |
|
|
838,105 |
|
Intangible assets, net |
|
|
15,975 |
|
|
28,539 |
|
Operating lease assets |
|
|
245,149 |
|
|
265,988 |
|
Other assets |
|
|
174,102 |
|
|
260,917 |
|
Total assets |
|
$ |
9,781,673 |
|
$ |
8,925,422 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Short-term debt |
|
$ |
424,182 |
|
$ |
23,078 |
|
Accounts payable |
|
|
2,968,845 |
|
|
2,401,357 |
|
Accrued expenses and other |
|
|
616,079 |
|
|
572,457 |
|
Short-term operating lease liabilities |
|
|
56,682 |
|
|
58,346 |
|
Total current liabilities |
|
|
4,065,788 |
|
|
3,055,238 |
|
Long-term debt |
|
|
922,041 |
|
|
1,191,329 |
|
Long-term operating lease liabilities |
|
|
216,609 |
|
|
239,838 |
|
Other liabilities |
|
|
320,515 |
|
|
354,833 |
|
Total liabilities |
|
|
5,524,953 |
|
|
4,841,238 |
|
Shareholders’ equity |
|
|
4,256,720 |
|
|
4,084,184 |
|
Total liabilities and shareholders’ equity |
|
$ |
9,781,673 |
|
$ |
8,925,422 |
|
AVNET, INC. |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||
(UNAUDITED) |
|||||||||
|
|
Nine Months Ended |
|
||||||
|
|
April 2, 2022 |
|
April 3, 2021 |
|
||||
|
|
(Thousands) |
|
||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||
Net income |
|
$ |
445,556 |
|
|
$ |
107,759 |
|
|
|
|
|
|
|
|
|
|
||
Non-cash and other reconciling items: |
|
|
|
|
|
|
|
||
Depreciation |
|
|
65,719 |
|
|
|
67,462 |
|
|
Amortization |
|
|
12,034 |
|
|
|
35,730 |
|
|
Amortization of operating lease assets |
|
|
40,298 |
|
|
|
42,054 |
|
|
Deferred income taxes |
|
|
1,423 |
|
|
|
11,510 |
|
|
Stock-based compensation |
|
|
28,638 |
|
|
|
22,293 |
|
|
Impairments |
|
|
— |
|
|
|
15,166 |
|
|
Other, net |
|
|
47,667 |
|
|
|
7,558 |
|
|
Changes in (net of effects from businesses acquired and divested): |
|
|
|
|
|
|
|
||
Receivables |
|
|
(880,957 |
) |
|
|
(405,700 |
) |
|
Inventories |
|
|
(549,999 |
) |
|
|
63,017 |
|
|
Accounts payable |
|
|
628,822 |
|
|
|
224,151 |
|
|
Accrued expenses and other, net |
|
|
141,381 |
|
|
|
6,526 |
|
|
Net cash flows (used) provided by operating activities |
|
|
(19,418 |
) |
|
|
197,526 |
|
|
|
|
|
|
|
|
|
|
||
Cash flows from financing activities: |
|
|
|
|
|
|
|
||
Borrowings under accounts receivable securitization, net |
|
|
57,400 |
|
|
|
— |
|
|
Repayments under senior unsecured credit facility, net |
|
|
— |
|
|
|
(232,347 |
) |
|
Borrowings (repayments) under bank credit facilities and other debt, net |
|
|
117,982 |
|
|
|
(2,192 |
) |
|
Repurchases of common stock |
|
|
(88,952 |
) |
|
|
— |
|
|
Dividends paid on common stock |
|
|
(73,253 |
) |
|
|
(62,400 |
) |
|
Other, net |
|
|
(16,853 |
) |
|
|
(11,455 |
) |
|
Net cash flows used for financing activities |
|
|
(3,676 |
) |
|
|
(308,394 |
) |
|
|
|
|
|
|
|
|
|
||
Cash flows from investing activities: |
|
|
|
|
|
|
|
||
Purchases of property, plant and equipment |
|
|
(33,679 |
) |
|
|
(39,001 |
) |
|
Acquisitions of assets and businesses |
|
|
— |
|
|
|
(18,371 |
) |
|
Proceeds from liquidation of Company owned life insurance policies |
|
|
84,343 |
|
|
|
— |
|
|
Other, net |
|
|
724 |
|
|
|
6,201 |
|
|
Net cash flows provided (used) for investing activities |
|
|
51,388 |
|
|
|
(51,171 |
) |
|
Effect of currency exchange rate changes on cash and cash equivalents |
|
|
(28,528 |
) |
|
|
7,750 |
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
||
— decrease |
|
|
(234 |
) |
|
|
(154,289 |
) |
|
— at beginning of period |
|
|
199,691 |
|
|
|
477,038 |
|
|
— at end of period |
|
$ |
199,457 |
|
|
$ |
322,749 |
|
|
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 operating expenses, (iii) adjusted other income (expense), (iv) adjusted income before income taxes, (v) adjusted income tax expense (benefit), (vi) adjusted diluted earnings per share, and (vii) sales adjusted for the impact of significant acquisitions and other items (as defined in the Organic Sales section of this document).
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 organic sales and sales in constant currency are useful measures 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 and operating expenses adjusted for restructuring, integration and other expenses, Russian-Ukraine conflict related expenses, goodwill and intangible asset impairment expenses and amortization of acquired intangible assets and other, are useful measures 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 and operating expenses 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, Russian-Ukraine conflict related expenses, goodwill and intangible asset impairment expenses and amortization of acquired intangible assets and other.
Additional non-GAAP metrics management uses is adjusted operating income margin, which is defined as adjusted operating income (as defined above) divided by sales.
Management also believes income tax expense (benefit), net income and diluted earnings (loss) per share adjusted for the impact of the items described above and certain items impacting other income (expense) and 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 the adjusted interim effective tax rate based upon the expected annual 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 (loss) and diluted earnings (loss) per share excluding the impact of these items provides an important measure of the Company’s net profitability for the investing public.
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 |
|
April 2, |
|
January 1, |
|
October 2, |
||||||||
|
|
|
2022* |
|
2022* |
|
2022* |
|
2021* |
||||||||
|
|
|
($ in thousands, except per share amounts) |
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP selling, general and administrative expenses |
|
|
$ |
1,499,904 |
|
|
$ |
512,364 |
|
|
$ |
501,363 |
|
|
|
486,178 |
|
Amortization of intangible assets and other |
|
|
|
(12,109 |
) |
|
|
(3,074 |
) |
|
|
(3,796 |
) |
|
|
(5,239 |
) |
Adjusted operating expenses |
|
|
|
1,487,795 |
|
|
|
509,290 |
|
|
|
497,567 |
|
|
|
480,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP operating income |
|
|
$ |
654,323 |
|
|
$ |
274,408 |
|
|
$ |
211,672 |
|
|
|
168,243 |
|
Restructuring, integration and other expenses |
|
|
|
5,272 |
|
|
|
- |
|
|
|
- |
|
|
|
5,272 |
|
Russian-Ukraine conflict related expenses |
|
|
|
26,261 |
|
|
|
26,261 |
|
|
|
- |
|
|
|
- |
|
Amortization of intangible assets and other |
|
|
|
12,109 |
|
|
|
3,074 |
|
|
|
3,796 |
|
|
|
5,239 |
|
Adjusted operating income |
|
|
|
697,965 |
|
|
|
303,743 |
|
|
|
215,468 |
|
|
|
178,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP income before income taxes |
|
|
$ |
584,793 |
|
|
$ |
248,025 |
|
|
$ |
191,779 |
|
|
|
144,990 |
|
Restructuring, integration and other expenses |
|
|
|
5,272 |
|
|
|
- |
|
|
|
- |
|
|
|
5,272 |
|
Russian-Ukraine conflict related expenses |
|
|
|
26,261 |
|
|
|
26,261 |
|
|
|
- |
|
|
|
- |
|
Amortization of intangible assets and other |
|
|
|
12,109 |
|
|
|
3,074 |
|
|
|
3,796 |
|
|
|
5,239 |
|
Other expenses |
|
|
|
441 |
|
|
|
- |
|
|
|
- |
|
|
|
441 |
|
Adjusted income before income taxes |
|
|
|
628,876 |
|
|
|
277,360 |
|
|
|
195,575 |
|
|
|
155,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP income tax expense |
|
|
$ |
139,237 |
|
|
$ |
64,608 |
|
|
$ |
40,958 |
|
|
|
33,672 |
|
