This Day On The Street
Continue to site
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 Second Quarter Fiscal Year 2013 Results

Avnet, Inc. (NYSE:AVT) today announced results for the second quarter fiscal year 2013 ended December 29, 2012.

Q2 Fiscal 2013 Results
December 29, December 31,
2012 2011 Change
$ in millions, except for per share data
Sales $ 6,699.5 $ 6,693.6 0.1 %
GAAP Operating Income 195.6 230.9 -15.3 %

Adjusted Operating Income (1)
220.5 265.4 -16.9 %
GAAP Net Income 137.5 147.0 -6.5 %

Adjusted Net Income (1)
140.0 172.0 -18.6 %
GAAP Diluted EPS $ 0.99 $ 0.98 1.0 %

Adjusted Diluted EPS (1)
$ 1.01 $ 1.15 -12.2 %


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 quarter ended December 29, 2012 were essentially flat year over year at $6.70 billion; pro forma revenue declined 5.7% year over year and 4.8% in constant currency
  • Adjusted operating income of $220.5 million declined 16.9% year over year and adjusted operating income margin of 3.3% declined 67 basis points; sequentially, adjusted operating income and operating income margin were up 60.5% and 95 basis points, respectively
  • Adjusted diluted earnings per share of $1.01 declined 12.2% year over year, but increased 71.2% sequentially driven by significant profit growth in the Technology Solutions (TS) segment

Rick Hamada, Chief Executive Officer, commented, “Our overall Q2 results reflect a stronger than expected performance despite some continuing concerns on the longer term macroeconomic environment. Our team was able to leverage our recent resource alignment activities along with a few bright spots in technology spending into significant sequential improvements in EPS, margins and returns. In the December quarter, sequential growth returned to seasonal trends after below seasonal growth over the past two quarters as revenue exceeded expectations at both operating groups. Driven by stronger than expected calendar year end spending on IT infrastructure at TS and accelerating growth in our Asia components business, revenue grew over 14% sequentially in reported dollars while pro forma revenue was up 9% in constant dollars. Combined with the cost reductions implemented, this top line growth resulted in sequential adjusted operating income growing four times faster than revenue and adjusted operating income margin increasing 95 basis points to 3.3%. While our performance this quarter attests to the leverage in our model, our served markets continue to reflect an uneven recovery as questions around global growth trends persist. In this environment, we will continue to react quickly to changes in market conditions and apply our value based management discipline across the portfolio to drive continued progress toward our long-term goals.”

1 of 8

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,061.92 +11.17 0.07%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,815.5790 +4.7910 0.10%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs