Avnet, Inc. (NYSE:AVT) today announced results for the fourth quarter and fiscal year ended June 30, 2012.
Fiscal Year 2012 Results
|Fiscal Year Ended|
|June 30,||July 2,|
|$ in millions, except per share data|
|GAAP Operating Income||$||884.2||$||930.0||-4.9||%|
|Adjusted Operating Income (1)||$||957.8||$||1,007.2||-4.9||%|
|GAAP Net Income||$||567.0||$||669.1||-15.3||%|
|Adjusted Net Income (1)||$||607.9||$||666.6||-8.8||%|
|GAAP Diluted EPS||$||3.79||$||4.34||-12.7||%|
|Adjusted Diluted EPS (1)||$||4.06||$||4.32||-6.0||%|
(1) A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the Non-GAAP Financial Information section in this press release.
- Sales for the fiscal year ended June 30, 2012 decreased 3.1% from the prior fiscal year to $25.7 billion; pro forma revenue (as defined later in this release) was down 4.4% year over year and 4.1% in constant currency
- Adjusted operating income of $958 million, 3.7% of sales, decreased 4.9% year over year
- Adjusted diluted earnings per share of $4.06 decreased 6.0% year over year; GAAP diluted earnings per share was $3.79, down 12.7% year over year
- Cash flow from operations increased 90% year over year to $529 million
Rick Hamada, Chief Executive Officer, commented, “Our fiscal 2012 results reflect the impact of both a components supply chain correction that occurred in the earlier part of the year followed by slowing global economic growth during the latter part of the year. Despite these challenges, I believe our team executed and responded well, remaining focused on our long-term goals while making timely adjustments as necessary based on the environment. The market for electronic components was negatively impacted by the post-recovery inventory correction while IT spending growth contracted as global GDP growth rates slowed. As a result, we initiated expense reductions in the parts of the portfolio most impacted by these developments. These initiatives helped offset the impact of the revenue decline and, for the full fiscal year, we generated $958 million of adjusted operating income and $529 million of cash flow from operations. Supported by this strong cash flow, we invested $318 million in our stock repurchase program and another $313 million in value-creating M&A that strengthened our competitive position in key markets. With the heightened level of uncertainty around global economic growth, we enter fiscal 2013 poised to execute on our growth strategies yet will continue to manage the portfolio and react quickly to market conditions in order to continue to progress toward our long-term margin and return goals.”
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