Restructuring, integration and other expenses |
|
|
|
1,012 |
|
|
|
- |
|
|
|
- |
|
|
|
1,012 |
|
Russian-Ukraine conflict related expenses |
|
|
|
6,836 |
|
|
|
6,836 |
|
|
|
- |
|
|
|
- |
|
Amortization of intangible assets and other |
|
|
|
2,369 |
|
|
|
667 |
|
|
|
704 |
|
|
|
998 |
|
Other expenses |
|
|
|
136 |
|
|
|
- |
|
|
|
- |
|
|
|
136 |
|
Income tax (expense) benefit items, net |
|
|
|
(8,766 |
) |
|
|
(8,613 |
) |
|
|
2,917 |
|
|
|
(3,070 |
) |
Adjusted income tax expense |
|
|
|
140,824 |
|
|
|
63,498 |
|
|
|
44,579 |
|
|
|
32,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP net income |
|
|
$ |
445,556 |
|
|
$ |
183,417 |
|
|
$ |
150,821 |
|
|
|
111,318 |
|
Restructuring, integration and other expenses (net of tax) |
|
|
|
4,260 |
|
|
|
- |
|
|
|
- |
|
|
|
4,260 |
|
Russian-Ukraine conflict related expenses (net of tax) |
|
|
|
19,425 |
|
|
|
19,425 |
|
|
|
- |
|
|
|
- |
|
Amortization of intangible assets and other (net of tax) |
|
|
|
9,740 |
|
|
|
2,407 |
|
|
|
3,092 |
|
|
|
4,241 |
|
Other expenses (net of tax) |
|
|
|
305 |
|
|
|
- |
|
|
|
- |
|
|
|
305 |
|
Income tax expense (benefit) items, net |
|
|
|
8,766 |
|
|
|
8,613 |
|
|
|
(2,917 |
) |
|
|
3,070 |
|
Adjusted net income |
|
|
|
488,052 |
|
|
|
213,862 |
|
|
|
150,996 |
|
|
|
123,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP diluted earnings per share |
|
|
$ |
4.44 |
|
|
$ |
1.84 |
|
|
$ |
1.50 |
|
|
|
1.10 |
|
Restructuring, integration and other expenses (net of tax) |
|
|
|
0.04 |
|
|
|
- |
|
|
|
- |
|
|
|
0.04 |
|
Russian-Ukraine conflict related expenses (net of tax) |
|
|
|
0.19 |
|
|
|
0.20 |
|
|
|
- |
|
|
|
- |
|
Amortization of intangible assets and other (net of tax) |
|
|
|
0.10 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.04 |
|
Other expenses (net of tax) |
|
|
|
0.00 |
|
|
|
- |
|
|
|
- |
|
|
|
0.00 |
|
Income tax expense (benefit) items, net |
|
|
|
0.09 |
|
|
|
0.09 |
|
|
|
(0.03 |
) |
|
|
0.03 |
|
Adjusted diluted EPS |
|
|
|
4.87 |
|
|
|
2.15 |
|
|
|
1.51 |
|
|
|
1.22 |
|
_________________
| * May not foot/cross foot due to rounding. |
|
|
|
Quarters Ended |
||||||||||||||||
|
Fiscal Year |
|
July 3, |
|
April 3, |
|
January 2, |
|
October 3, |
||||||||||
|
2021* |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
||||||
|
($ in thousands, except per share amounts) |
||||||||||||||||||
GAAP selling, general and administrative expenses |
$ |
1,874,831 |
|
|
$ |
498,497 |
|
|
$ |
463,092 |
|
|
$ |
442,084 |
|
|
$ |
471,158 |
|
Amortization of intangible assets and other |
|
(41,245 |
) |
|
|
(5,370 |
) |
|
|
(5,283 |
) |
|
|
(10,417 |
) |
|
|
(20,175 |
) |
Adjusted operating expenses |
|
1,833,586 |
|
|
|
493,127 |
|
|
|
457,809 |
|
|
|
431,667 |
|
|
|
450,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP operating income |
$ |
281,408 |
|
|
$ |
118,001 |
|
|
$ |
87,684 |
|
|
$ |
57,221 |
|
|
$ |
18,502 |
|
Restructuring, integration and other expenses |
|
84,391 |
|
|
|
28,449 |
|
|
|
17,574 |
|
|
|
11,948 |
|
|
|
26,420 |
|
Amortization of intangible assets and other |
|
41,245 |
|
|
|
5,370 |
|
|
|
5,283 |
|
|
|
10,417 |
|
|
|
20,175 |
|
Adjusted operating income |
|
407,044 |
|
|
|
151,820 |
|
|
|
110,541 |
|
|
|
79,586 |
|
|
|
65,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP income (loss) before income taxes |
$ |
172,929 |
|
|
$ |
91,701 |
|
|
$ |
70,121 |
|
|
$ |
34,403 |
|
|
$ |
(23,297 |
) |
Restructuring, integration and other expenses |
|
84,391 |
|
|
|
28,449 |
|
|
|
17,574 |
|
|
|
11,948 |
|
|
|
26,420 |
|
Amortization of intangible assets and other |
|
41,245 |
|
|
|
5,370 |
|
|
|
5,283 |
|
|
|
10,417 |
|
|
|
20,175 |
|
Other expenses - equity investment impairments and other |
|
20,413 |
|
|
|
5,139 |
|
|
|
- |
|
|
|
51 |
|
|
|
15,223 |
|
Adjusted income before income taxes |
|
318,978 |
|
|
|
130,659 |
|
|
|
92,978 |
|
|
|
56,819 |
|
|
|
38,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP income tax expense (benefit) |
$ |
(20,185 |
) |
|
$ |
6,346 |
|
|
$ |
(37,363 |
) |
|
$ |
15,240 |
|
|
$ |
(4,408 |
) |
Restructuring, integration and other expenses |
|
17,468 |
|
|
|
6,172 |
|
|
|
4,118 |
|
|
|
2,577 |
|
|
|
4,601 |
|
Amortization of intangible assets and other |
|
9,099 |
|
|
|
1,025 |
|
|
|
1,008 |
|
|
|
2,037 |
|
|
|
5,029 |
|
Other expenses - equity investment impairments and other |
|
90 |
|
|
|
38 |
|
|
|
- |
|
|
|
26 |
|
|
|
26 |
|
Income tax benefit (expense) items, net |
|
41,275 |
|
|
|
4,091 |
|
|
|
50,682 |
|
|
|
(10,788 |
) |
|
|
(2,710 |
) |
Adjusted income tax expense |
|
47,747 |
|
|
|
17,672 |
|
|
|
18,445 |
|
|
|
9,092 |
|
|
|
2,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP net income (loss) |
$ |
193,114 |
|
|
$ |
85,355 |
|
|
$ |
107,484 |
|
|
$ |
19,163 |
|
|
$ |
(18,889 |
) |
Restructuring, integration and other expenses (net of tax) |
|
66,923 |
|
|
|
22,277 |
|
|
|
13,456 |
|
|
|
9,371 |
|
|
|
21,819 |
|
Amortization of intangible assets and other (net of tax) |
|
32,146 |
|
|
|
4,345 |
|
|
|
4,275 |
|
|
|
8,380 |
|
|
|
15,146 |
|
Other expenses - equity investment impairments and other (net of tax) |
|
20,323 |
|
|
|
5,101 |
|
|
|
- |
|
|
|
25 |
|
|
|
15,197 |
|
Income tax (benefit) expense items, net |
|
(41,275 |
) |
|
|
(4,091 |
) |
|
|
(50,682 |
) |
|
|
10,788 |
|
|
|
2,710 |
|
Adjusted net income |
|
271,231 |
|
|
|
112,987 |
|
|
|
74,533 |
|
|
|
47,727 |
|
|
|
35,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP diluted earnings (loss) per share |
$ |
1.93 |
|
|
$ |
0.85 |
|
|
$ |
1.07 |
|
|
$ |
0.19 |
|
|
$ |
(0.19 |
) |
Restructuring, integration and other expenses (net of tax) |
|
0.67 |
|
|
|
0.22 |
|
|
|
0.13 |
|
|
|
0.09 |
|
|
|
0.22 |
|
Amortization of intangible assets and other (net of tax) |
|
0.32 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.09 |
|
|
|
0.15 |
|
Other expenses - equity investment impairments and other (net of tax) |
|
0.20 |
|
|
|
0.05 |
|
|
|
- |
|
|
|
0.00 |
|
|
|
0.15 |
|
Income tax (benefit) expense items, net |
|
(0.41 |
) |
|
|
(0.04 |
) |
|
|
(0.50 |
) |
|
|
0.11 |
|
|
|
0.03 |
|
Adjusted diluted EPS |
|
2.71 |
|
|
|
1.12 |
|
|
|
0.74 |
|
|
|
0.48 |
|
|
|
0.36 |
|
_________________
| * May not foot/cross foot due to rounding and differences in average diluted shares between quarterly periods compared to the fiscal year to date. |
Organic sales is defined as sales adjusted for the impact of significant acquisitions, divestitures and other items by adjusting Avnet’s prior and current periods (if necessary) to include the sales of acquired businesses and exclude the sales of divested businesses as if the acquisitions and divestitures had occurred at the beginning of the earliest period presented. Additionally, fiscal 2021 sales are adjusted for the estimated impact of the extra week of sales in the first quarter of fiscal 2021 due to the 14-week fiscal first quarter and the 53-week fiscal year. Organic sales in constant currency is defined as organic sales (as defined above) excluding the impact of changes in foreign currency exchange rates.
As a result of declining sales due to the termination of the TI distribution agreement in December 2020, organic sales growth rates have also been adjusted to exclude sales of TI products.
