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|
|$ in millions, except per share data|
|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||%|
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