Avnet, Inc. Reports Second Quarter Fiscal Year 2014 Results

Year-Over-Year Growth Drives Increase in Earnings and Returns

PHOENIX — (BUSINESS WIRE) — January 23, 2014 — Avnet, Inc. (NYSE: AVT) today announced results for the second quarter fiscal year 2014 ended December 28, 2013.

   

Q2 Fiscal 2014 Results

 
SECOND QUARTERS ENDED
 

December 28,
2013

   

December 29,
2012

    Change
$ in millions, except per share data
Sales $7,421.9     $6,699.5     10.8 %
 
GAAP Operating Income 221.6 195.6 13.3 %
Adjusted Operating Income (1) 263.2 228.5 15.2 %
 
GAAP Net Income 124.9 137.5 (9.2 )%
Adjusted Net Income (1) 163.9 145.6 12.6 %
 
GAAP Diluted EPS $0.89 $0.99 (10.1 )%
Adjusted Diluted EPS (1) $1.17 $1.05 11.4 %
 

(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 December 28, 2013 increased 10.8% year over year to record sales of $7.4 billion; organic sales (as defined later in the document) grew 8.2% year over year and 8.1% in constant currency
  • Adjusted operating income of $263.2 million increased 15.2% and adjusted operating income margin of 3.6% increased 14 basis points year over year. Sequentially, adjusted operating income and adjusted operating income margin were up 31.9% and 41 basis points, respectively
  • Adjusted net income of $163.9 million increased 12.6% and adjusted diluted earnings per share of $1.17 increased 11.4% year over year. Sequentially, adjusted net income and adjusted diluted earnings per share increased 30.1% and 30.0%, respectively, driven by the significant profit growth typically associated with the strong seasonal sales performance in the Technology Solutions (TS) segment

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