Reported sales were the same as organic sales for the third quarter and first nine months of fiscal 2022. The following table presents the reconciliation of reported sales to organic sales for the third quarter and first nine months of fiscal 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|||||||||||||||||||||
|
|
Sales |
|
|
|
|
|
Organic |
|
|
|
|
Estimated |
|
|
|
|
|
|
|
Organic |
||||
|
|
As Reported |
|
|
|
|
Sales |
|
Sales |
|
Extra |
|
Organic |
|
|
|
Sales |
||||||||
|
|
and Organic |
|
TI Sales |
|
|
Adj for TI |
|
As Reported |
|
Week in |
|
Sales |
|
TI Sales |
|
Adj for TI |
||||||||
|
|
Q3-Fiscal |
|
Q3-Fiscal |
|
|
Q3-Fiscal |
|
Q3-Fiscal |
|
Fiscal |
|
Q3-Fiscal |
|
Q3-Fiscal |
|
Q3-Fiscal |
||||||||
|
|
2021 |
|
2021(1) |
|
|
2021(1) |
|
2021 |
|
2021(2) |
|
2021 |
|
2021(1) |
|
2021(1) |
||||||||
|
|
(in millions) |
|||||||||||||||||||||||
Avnet |
|
$ |
4,916.7 |
|
$ |
1.7 |
|
|
$ |
4,915.0 |
|
$ |
14,307.9 |
|
$ |
306.0 |
|
$ |
14,001.9 |
|
$ |
292.2 |
|
$ |
13,709.7 |
Avnet by region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Americas |
|
$ |
1,161.0 |
|
$ |
0.4 |
|
|
$ |
1,160.6 |
|
$ |
3,468.1 |
|
$ |
77.0 |
|
$ |
3,391.1 |
|
$ |
82.9 |
|
$ |
3,308.2 |
EMEA |
|
|
1,585.6 |
|
|
0.5 |
|
|
|
1,585.1 |
|
|
4,412.6 |
|
|
97.0 |
|
|
4,315.6 |
|
|
124.2 |
|
|
4,191.4 |
Asia |
|
|
2,170.1 |
|
|
0.8 |
|
|
|
2,169.3 |
|
|
6,427.2 |
|
|
132.0 |
|
|
6,295.2 |
|
|
85.1 |
|
|
6,210.1 |
Avnet by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EC |
|
$ |
4,520.6 |
|
$ |
1.7 |
|
|
$ |
4,518.9 |
|
$ |
13,245.1 |
|
$ |
284.0 |
|
$ |
12,961.1 |
|
$ |
292.2 |
|
$ |
12,668.9 |
Farnell |
|
|
396.1 |
|
|
— |
|
|
|
396.1 |
|
|
1,062.8 |
|
|
22.0 |
|
|
1,040.8 |
|
|
— |
|
|
1,040.8 |
_________________
| (1) | Sales adjusted for the impact of the termination of the TI distribution contract. |
(2) |
The impact of the additional week of sales in the first quarter of fiscal 2021 is estimated. |
The following table presents reported and organic sales growth rates for the third quarter and first nine months of fiscal 2022 compared to fiscal 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
||||||||||||||||||||
|
|
|
|
|
|
|
Organic |
|
|
|
|
|
|
|
|
|
|
|
Organic |
|||||
|
|
|
|
|
Sales |
|
Sales |
|
|
|
|
Sales |
|
|
|
|
Organic |
|
Sales |
|||||
|
|
|
|
|
As Reported |
|
Adj for TI |
|
|
|
|
As Reported |
|
|
|
|
Sales |
|
Adj for TI |
|||||
|
|
Sales |
|
Year-Year % |
|
Year-Year % |
|
Sales |
|
Year-Year % |
|
Organic |
|
Year-Year % |
|
Year-Year % |
||||||||
|
|
As Reported |
|
Change in |
|
Change in |
|
As Reported |
|
Change in |
|
Sales |
|
Change in |
|
Change in |
||||||||
|
|
Year-Year |
|
Constant |
|
Constant |
|
Year-Year |
|
Constant |
|
Year-Year |
|
Constant |
|
Constant |
||||||||
|
|
% Change |
|
Currency |
|
Currency(1) |
|
% Change |
|
Currency |
|
% Change |
|
Currency |
|
Currency(1) |
||||||||
Avnet |
|
32.0 |
% |
|
35.7 |
% |
|
35.7 |
% |
|
25.4 |
% |
|
26.9 |
% |
|
28.1 |
% |
|
29.6 |
% |
|
32.4 |
% |
Avnet by region |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Americas |
|
40.2 |
% |
|
40.2 |
% |
|
40.2 |
% |
|
23.3 |
% |
|
23.3 |
% |
|
26.1 |
% |
|
26.1 |
% |
|
29.3 |
% |
EMEA |
|
37.9 |
|
|
47.6 |
|
|
47.7 |
|
|
30.9 |
|
|
35.0 |
|
|
33.8 |
|
|
38.0 |
|
|
42.1 |
|
Asia |
|
23.3 |
|
|
24.5 |
|
|
24.5 |
|
|
22.7 |
|
|
23.3 |
|
|
25.3 |
|
|
25.9 |
|
|
27.6 |
|
Avnet by segment |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EC |
|
33.2 |
% |
|
36.9 |
% |
|
36.9 |
% |
|
25.1 |
% |
|
26.7 |
% |
|
27.9 |
% |
|
29.5 |
% |
|
32.5 |
% |
Farnell |
|
18.4 |
|
|
21.8 |
|
|
21.8 |
|
|
28.4 |
|
|
28.6 |
|
|
31.2 |
|
|
31.3 |
|
|
31.3 |
|
________________
(1) |
Sales growth rates excluding the impact of the termination of the TI distribution agreement. |
Historical Segment Financial Information |
||||||||||||||||
|
|
|
|
|
Fiscal 2022 |
|||||||||||
|
|
|
|
Quarters Ended |
||||||||||||
|
|
Fiscal |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
||||||||
|
|
Year to Date |
|
April 2, |
|
January 1, |
|
October 2, |
||||||||
|
|
2022* |
|
2022* |
|
2022 |
|
|
2021 |
|
||||||
|
|
(in millions) |
||||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electronic Components |
|
$ |
16,572.9 |
|
|
$ |
6,019.1 |
|
|
$ |
5,424.3 |
|
|
$ |
5,129.5 |
|
Farnell |
|
|
1,365.1 |
|
|
|
469.0 |
|
|
|
440.9 |
|
|
|
455.2 |
|
Avnet sales |
|
$ |
17,938.1 |
|
|
$ |
6,488.1 |
|
|
$ |
5,865.2 |
|
|
$ |
5,584.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electronic Components |
|
$ |
616.4 |
|
|
$ |
265.0 |
|
|
$ |
188.9 |
|
|
$ |
162.4 |
|
Farnell |
|
|
179.6 |
|
|
|
69.8 |
|
|
|
60.2 |
|
|
|
49.6 |
|
|
|
|
796.0 |
|
|
|
334.8 |
|
|
|
249.1 |
|
|
|
212.0 |
|
Corporate expenses |
|
|
(98.0 |
) |
|
|
(31.1 |
) |
|
|
(33.6 |
) |
|
|
(33.3 |
) |
Restructuring, integration and other expenses |
|
|
(5.3 |
) |
|
|
- |
|
|
|
- |
|
|
|
(5.3 |
) |
Russian-Ukraine conflict related expenses |
|
|
(26.3 |
) |
|
|
(26.3 |
) |
|
|
- |
|
|
|
- |
|
Amortization of acquired intangible assets and other |
|
|
(12.1 |
) |
|
|
(3.1 |
) |
|
|
(3.8 |
) |
|
|
(5.2 |
) |
Avnet operating income |
|
$ |
654.3 |
|
|
$ |
274.4 |
|
|
$ |
211.7 |
|
|
$ |
168.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales by geographic area: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas |
|
$ |
4,277.6 |
|
|
$ |
1,627.2 |
|
|
$ |
1,391.5 |
|
|
$ |
1,258.8 |
|
EMEA |
|
|
5,774.1 |
|
|
|
2,185.7 |
|
|
|
1,840.8 |
|
|
|
1,747.6 |
|
Asia |
|
|
7,886.4 |
|
|
|
2,675.2 |
|
|
|
2,632.9 |
|
|
|
2,578.3 |
|
Avnet sales |
|
$ |
17,938.1 |
|
|
$ |
6,488.1 |
|
|
$ |
5,865.2 |
|
|
$ |
5,584.7 |
|
| * May not foot/cross foot due to rounding. |
|
|
|
|
Fiscal Year 2021 |
||||||||||||||||
|
|
|
|
Quarters Ended |
||||||||||||||||
|
|
|
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
||||||||||
|
|
Fiscal Year |
|
July 3, |
|
April 3, |
|
January 2, |
|
October 3, |
||||||||||
|
|
2021* |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
||||||
|
|
(in millions) |
||||||||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electronic Components |
|
$ |
18,030.5 |
|
|
$ |
4,785.3 |
|
|
$ |
4,520.6 |
|
|
$ |
4,342.4 |
|
|
$ |
4,382.2 |
|
Farnell |
|
|
1,504.2 |
|
|
|
441.4 |
|
|
|
396.1 |
|
|
|
325.8 |
|
|
|
340.9 |
|
Avnet |
|
$ |
19,534.7 |
|
|
$ |
5,226.7 |
|
|
$ |
4,916.7 |
|
|
$ |
4,668.2 |
|
|
$ |
4,723.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electronic Components |
|
$ |
454.8 |
|
|
$ |
147.8 |
|
|
$ |
118.6 |
|
|
$ |
103.9 |
|
|
$ |
84.4 |
|
Farnell |
|
|
86.9 |
|
|
|
36.5 |
|
|
|
23.9 |
|
|
|
14.6 |
|
|
|
12.0 |
|
|
|
|
541.7 |
|
|
|
184.3 |
|
|
|
142.5 |
|
|
|
118.5 |
|
|
|
96.4 |
|
Corporate expenses |
|
|
(134.7 |
) |
|
|
(32.5 |
) |
|
|
(31.9 |
) |
|
|
(39.0 |
) |
|
|
(31.3 |
) |
Restructuring, integration and other expenses |
|
|
(84.4 |
) |
|
|
(28.4 |
) |
|
|
(17.6 |
) |
|
|
(11.9 |
) |
|
|
(26.4 |
) |
Amortization of acquired intangible assets and other |
|
|
(41.2 |
) |
|
|
(5.4 |
) |
|
|
(5.3 |
) |
|
|
(10.4 |
) |
|
|
(20.2 |
) |
Avnet operating income |
|
$ |
281.4 |
|
|
$ |
118.0 |
|
|
$ |
87.7 |
|
|
$ |
57.2 |
|
|
$ |
18.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Sales by geographic area: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Americas |
|
$ |
4,662.5 |
|
|
$ |
1,194.4 |
|
|
$ |
1,161.0 |
|
|
$ |
1,101.5 |
|
|
$ |
1,205.7 |
|
EMEA |
|
|
6,149.9 |
|
|
|
1,737.3 |
|
|
|
1,585.6 |
|
|
|
1,346.3 |
|
|
|
1,480.7 |
|
Asia |
|
|
8,722.3 |
|
|
|
2,295.0 |
|
|
|
2,170.1 |
|
|
|
2,220.4 |
|
|
|
2,036.7 |
|
Avnet |
|
$ |
19,534.7 |
|
|
$ |
5,226.7 |
|
|
$ |
4,916.7 |
|
|
$ |
4,668.2 |
|
|
$ |
4,723.1 |
|
| * 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 2022.
|
|
Low End of |
|
High End of |
|
||||
|
|
Guidance Range |
|
Guidance Range |
|
||||
Adjusted diluted earnings per share guidance |
|
$ |
1.90 |
|
|
$ |
2.00 |
|
|
Amortization of intangibles and other (net of tax) |
|
|
(0.02 |
) |
|
|
(0.03 |
) |
|
Income tax expense adjustments |
|
|
0.45 |
|
|
|
0.35 |
|
|
GAAP diluted earnings per share guidance |
|
$ |
2.33 |
|
|
$ |
2.32 |
|
|
Объем продаж в третьем квартале составил 6,5 миллиарда долларов, увеличившись на 32% в годовом исчислении и на 11% последовательно.
