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Avnet, Inc. Reports Fourth Quarter And Fiscal Year 2014 Results

Avnet, Inc. (NYSE:AVT) today announced results for the fourth quarter and the full fiscal year 2014 ended June 28, 2014.

Fiscal 2014 Results
  June 28, 2014           June 29, 2013           Change
$ in millions, except per share data
Sales $ 27,499.7 $ 25,458.9 8.0 %
GAAP Operating Income 789.9 626.0 26.2 %
Adjusted Operating Income (1) 931.3 807.9 15.3 %
GAAP Net Income 545.6 450.1 21.2 %
Adjusted Net Income (1) 594.1 507.8 17.0 %
GAAP Diluted EPS $ 3.89 $ 3.21 21.2 %
Adjusted Diluted EPS (1) $ 4.24 $ 3.63 16.8 %
(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.
  • Sales for the fiscal year increased 8.0% from the prior year to $27.5 billion; organic sales (as defined later in the document) were up 5.2% year over year and 4.8% in constant currency
  • Adjusted operating income of $931 million and 3.4% of sales, increased 15.3% year over year
  • Adjusted diluted earnings per share of $4.24 increased 16.8% year over year; GAAP diluted earnings per share of $3.89 was up 21.2% year over year
  • Cash flow from operations was $237 million and the Company returned $91 million of cash to shareholders through dividends and share repurchases

Rick Hamada, Chief Executive Officer, commented, “In fiscal 2014, our return to year-over-year growth helped drive meaningful improvements in our financial and operational performance. We added over $2 billion to our top line, expanded margins and returns, and grew adjusted diluted earnings per share at twice the rate of revenue. Led by double digit growth in our Electronics Marketing (EM) businesses in Asia and EMEA, enterprise revenue increased 8% and organic revenue was up 5%. The combination of revenue growth, relatively stable gross profit margin and continued expense discipline resulted in adjusted earnings per share growing 16.8% over fiscal 2013 to $4.24. During the year, we also invested in growth initiatives by strengthening our embedded systems capabilities at EM with the acquisition of MSC Technologies and expanding our datacenter solution capabilities by incorporating new technologies, services and partners to our TS offerings. We also modified our capital allocation priorities to incorporate a more consistent element of return to shareholders with the initiation of a dividend. As we enter fiscal 2015, we are poised to build on this performance and drive further improvements in both margins and returns as we continue to execute on our profitable growth initiatives across our portfolio.”

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