Avnet, Inc. Reports Fourth Quarter Fiscal Year 2013 Results

Revenue Growth Drives Sequential Improvement in Earnings and Cash Flow

PHOENIX — (BUSINESS WIRE) — August 7, 2013Avnet, 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

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