Разводненная прибыль на акцию составила 1,84 доллара США, а скорректированная разводненная прибыль на акцию - 2,15 доллара США.
Операционная рентабельность электронных компонентов и Farnell увеличилась до 4,4% и 14,9% соответственно
ФЕНИКС - (ДЕЛОВАЯ ПЕРЕПИСКА) -Avnet, Inc. (Nasdaq: AVT) сегодня объявила результаты за третий квартал, закончившийся 2 апреля 2022 года.
Комментируя финансовые результаты Компании, главный исполнительный директор Avnet Фил Галлахер заявил: “Мы рады сообщить об очередном сильном квартале роста продаж и операционной маржи. Farnell добилась рекордной операционной прибыли, поскольку наши постоянные инвестиции в расширение ассортимента и возможности электронной коммерции продолжают приносить свои плоды. Благодаря увеличению продаж американская компания увеличила операционную маржу пятый квартал подряд. Растущий спрос на организацию цепочки поставок способствует высоким финансовым показателям нашего глобального бизнеса. Заглядывая в будущее в четвертом квартале, на фоне геополитической неопределенности, мы по-прежнему ожидаем благоприятной конъюнктуры спроса и ожидаем сохранения высокой рентабельности благодаря нашим недавно внедренным операционным улучшениям”.
Основные финансовые показатели Третьего Финансового Квартала:
Key Financial Metrics |
|||||||||||||||||||
($ in millions, except per share data) |
|||||||||||||||||||
Third Quarter Results (GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar – 22 |
|
Mar – 21 |
|
Change Y/Y |
|
Dec – 21 |
|
Change Q/Q |
|
||||||||
Sales |
|
$ |
6,488.1 |
|
|
$ |
4,916.7 |
|
|
32.0 |
% |
|
$ |
5,865.2 |
|
|
10.6 |
% |
|
Operating Income |
|
|
274.4 |
|
|
|
87.7 |
|
|
213.0 |
% |
|
|
211.7 |
|
|
29.6 |
% |
|
Operating Income Margin |
|
|
4.2 |
% |
|
|
1.8 |
% |
|
245 |
bps |
|
|
3.6 |
% |
|
62 |
bps |
|
Diluted Earnings Per Share (EPS) |
|
$ |
1.84 |
|
|
$ |
1.07 |
|
|
72.0 |
% |
|
$ |
1.50 |
|
|
22.7 |
% |
|
Third Quarter Results (Non-GAAP)(1) |
|
||||||||||||||||||
|
|
Mar – 22 |
|
Mar – 21 |
|
Change Y/Y |
|
Dec – 21 |
|
Change Q/Q |
|
||||||||
Sales |
|
$ |
6,488.1 |
|
|
$ |
4,916.7 |
|
|
32.0 |
% |
|
$ |
5,865.2 |
|
|
10.6 |
% |
|
Adjusted Operating Income |
|
|
303.7 |
|
|
|
110.5 |
|
|
174.8 |
% |
|
|
215.5 |
|
|
41.0 |
% |
|
Adjusted Operating Income Margin |
|
|
4.7 |
% |
|
|
2.3 |
% |
|
243 |
bps |
|
|
3.7 |
% |
|
101 |
bps |
|
Adjusted Diluted Earnings Per Share (EPS) |
|
$ |
2.15 |
|
|
$ |
0.74 |
|
|
190.5 |
% |
|
$ |
1.51 |
|
|
42.4 |
% |
|
Segment and Geographical Mix |
|
||||||||||||||||||
|
|
Mar – 22 |
|
Mar – 21 |
|
Change Y/Y |
|
Dec – 21 |
|
Change Q/Q |
|
||||||||
Electronic Components (EC) Sales |
|
$ |
6,019.1 |
|
|
$ |
4,520.6 |
|
|
33.2 |
% |
|
$ |
5,424.3 |
|
|
11.0 |
% |
|
EC Operating Income Margin |
|
|
4.4 |
% |
|
|
2.6 |
% |
|
178 |
bps |
|
|
3.5 |
% |
|
92 |
bps |
|
Farnell Sales |
|
$ |
469.0 |
|
|
$ |
396.1 |
|
|
18.4 |
% |
|
$ |
440.9 |
|
|
6.4 |
% |
|
Farnell Operating Income Margin |
|
|
14.9 |
% |
|
|
6.0 |
% |
|
886 |
bps |
|
|
13.7 |
% |
|
123 |
bps |
|
Americas Sales |
|
$ |
1,627.2 |
|
|
$ |
1,161.0 |
|
|
40.2 |
% |
|
$ |
1,391.5 |
|
|
16.9 |
% |
|
EMEA Sales |
|
|
2,185.7 |
|
|
|
1,585.6 |
|
|
37.9 |
% |
|
|
1,840.8 |
|
|
18.7 |
% |
|
Asia Sales |
|
|
2,675.2 |
|
|
|
2,170.1 |
|
|
23.3 |
% |
|
|
2,632.9 |
|
|
1.6 |
% |
|
_________________________
(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 2022 Ending on July 2, 2022 |
|
|
|
|
|
|
Guidance Range |
|
Midpoint |
Sales |
|
$6.0B – $6.4B |
|
$6.2B |
Adjusted Diluted EPS(1) |
|
$1.90 – $2.00 |
|
$1.95 |
_________________________
(1) |
A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release. |
Вышеуказанные рекомендации основаны на текущих рыночных условиях и наличии запасов, текущем состоянии ограничений COVID и геополитических событиях. Вышеуказанные рекомендации исключают амортизацию нематериальных активов, возможность усиления ограничений на COVID, любые дополнительные расходы, связанные с российско-украинским конфликтом, и определенные корректировки подоходного налога. Приведенное выше руководство предполагает, что эффективная налоговая ставка составляет от 21% до 25%. Приведенные выше рекомендации предполагают, что среднее количество разводненных акций в обращении составляет 99 миллионов, а также курсы обмена валют по отношению к доллару США, как показано в таблице ниже:
|
|
Q4 Fiscal |
|
|
|
|
|
|
2022 |
|
Q3 Fiscal |
|
Q4 Fiscal |
|
|
Guidance |
|
2022 |
|
2021 |
Euro |
|
$1.08 |
|
$1.12 |
|
$1.20 |
GBP |
|
$1.30 |
|
$1.34 |
|
$1.40 |
Подробности сегодняшней телефонной конференции и веб-трансляции
Avnet проведет ежеквартальную веб-трансляцию и телеконференцию сегодня в 1:30 вечера по североамериканскому времени и в 4:30 вечера по восточному времени, чтобы обсудить свои финансовые результаты и предоставить обновленную корпоративную информацию. Доступ к веб-трансляции можно получить через веб-страницу Avnet по связям с инвесторами по адресу: https://ir .Avnet.com .
Те, кто все еще хотел бы принять участие в прямом эфире, могут набрать 877-407-8112 или 201-689-8840. Воспроизведение конференц-звонка будет доступно в течение 90 дней, до 26 июля 2022 года в 17:00 вечера по восточному времени, и к нему можно получить доступ, набрав: 877-660-6853 или 201-612-7415 и используя идентификатор конференции: 13726985.
Прогнозные заявления
Этот документ содержит прогнозные заявления по смыслу Раздела 27A Закона о ценных бумагах 1933 года с внесенными в него поправками и Раздела 21E Закона о ценных бумагах и биржах 1934 года с внесенными в него поправками в отношении финансового состояния, результатов операций и бизнеса Компании. Вы можете найти многие из этих утверждений, поискав такие слова, как “полагает”, “прогнозируется”, “планирует”, “ожидает”, “ожидает”, “должен”, “будет”, “может”, “оценивает” или аналогичные выражения. Эти прогнозные заявления подвержены многочисленным допущениям, рискам и неопределенностям. Следующие важные факторы, в дополнение к тем, которые обсуждаются в годовом отчете компании по форме 10-K за финансовый год, закончившийся 3 июля, 2021 и последующих квартальных отчетах по форме 10-Q и текущие отчеты по форме 8-К, может повлиять на будущее компании результатов операций, и может вызвать те или другие результаты результаты могут существенно отличаться от выраженных или подразумеваемых в прогнозных заявлениях: геополитические события и военные конфликты, эпидемии и других связанных со здоровьем кризисов, в том числе COVID-19; конкуренция среди дистрибьюторов электронных компонентов; промышленности, спада в полупроводниках; взаимоотношения с ключевыми поставщиками и перерасчеты поставщиками продукции; риски, связанные с деятельностью компании по международным продажам и операциям, в том числе риски, связанные с возможностью репатриации денежных, валютных колебаний, инфляции, налогов и пошлин, а также соблюдение международных и американских законов; риски, связанные с приобретением, отчуждением активов и инвестиций; вредное воздействие на цепочки поставок, операции, ее распределительные центры, транспортные расходы, сторонние поставщики услуг, заказчики и поставщики, в том числе в результате проблем, возникающих при военных конфликтах, природных и климатических стихийных бедствий, эпидемий и здоровья обзоры кризиса, склад, модернизации и перемещению усилия; риски, связанные с кибератаками, другие конфиденциальности и безопасности инцидентов и сбоев информационных систем, в том числе связанные с настоящей или будущей реализации, интеграции и модернизации; общих экономических и деловых условий (внутренней, внешней и глобальной), влияющие на деятельность компании и финансовые показатели и, косвенно, компании кредитных рейтингов, долговых обязательств соблюдения ликвидности и доступа к источникам финансирования; ограничения на удержание персонала и трудоустройстве; а также законодательные или нормативные изменения, влияющие на бизнес компании.
