This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Avnet, Inc. Reports Fourth Quarter Fiscal Year 2012 Results

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,        
2012 2011 Change
  $ in millions, except per share data
Sales $ 25,707.5 $ 26,534.4 -3.1 %
 
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.”

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs