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Avnet, Inc. Reports Fourth Quarter Fiscal Year 2013 Results

Avnet, Inc. (NYSE:AVT) today announced results for the fourth quarter and fiscal year ended June 29, 2013.

Q4 Fiscal 2013 Results
    Fourth Quarter Ended
June 29,     June 30,    
2013 2012 Change
  $ in millions, except per share data
Sales $ 6,590.7 $ 6,307.4 4.5 %
 
GAAP Operating Income $ 162.8 $ 213.4 -23.7 %
Adjusted Operating Income (1) $ 222.7 $ 233.9 -4.8 %
 
GAAP Net Income $ 126.1 $ 133.4 -5.5 %
Adjusted Net Income (1) $ 135.8 $ 145.3 -6.5 %
 
GAAP Diluted EPS $ 0.91 $ 0.91 0.0 %
Adjusted Diluted EPS (1) $ 0.98 $ 0.99 -1.0 %

(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 quarter ended June 29, 2013 increased 4.5% year over year to $6.59 billion; organic revenue (as defined later in this release) was up 0.2% year over year and 0.5% in constant currency
  • Adjusted operating income decreased 4.8% year over year due primarily to a decline in gross profit margin in the EMEA region
  • Adjusted net income declined 6.5% year over year due primarily to the decline in gross profit margin and higher interest and other expenses
  • Adjusted diluted earnings per share declined 1.0% year over year to $0.98 as the decline in adjusted net income was partially offset by a lower share count as a result of the shares repurchased

Rick Hamada, Chief Executive Officer, commented, “Our Q4 results came in above our original expectations as better than expected sequential revenue growth at EM and our expense management actions combined to deliver significant bottom-line leverage resulting in operating income growing three times faster than revenue. Organic enterprise revenue in constant currency grew 5.0% sequentially, at the high end of normal seasonality as year-over-year growth crossed into positive territory for the first time in seven quarters. Adjusted operating income increased 14.2% sequentially and adjusted operating income margin was up 28 basis points with both operating groups contributing to this improvement. An improvement in working capital velocity, both sequentially and year over year, coupled with strong profits drove cash flow from operations of $267 million this quarter and $696 million for the full fiscal year. Given that the substantial majority of our previously announced restructuring initiatives have been implemented, and we are beginning to see various positive signals on our dashboards, we plan to build on this most recent performance and sustain progress toward our long-term goals.”

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