Любое прогнозное заявление относится только к дате, на которую это заявление сделано. За исключением случаев, предусмотренных законом, Компания не берет на себя никаких обязательств по обновлению каких-либо прогнозных заявлений, чтобы отразить события или обстоятельства, которые произошли после даты, на которую сделано заявление.
Являясь ведущим мировым дистрибьютором технологий и поставщиком решений, Avnet уже целое столетие удовлетворяет меняющиеся потребности клиентов. Мы поддерживаем клиентов на каждом этапе жизненного цикла продукта, от идеи до дизайна и от прототипа до производства. Наше уникальное положение в центре технологической цепочки создания стоимости позволяет нам ускорить этапы проектирования и поставки продукции, чтобы клиенты могли быстрее получать прибыль. Десятилетие за десятилетием Avnet помогает своим клиентам и поставщикам по всему миру реализовать преобразующие возможности технологий. Узнайте больше об Avnet на сайте www.Avnet.com . (AVT_IR)
Avnet, INC. |
|||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||
(UNAUDITED) |
|||||||||||||||||
|
|
Third Quarters Ended |
|
Nine Months Ended |
|
||||||||||||
|
|
April 2, |
|
April 3, |
|
April 2, |
|
April 3, |
|
||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
||||
|
|
(Thousands, except per share data) |
|
||||||||||||||
Sales |
|
$ |
6,488,143 |
|
|
$ |
4,916,714 |
|
|
$ |
17,938,055 |
|
|
$ |
14,307,945 |
|
|
Cost of sales |
|
|
5,675,110 |
|
|
|
4,348,364 |
|
|
|
15,752,295 |
|
|
|
12,712,262 |
|
|
Gross profit |
|
|
813,033 |
|
|
|
568,350 |
|
|
|
2,185,760 |
|
|
|
1,595,683 |
|
|
Selling, general and administrative expenses |
|
|
512,364 |
|
|
|
463,092 |
|
|
|
1,499,904 |
|
|
|
1,376,333 |
|
|
Russian-Ukraine conflict related expenses |
|
|
26,261 |
|
|
|
— |
|
|
|
26,261 |
|
|
|
— |
|
|
Restructuring, integration and other expenses |
|
|
— |
|
|
|
17,574 |
|
|
|
5,272 |
|
|
|
55,943 |
|
|
Operating income |
|
|
274,408 |
|
|
|
87,684 |
|
|
|
654,323 |
|
|
|
163,407 |
|
|
Other (expense) income, net |
|
|
(469 |
) |
|
|
4,779 |
|
|
|
858 |
|
|
|
(16,052 |
) |
|
Interest and other financing expenses, net |
|
|
(25,914 |
) |
|
|
(22,342 |
) |
|
|
(70,388 |
) |
|
|
(66,128 |
) |
|
Income before taxes |
|
|
248,025 |
|
|
|
70,121 |
|
|
|
584,793 |
|
|
|
81,227 |
|
|
Income tax expense (benefit) |
|
|
64,608 |
|
|
|
(37,363 |
) |
|
|
139,237 |
|
|
|
(26,532 |
) |
|
Net income |
|
$ |
183,417 |
|
|
$ |
107,484 |
|
|
$ |
445,556 |
|
|
$ |
107,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.86 |
|
|
$ |
1.08 |
|
|
$ |
4.50 |
|
|
$ |
1.09 |
|
|
Diluted |
|
$ |
1.84 |
|
|
$ |
1.07 |
|
|
$ |
4.44 |
|
|
$ |
1.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shares used to compute earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
98,659 |
|
|
|
99,542 |
|
|
|
99,113 |
|
|
|
99,125 |
|
|
Diluted |
|
|
99,486 |
|
|
|
100,247 |
|
|
|
100,296 |
|
|
|
100,013 |
|
|
Cash dividends paid per common share |
|
$ |
0.26 |
|
|
$ |
0.21 |
|
|
$ |
0.74 |
|
|
$ |
0.63 |
|
|
Avnet, INC. |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(UNAUDITED) |
|||||||
|
|
April 2, |
|
July 3, |
|
||
|
|
2022 |
|
2021 |
|
||
|
|
(Thousands) |
|
||||
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
199,457 |
|
$ |
199,691 |
|
Receivables |
|
|
4,164,573 |
|
|
3,576,130 |
|
Inventories |
|
|
3,680,821 |
|
|
3,236,837 |
|
Prepaid and other current assets |
|
|
172,792 |
|
|
150,763 |
|
Total current assets |
|
|
8,217,643 |
|
|
7,163,421 |
|
Property, plant and equipment, net |
|
|
323,420 |
|
|
368,452 |
|
Goodwill |
|
|
805,384 |
|
|
838,105 |
|
Intangible assets, net |
|
|
15,975 |
|
|
28,539 |
|
Operating lease assets |
|
|
245,149 |
|
|
265,988 |
|
Other assets |
|
|
174,102 |
|
|
260,917 |
|
Total assets |
|
$ |
9,781,673 |
|
$ |
8,925,422 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Short-term debt |
|
$ |
424,182 |
|
$ |
23,078 |
|
Accounts payable |
|
|
2,968,845 |
|
|
2,401,357 |
|
Accrued expenses and other |
|
|
616,079 |
|
|
572,457 |
|
Short-term operating lease liabilities |
|
|
56,682 |
|
|
58,346 |
|
Total current liabilities |
|
|
4,065,788 |
|
|
3,055,238 |
|
Long-term debt |
|
|
922,041 |
|
|
1,191,329 |
|
Long-term operating lease liabilities |
|
|
216,609 |
|
|
239,838 |
|
Other liabilities |
|
|
320,515 |
|
|
354,833 |
|
Total liabilities |
|
|
5,524,953 |
|
|
4,841,238 |
|
Shareholders’ equity |
|
|
4,256,720 |
|
|
4,084,184 |
|
Total liabilities and shareholders’ equity |
|
$ |
9,781,673 |
|
$ |
8,925,422 |
|
Avnet, INC. |
|||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||
(UNAUDITED) |
|||||||||
|
|
Nine Months Ended |
|
||||||
|
|
April 2, 2022 |
|
April 3, 2021 |
|
||||
|
|
(Thousands) |
|
||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||
Net income |
|
$ |
445,556 |
|
|
$ |
107,759 |
|
|
|
|
|
|
|
|
|
|
||
Non-cash and other reconciling items: |
|
|
|
|
|
|
|
||
Depreciation |
|
|
65,719 |
|
|
|
67,462 |
|
|
Amortization |
|
|
12,034 |
|
|
|
35,730 |
|
|
Amortization of operating lease assets |
|
|
40,298 |
|
|
|
42,054 |
|
|
Deferred income taxes |
|
|
1,423 |
|
|
|
11,510 |
|
|
Stock-based compensation |
|
|
28,638 |
|
|
|
22,293 |
|
|
Impairments |
|
|
— |
|
|
|
15,166 |
|
|
Other, net |
|
|
47,667 |
|
|
|
7,558 |
|
|
Changes in (net of effects from businesses acquired and divested): |
|
|
|
|
|
|
|
||
Receivables |
|
|
(880,957 |
) |
|
|
(405,700 |
) |
|
Inventories |
|
|
(549,999 |
) |
|
|
63,017 |
|
|
Accounts payable |
|
|
628,822 |
|
|
|
224,151 |
|
|
Accrued expenses and other, net |
|
|
141,381 |
|
|
|
6,526 |
|
|
Net cash flows (used) provided by operating activities |
|
|
(19,418 |
) |
|
|
197,526 |
|
|
|
|
|
|
|
|
|
|
||
Cash flows from financing activities: |
|
|
|
|
|
|
|
||
Borrowings under accounts receivable securitization, net |
|
|
57,400 |
|
|
|
— |
|
|
Repayments under senior unsecured credit facility, net |
|
|
— |
|
|
|
(232,347 |
) |
|
Borrowings (repayments) under bank credit facilities and other debt, net |
|
|
117,982 |
|
|
|
(2,192 |
) |
|
Repurchases of common stock |
|
|
(88,952 |
) |
|
|
— |
|
|
Dividends paid on common stock |
|
|
(73,253 |
) |
|
|
(62,400 |
) |
|
Other, net |
|
|
(16,853 |
) |
|
|
(11,455 |
) |
|
Net cash flows used for financing activities |
|
|
(3,676 |
) |
|
|
(308,394 |
) |
|
|
|
|
|
|
|
|
|
||
Cash flows from investing activities: |
|
|
|
|
|
|
|
||
Purchases of property, plant and equipment |
|
|
(33,679 |
) |
|
|
(39,001 |
) |
|
Acquisitions of assets and businesses |
|
|
— |
|
|
|
(18,371 |
) |
|
Proceeds from liquidation of Company owned life insurance policies |
|
|
84,343 |
|
|
|
— |
|
|
Other, net |
|
|
724 |
|
|
|
6,201 |
|
|
Net cash flows provided (used) for investing activities |
|
|
51,388 |
|
|
|
(51,171 |
) |
|
Effect of currency exchange rate changes on cash and cash equivalents |
|
|
(28,528 |
) |
|
|
7,750 |
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
||
— decrease |
|
|
(234 |
) |
|
|
(154,289 |
) |
|
— at beginning of period |
|
|
199,691 |
|
|
|
477,038 |
|
|
— at end of period |
|
$ |
199,457 |
|
|
$ |
322,749 |
|
|
Финансовая информация, не относящаяся к ОПБУ
В дополнение к раскрытию финансовых результатов, которые определяются в соответствии с общепринятыми принципами бухгалтерского учета в Соединенных Штатах (“GAAP”), Компания также раскрывает определенную финансовую информацию, не относящуюся к GAAP, включая (i) скорректированный операционный доход, (ii) скорректированные операционные расходы, (iii) скорректированные прочие доходы (расходы), (iv) скорректированный доход до вычета налогов на прибыль, (v) скорректированные расходы (льготы) по налогу на прибыль, (vi) скорректированная разводненная прибыль на акцию и (vii) продажи, скорректированные с учетом влияния значительных приобретений и других статей (как определено в разделе "Органические продажи" настоящего документа).
Есть также ссылки на влияние иностранной валюты при обсуждении результатов деятельности Компании. Когда доллар США укрепляется, а более высокие обменные курсы текущего года используются для пересчета результатов операций дочерних компаний Avnet, выраженных в иностранной валюте, результирующим воздействием является снижение отчетных результатов в долларах США. И наоборот, когда доллар США ослабевает и более слабые обменные курсы текущего года используются для пересчета результатов операций дочерних компаний Avnet, выраженных в иностранной валюте, результирующим воздействием является увеличение отчетных результатов в долларах США. При обсуждении результатов деятельности Компании результаты, исключающие это влияние, называются “постоянной валютой”. Руководство считает, что органические продажи и продажи в постоянной валюте являются полезными показателями для оценки результатов текущего периода по сравнению с предыдущими периодами и для понимания основных тенденций. Чтобы определить влияние пересчета изменений обменных курсов иностранных валют на статьи продаж, доходов или расходов дочерних компаний, отчитывающихся в валютах, отличных от доллара США, Компания корректирует средние обменные курсы, используемые в текущих периодах, чтобы они соответствовали средним обменным курсам, действовавшим в течение сравнительного периода.
Руководство считает, что операционные доходы и операционные расходы, скорректированные с учетом реструктуризации, интеграции и прочих расходов, расходов, связанных с российско-украинским конфликтом, гудвилла и расходов на обесценение нематериальных активов, а также амортизации приобретенных нематериальных активов и прочего, являются полезными мерами, которые помогут инвесторам лучше оценить и понять операционные показатели Компании. Это особенно актуально при сравнении результатов с предыдущими периодами или прогнозировании результатов на будущие периоды, прежде всего потому, что руководство считает исключенные статьи выходящими за рамки обычных операционных результатов Avnet или неденежными по своей природе. Руководство анализирует операционные доходы и операционные расходы без учета влияния этих статей в качестве показателя текущей рентабельности и основных тенденций в бизнесе. Руководство также использует эти показатели, не относящиеся к GAAP, для определения операционных целей и, в большинстве случаев, для оценки эффективности в целях компенсации. Руководство оценивает операционный доход по отчетным сегментам, исключая расходы на реструктуризацию, интеграцию и прочие расходы, расходы, связанные с российско-украинским конфликтом, расходы на гудвилл и обесценение нематериальных активов, амортизацию приобретенных нематериальных активов и прочее.
Дополнительными показателями, не относящимися к GAAP, которые использует руководство, является скорректированная маржа операционного дохода, которая определяется как скорректированный операционный доход (как определено выше), деленный на объем продаж.
Руководство также считает, что расходы (выгоды) по налогу на прибыль, чистая прибыль и разводненная прибыль (убыток) на акцию, скорректированные с учетом влияния статей, описанных выше, и определенных статей, влияющих на прочие доходы (расходы) и расходы (выгоды) по налогу на прибыль, полезны для инвесторов, поскольку они обеспечивают показатель чистой прибыльности Компании на более сопоставимой основе с историческими периодами и обеспечивают более значимую основу для прогнозирования будущих результатов. Корректировки расходов (выгод) по налогу на прибыль и эффективной ставки налога на прибыль включают влияние изменений в налоговом законодательстве, определенных изменений в оценочных резервах и непризнанных налоговых льготах, расчетов по налогу на прибыль и корректировок скорректированной промежуточной эффективной налоговой ставки на основе ожидаемой годовой скорректированной эффективной налоговой ставки. Кроме того, поскольку руководство сосредоточено на создании акционерной стоимости, основным фактором которой является чистая прибыльность, руководство считает, что чистая прибыль (убыток) и разводненная прибыль (убыток) на акцию без учета влияния этих статей являются важным показателем чистой прибыльности Компании для инвестирующей общественности.
Любой анализ результатов и перспектив на основе, отличной от GAAP, должен использоваться в качестве дополнения и в сочетании с результатами, представленными в соответствии с GAAP.
|
|
|
Fiscal |
|
Quarters Ended |
||||||||||||
|
|
|
Year to Date |
|
April 2, |
|
January 1, |
|
October 2, |
||||||||
|
|
|
2022* |
|
2022* |
|
2022* |
|
2021* |
||||||||
|
|
|
($ in thousands, except per share amounts) |
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP selling, general and administrative expenses |
|
|
$ |
1,499,904 |
|
|
$ |
512,364 |
|
|
$ |
501,363 |
|
|
|
486,178 |
|
Amortization of intangible assets and other |
|
|
|
(12,109 |
) |
|
|
(3,074 |
) |
|
|
(3,796 |
) |
|
|
(5,239 |
) |
Adjusted operating expenses |
|
|
|
1,487,795 |
|
|
|
509,290 |
|
|
|
497,567 |
|
|
|
480,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP operating income |
|
|
$ |
654,323 |
|
|
$ |
274,408 |
|
|
$ |
211,672 |
|
|
|
168,243 |
|
Restructuring, integration and other expenses |
|
|
|
5,272 |
|
|
|
- |
|
|
|
- |
|
|
|
5,272 |
|
Russian-Ukraine conflict related expenses |
|
|
|
26,261 |
|
|
|
26,261 |
|
|
|
- |
|
|
|
- |
|
Amortization of intangible assets and other |
|
|
|
12,109 |
|
|
|
3,074 |
|
|
|
3,796 |
|
|
|
5,239 |
|
Adjusted operating income |
|
|
|
697,965 |
|
|
|
303,743 |
|
|
|
215,468 |
|
|
|
178,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP income before income taxes |
|
|
$ |
584,793 |
|
|
$ |
248,025 |
|
|
$ |
191,779 |
|
|
|
144,990 |
|
Restructuring, integration and other expenses |
|
|
|
5,272 |
|
|
|
- |
|
|
|
- |
|
|
|
5,272 |
|
Russian-Ukraine conflict related expenses |
|
|
|
26,261 |
|
|
|
26,261 |
|
|
|
- |
|
|
|
- |
|
Amortization of intangible assets and other |
|
|
|
12,109 |
|
|
|
3,074 |
|
|
|
3,796 |
|
|
|
5,239 |
|
Other expenses |
|
|
|
441 |
|
|
|
- |
|
|
|
- |
|
|
|
441 |
|
Adjusted income before income taxes |
|
|
|
628,876 |
|
|
|
277,360 |
|
|
|
195,575 |
|
|
|
155,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP income tax expense |
|
|
$ |
139,237 |
|
|
$ |
64,608 |
|
|
$ |
40,958 |
|
|
|
33,672 |
|
Restructuring, integration and other expenses |
|
|
|
1,012 |
|
|
|
- |
|
|
|
- |
|
|
|
1,012 |
|
Russian-Ukraine conflict related expenses |
|
|
|
6,836 |
|
|
|
6,836 |
|
|
|
- |
|
|
|
- |
|
Amortization of intangible assets and other |
|
|
|
2,369 |
|
|
|
667 |
|
|
|
704 |
|
|
|
998 |
|
Other expenses |
|
|
|
136 |
|
|
|
- |
|
|
|
- |
|
|
|
136 |
|
Income tax (expense) benefit items, net |
|
|
|
(8,766 |
) |
|
|
(8,613 |
) |
|
|
2,917 |
|
|
|
(3,070 |
) |
Adjusted income tax expense |
|
|
|
140,824 |
|
|
|
63,498 |
|
|
|
44,579 |
|
|
|
32,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP net income |
|
|
$ |
445,556 |
|
|
$ |
183,417 |
|
|
$ |
150,821 |
|
|
|
111,318 |
|
Restructuring, integration and other expenses (net of tax) |
|
|
|
4,260 |
|
|
|
- |
|
|
|
- |
|
|
|
4,260 |
|
Russian-Ukraine conflict related expenses (net of tax) |
|
|
|
19,425 |
|
|
|
19,425 |
|
|
|
- |
|
|
|
- |
|
Amortization of intangible assets and other (net of tax) |
|
|
|
9,740 |
|
|
|
2,407 |
|
|
|
3,092 |
|
|
|
4,241 |
|
Other expenses (net of tax) |
|
|
|
305 |
|
|
|
- |
|
|
|
- |
|
|
|
305 |
|
Income tax expense (benefit) items, net |
|
|
|
8,766 |
|
|
|
8,613 |
|
|
|
(2,917 |
) |
|
|
3,070 |
|
Adjusted net income |
|
|
|
488,052 |
|
|
|
213,862 |
|
|
|
150,996 |
|
|
|
123,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP diluted earnings per share |
|
|
$ |
4.44 |
|
|
$ |
1.84 |
|
|
$ |
1.50 |
|
|
|
1.10 |
|
Restructuring, integration and other expenses (net of tax) |
|
|
|
0.04 |
|
|
|
- |
|
|
|
- |
|
|
|
0.04 |
|
Russian-Ukraine conflict related expenses (net of tax) |
|
|
|
0.19 |
|
|
|
0.20 |
|
|
|
- |
|
|
|
- |
|
Amortization of intangible assets and other (net of tax) |
|
|
|
0.10 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.04 |
|
Other expenses (net of tax) |
|
|
|
0.00 |
|
|
|
- |
|
|
|
- |
|
|
|
0.00 |
|
Income tax expense (benefit) items, net |
|
|
|
0.09 |
|
|
|
0.09 |
|
|
|
(0.03 |
) |
|
|
0.03 |
|
Adjusted diluted EPS |
|
|
|
4.87 |
|
|
|
2.15 |
|
|
|
1.51 |
|
|
|
1.22 |
|
_________________
| * May not foot/cross foot due to rounding. |
|
|
|
Quarters Ended |
||||||||||||||||
|
Fiscal Year |
|
July 3, |
|
April 3, |
|
January 2, |
|
October 3, |
||||||||||
|
2021* |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
||||||
|
($ in thousands, except per share amounts) |
||||||||||||||||||
GAAP selling, general and administrative expenses |
$ |
1,874,831 |
|
|
$ |
498,497 |
|
|
$ |
463,092 |
|
|
$ |
442,084 |
|
|
$ |
471,158 |
|
Amortization of intangible assets and other |
|
(41,245 |
) |
|
|
(5,370 |
) |
|
|
(5,283 |
) |
|
|
(10,417 |
) |
|
|
(20,175 |
) |
Adjusted operating expenses |
|
1,833,586 |
|
|
|
493,127 |
|
|
|
457,809 |
|
|
|
431,667 |
|
|
|
450,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP operating income |
$ |
281,408 |
|
|
$ |
118,001 |
|
|
$ |
87,684 |
|
|
$ |
57,221 |
|
|
$ |
18,502 |
|
Restructuring, integration and other expenses |
|
84,391 |
|
|
|
28,449 |
|
|
|
17,574 |
|
|
|
11,948 |
|
|
|
26,420 |
|
Amortization of intangible assets and other |
|
41,245 |
|
|
|
5,370 |
|
|
|
5,283 |
|
|
|
10,417 |
|
|
|
20,175 |
|
Adjusted operating income |
|
407,044 |
|
|
|
151,820 |
|
|
|
110,541 |
|
|
|
79,586 |
|
|
|
65,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP income (loss) before income taxes |
$ |
172,929 |
|
|
$ |
91,701 |
|
|
$ |
70,121 |
|
|
$ |
34,403 |
|
|
$ |
(23,297 |
) |
Restructuring, integration and other expenses |
|
84,391 |
|
|
|
28,449 |
|
|
|
17,574 |
|
|
|
11,948 |
|
|
|
26,420 |
|
Amortization of intangible assets and other |
|
41,245 |
|
|
|
5,370 |
|
|
|
5,283 |
|
|
|
10,417 |
|
|
|
20,175 |
|
Other expenses - equity investment impairments and other |
|
20,413 |
|
|
|
5,139 |
|
|
|
- |
|
|
|
51 |
|
|
|
15,223 |
|
Adjusted income before income taxes |
|
318,978 |
|
|
|
130,659 |
|
|
|
92,978 |
|
|
|
56,819 |
|
|
|
38,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP income tax expense (benefit) |
$ |
(20,185 |
) |
|
$ |
6,346 |
|
|
$ |
(37,363 |
) |
|
$ |
15,240 |
|
|
$ |
(4,408 |
) |
Restructuring, integration and other expenses |
|
17,468 |
|
|
|
6,172 |
|
|
|
4,118 |
|
|
|
2,577 |
|
|
|
4,601 |
|
Amortization of intangible assets and other |
|
9,099 |
|
|
|
1,025 |
|
|
|
1,008 |
|
|
|
2,037 |
|
|
|
5,029 |
|
Other expenses - equity investment impairments and other |
|
90 |
|
|
|
38 |
|
|
|
- |
|
|
|
26 |
|
|
|
26 |
|
Income tax benefit (expense) items, net |
|
41,275 |
|
|
|
4,091 |
|
|
|
50,682 |
|
|
|
(10,788 |
) |
|
|
(2,710 |
) |
Adjusted income tax expense |
|
47,747 |
|
|
|
17,672 |
|
|
|
18,445 |
|
|
|
9,092 |
|
|
|
2,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP net income (loss) |
$ |
193,114 |
|
|
$ |
85,355 |
|
|
$ |
107,484 |
|
|
$ |
19,163 |
|
|
$ |
(18,889 |
) |
Restructuring, integration and other expenses (net of tax) |
|
66,923 |
|
|
|
22,277 |
|
|
|
13,456 |
|
|
|
9,371 |
|
|
|
21,819 |
|
Amortization of intangible assets and other (net of tax) |
|
32,146 |
|
|
|
4,345 |
|
|
|
4,275 |
|
|
|
8,380 |
|
|
|
15,146 |
|
Other expenses - equity investment impairments and other (net of tax) |
|
20,323 |
|
|
|
5,101 |
|
|
|
- |
|
|
|
25 |
|
|
|
15,197 |
|
Income tax (benefit) expense items, net |
|
(41,275 |
) |
|
|
(4,091 |
) |
|
|
(50,682 |
) |
|
|
10,788 |
|
|
|
2,710 |
|
Adjusted net income |
|
271,231 |
|
|
|
112,987 |
|
|
|
74,533 |
|
|
|
47,727 |
|
|
|
35,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP diluted earnings (loss) per share |
$ |
1.93 |
|
|
$ |
0.85 |
|
|
$ |
1.07 |
|
|
$ |
0.19 |
|
|
$ |
(0.19 |
) |
Restructuring, integration and other expenses (net of tax) |
|
0.67 |
|
|
|
0.22 |
|
|
|
0.13 |
|
|
|
0.09 |
|
|
|
0.22 |
|
Amortization of intangible assets and other (net of tax) |
|
0.32 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.09 |
|
|
|
0.15 |
|
Other expenses - equity investment impairments and other (net of tax) |
|
0.20 |
|
|
|
0.05 |
|
|
|
- |
|
|
|
0.00 |
|
|
|
0.15 |
|
Income tax (benefit) expense items, net |
|
(0.41 |
) |
|
|
(0.04 |
) |
|
|
(0.50 |
) |
|
|
0.11 |
|
|
|
0.03 |
|
Adjusted diluted EPS |
|
2.71 |
|
|
|
1.12 |
|
|
|
0.74 |
|
|
|
0.48 |
|
|
|
0.36 |
|
_________________
| * May not foot/cross foot due to rounding and differences in average diluted shares between quarterly periods compared to the fiscal year to date. |
Органические продажи определяются как продажи, скорректированные с учетом влияния значительных приобретений, отчуждений и других статей путем корректировки предыдущих и текущих периодов Avnet (при необходимости), чтобы включить продажи приобретенных предприятий и исключить продажи отчужденных предприятий, как если бы приобретения и отчуждения произошли в начале самого раннего представленного периода. Кроме того, продажи в 2021 финансовом году скорректированы с учетом предполагаемого влияния дополнительной недели продаж в первом квартале 2021 финансового года в связи с 14-недельным первым кварталом финансового года и 53-недельным финансовым годом. Органические продажи в постоянной валюте определяются как органические продажи (как определено выше) без учета влияния изменений обменных курсов иностранных валют.
В результате снижения продаж из-за расторжения дистрибьюторского соглашения TI в декабре 2020 года темпы органического роста продаж также были скорректированы, чтобы исключить продажи продуктов TI.
Отчетные продажи были такими же, как и органические продажи за третий квартал и первые девять месяцев 2022 финансового года. В следующей таблице представлена сверка отчетных продаж с органическими продажами за третий квартал и первые девять месяцев 2021 финансового года.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|||||||||||||||||||||
|
|
Sales |
|
|
|
|
|
Organic |
|
|
|
|
Estimated |
|
|
|
|
|
|
|
Organic |
||||
|
|
As Reported |
|
|
|
|
Sales |
|
Sales |
|
Extra |
|
Organic |
|
|
|
Sales |
||||||||
|
|
and Organic |
|
TI Sales |
|
|
Adj for TI |
|
As Reported |
|
Week in |
|
Sales |
|
TI Sales |
|
Adj for TI |
||||||||
|
|
Q3-Fiscal |
|
Q3-Fiscal |
|
|
Q3-Fiscal |
|
Q3-Fiscal |
|
Fiscal |
|
Q3-Fiscal |
|
Q3-Fiscal |
|
Q3-Fiscal |
||||||||
|
|
2021 |
|
2021(1) |
|
|
2021(1) |
|
2021 |
|
2021(2) |
|
2021 |
|
2021(1) |
|
2021(1) |
||||||||
|
|
(in millions) |
|||||||||||||||||||||||
Avnet |
|
$ |
4,916.7 |
|
$ |
1.7 |
|
|
$ |
4,915.0 |
|
$ |
14,307.9 |
|
$ |
306.0 |
|
$ |
14,001.9 |
|
$ |
292.2 |
|
$ |
13,709.7 |
Avnet by region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Americas |
|
$ |
1,161.0 |
|
$ |
0.4 |
|
|
$ |
1,160.6 |
|
$ |
3,468.1 |
|
$ |
77.0 |
|
$ |
3,391.1 |
|
$ |
82.9 |
|
$ |
3,308.2 |
EMEA |
|
|
1,585.6 |
|
|
0.5 |
|
|
|
1,585.1 |
|
|
4,412.6 |
|
|
97.0 |
|
|
4,315.6 |
|
|
124.2 |
|
|
4,191.4 |
Asia |
|
|
2,170.1 |
|
|
0.8 |
|
|
|
2,169.3 |
|
|
6,427.2 |
|
|
132.0 |
|
|
6,295.2 |
|
|
85.1 |
|
|
6,210.1 |
Avnet by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EC |
|
$ |
4,520.6 |
|
$ |
1.7 |
|
|
$ |
4,518.9 |
|
$ |
13,245.1 |
|
$ |
284.0 |
|
$ |
12,961.1 |
|
$ |
292.2 |
|
$ |
12,668.9 |
Farnell |
|
|
396.1 |
|
|
— |
|
|
|
396.1 |
|
|
1,062.8 |
|
|
22.0 |
|
|
1,040.8 |
|
|
— |
|
|
1,040.8 |
_________________
| (1) | Sales adjusted for the impact of the termination of the TI distribution contract. |
(2) |
The impact of the additional week of sales in the first quarter of fiscal 2021 is estimated. |
В следующей таблице представлены отчетные и органические темпы роста продаж за третий квартал и первые девять месяцев 2022 финансового года по сравнению с 2021 финансовым годом.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
||||||||||||||||||||
|
|
|
|
|
|
|
Organic |
|
|
|
|
|
|
|
|
|
|
|
Organic |
|||||
|
|
|
|
|
Sales |
|
Sales |
|
|
|
|
Sales |
|
|
|
|
Organic |
|
Sales |
|||||
|
|
|
|
|
As Reported |
|
Adj for TI |
|
|
|
|
As Reported |
|
|
|
|
Sales |
|
Adj for TI |
|||||
|
|
Sales |
|
Year-Year % |
|
Year-Year % |
|
Sales |
|
Year-Year % |
|
Organic |
|
Year-Year % |
|
Year-Year % |
||||||||
|
|
As Reported |
|
Change in |
|
Change in |
|
As Reported |
|
Change in |
|
Sales |
|
Change in |
|
Change in |
||||||||
|
|
Year-Year |
|
Constant |
|
Constant |
|
Year-Year |
|
Constant |
|
Year-Year |
|
Constant |
|
Constant |
||||||||
|
|
% Change |
|
Currency |
|
Currency(1) |
|
% Change |
|
Currency |
|
% Change |
|
Currency |
|
Currency(1) |
||||||||
Avnet |
|
32.0 |
% |
|
35.7 |
% |
|
35.7 |
% |
|
25.4 |
% |
|
26.9 |
% |
|
28.1 |
% |
|
29.6 |
% |
|
32.4 |
% |
Avnet by region |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Americas |
|
40.2 |
% |
|
40.2 |
% |
|
40.2 |
% |
|
23.3 |
% |
|
23.3 |
% |
|
26.1 |
% |
|
26.1 |
% |
|
29.3 |
% |
EMEA |
|
37.9 |
|
|
47.6 |
|
|
47.7 |
|
|
30.9 |
|
|
35.0 |
|
|
33.8 |
|
|
38.0 |
|
|
42.1 |
|
Asia |
|
23.3 |
|
|
24.5 |
|
|
24.5 |
|
|
22.7 |
|
|
23.3 |
|
|
25.3 |
|
|
25.9 |
|
|
27.6 |
|
Avnet by segment |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EC |
|
33.2 |
% |
|
36.9 |
% |
|
36.9 |
% |
|
25.1 |
% |
|
26.7 |
% |
|
27.9 |
% |
|
29.5 |
% |
|
32.5 |
% |
Farnell |
|
18.4 |
|
|
21.8 |
|
|
21.8 |
|
|
28.4 |
|
|
28.6 |
|
|
31.2 |
|
|
31.3 |
|
|
31.3 |
|
________________
(1) |
Sales growth rates excluding the impact of the termination of the TI distribution agreement. |
Historical Segment Financial Information |
||||||||||||||||
|
|
|
|
|
Fiscal 2022 |
|||||||||||
|
|
|
|
Quarters Ended |
||||||||||||
|
|
Fiscal |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
||||||||
|
|
Year to Date |
|
April 2, |
|
January 1, |
|
October 2, |
||||||||
|
|
2022* |
|
2022* |
|
2022 |
|
|
2021 |
|
||||||
|
|
(in millions) |
||||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electronic Components |
|
$ |
16,572.9 |
|
|
$ |
6,019.1 |
|
|
$ |
5,424.3 |
|
|
$ |
5,129.5 |
|
Farnell |
|
|
1,365.1 |
|
|
|
469.0 |
|
|
|
440.9 |
|
|
|
455.2 |
|
Avnet sales |
|
$ |
17,938.1 |
|
|
$ |
6,488.1 |
|
|
$ |
5,865.2 |
|
|
$ |
5,584.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electronic Components |
|
$ |
616.4 |
|
|
$ |
265.0 |
|
|
$ |
188.9 |
|
|
$ |
162.4 |
|
Farnell |
|
|
179.6 |
|
|
|
69.8 |
|
|
|
60.2 |
|
|
|
49.6 |
|
|
|
|
796.0 |
|
|
|
334.8 |
|
|
|
249.1 |
|
|
|
212.0 |
|
Corporate expenses |
|
|
(98.0 |
) |
|
|
(31.1 |
) |
|
|
(33.6 |
) |
|
|
(33.3 |
) |
Restructuring, integration and other expenses |
|
|
(5.3 |
) |
|
|
- |
|
|
|
- |
|
|
|
(5.3 |
) |
Russian-Ukraine conflict related expenses |
|
|
(26.3 |
) |
|
|
(26.3 |
) |
|
|
- |
|
|
|
- |
|
Amortization of acquired intangible assets and other |
|
|
(12.1 |
) |
|
|
(3.1 |
) |
|
|
(3.8 |
) |
|
|
(5.2 |
) |
Avnet operating income |
|
$ |
654.3 |
|
|
$ |
274.4 |
|
|
$ |
211.7 |
|
|
$ |
168.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales by geographic area: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas |
|
$ |
4,277.6 |
|
|
$ |
1,627.2 |
|
|
$ |
1,391.5 |
|
|
$ |
1,258.8 |
|
EMEA |
|
|
5,774.1 |
|
|
|
2,185.7 |
|
|
|
1,840.8 |
|
|
|
1,747.6 |
|
Asia |
|
|
7,886.4 |
|
|
|
2,675.2 |
|
|
|
2,632.9 |
|
|
|
2,578.3 |
|
Avnet sales |
|
$ |
17,938.1 |
|
|
$ |
6,488.1 |
|
|
$ |
5,865.2 |
|
|
$ |
5,584.7 |
|
| * May not foot/cross foot due to rounding. |
|
|
|
|
Fiscal Year 2021 |
||||||||||||||||
|
|
|
|
Quarters Ended |
||||||||||||||||
|
|
|
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
||||||||||
|
|
Fiscal Year |
|
July 3, |
|
April 3, |
|
January 2, |
|
October 3, |
||||||||||
|
|
2021* |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
||||||
|
|
(in millions) |
||||||||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electronic Components |
|
$ |
18,030.5 |
|
|
$ |
4,785.3 |
|
|
$ |
4,520.6 |
|
|
$ |
4,342.4 |
|
|
$ |
4,382.2 |
|
Farnell |
|
|
1,504.2 |
|
|
|
441.4 |
|
|
|
396.1 |
|
|
|
325.8 |
|
|
|
340.9 |
|
Avnet |
|
$ |
19,534.7 |
|
|
$ |
5,226.7 |
|
|
$ |
4,916.7 |
|
|
$ |
4,668.2 |
|
|
$ |
4,723.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electronic Components |
|
$ |
454.8 |
|
|
$ |
147.8 |
|
|
$ |
118.6 |
|
|
$ |
103.9 |
|
|
$ |
84.4 |
|
Farnell |
|
|
86.9 |
|
|
|
36.5 |
|
|
|
23.9 |
|
|
|
14.6 |
|
|
|
12.0 |
|
|
|
|
541.7 |
|
|
|
184.3 |
|
|
|
142.5 |
|
|
|
118.5 |
|
|
|
96.4 |
|
Corporate expenses |
|
|
(134.7 |
) |
|
|
(32.5 |
) |
|
|
(31.9 |
) |
|
|
(39.0 |
) |
|
|
(31.3 |
) |
Restructuring, integration and other expenses |
|
|
(84.4 |
) |
|
|
(28.4 |
) |
|
|
(17.6 |
) |
|
|
(11.9 |
) |
|
|
(26.4 |
) |
Amortization of acquired intangible assets and other |
|
|
(41.2 |
) |
|
|
(5.4 |
) |
|
|
(5.3 |
) |
|
|
(10.4 |
) |
|
|
(20.2 |
) |
Avnet operating income |
|
$ |
281.4 |
|
|
$ |
118.0 |
|
|
$ |
87.7 |
|
|
$ |
57.2 |
|
|
$ |
18.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Sales by geographic area: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Americas |
|
$ |
4,662.5 |
|
|
$ |
1,194.4 |
|
|
$ |
1,161.0 |
|
|
$ |
1,101.5 |
|
|
$ |
1,205.7 |
|
EMEA |
|
|
6,149.9 |
|
|
|
1,737.3 |
|
|
|
1,585.6 |
|
|
|
1,346.3 |
|
|
|
1,480.7 |
|
Asia |
|
|
8,722.3 |
|
|
|
2,295.0 |
|
|
|
2,170.1 |
|
|
|
2,220.4 |
|
|
|
2,036.7 |
|
Avnet |
|
$ |
19,534.7 |
|
|
$ |
5,226.7 |
|
|
$ |
4,916.7 |
|
|
$ |
4,668.2 |
|
|
$ |
4,723.1 |
|
| * May not foot/cross foot due to rounding. |
Согласование руководящих указаний
В следующей таблице представлена сверка ориентиров по разводненной прибыли на акцию, скорректированных не по ОПБУ, с ожидаемыми ориентирами по разводненной прибыли на акцию по ОПБУ на четвертый квартал 2022 финансового года.
|
|
Low End of |
|
High End of |
|
||||
|
|
Guidance Range |
|
Guidance Range |
|
||||
Adjusted diluted earnings per share guidance |
|
$ |
1.90 |
|
|
$ |
2.00 |
|
|
Amortization of intangibles and other (net of tax) |
|
|
(0.02 |
) |
|
|
(0.03 |
) |
|
Income tax expense adjustments |
|
|
0.45 |
|
|
|
0.35 |
|
|
GAAP diluted earnings per share guidance |
|
$ |
2.33 |
|
|
$ |
2.32 |
|
|
