Avnet, Inc.’s First Quarter 2025 Financial Results Revealed

Avnet, Inc. (NASDAQ: AVT) recently disclosed its first quarter results for fiscal 2025 in a press release dated October 30, 2024. The company reported sales amounting to $5.6 billion and diluted earnings per share (EPS) of $0.66 for the quarter. Adjusted diluted EPS stood at $0.92, reflecting a solid performance despite market volatility.

Phil Gallagher, Avnet’s Chief Executive Officer, highlighted that the company’s sales and earnings surpassed the upper end of their guidance range, led by growth in the Asia region. He emphasized the focus on enhancing Farnell’s business performance and profitability, appreciating the team’s efforts during challenging market conditions.

Key Financial Highlights for Fiscal First Quarter:
– Sales totaled $5.6 billion, a decrease from $6.3 billion in the previous year quarter.
– Diluted EPS stood at $0.66 compared to $2.25 in the prior year; adjusted diluted EPS reached $0.92, up from $1.61.
– Operating income margin was 2.5% compared to 4.0% in the prior year, with an adjusted operating income margin of 3.0%.

Notable Financial Metrics:
– Cash flow from operations amounted to $106 million.
– Share repurchases returned nearly $100 million to shareholders, representing 2.1% of shares outstanding.
– Dividends of $29 million were paid out to shareholders during the quarter.

Outlook for the Second Quarter of Fiscal 2025:
For the quarter ending December 28, 2024, Avnet provided guidance with sales projected in the range of $5.40 billion to $5.70 billion and adjusted diluted EPS expected to be between $0.80 and $0.90.

The Company’s Focus and Positioning:
Despite the challenging market conditions, Avnet remains committed to optimizing its performance and leveraging growth opportunities as the market stabilizes. The team’s effective operational strategies and customer-supplier relationships position the company for sustainable growth in the future.

Avnet’s Financial Strategy:
The company’s financial strategy includes diligent cost management, operational efficiency improvements, and strategic investments to drive profitability in a dynamic market landscape.

Live Conference Call and Webcast:
To further discuss these financial results and provide a business update, Avnet will host a conference call and webcast today at 9:00 a.m. PT / Noon ET.

Forward-Looking Statements:
The company’s financial results and intentions as discussed are based on various assumptions and carry inherent risks and uncertainties, as detailed in their SEC filings. Avnet does not undertake any obligation to update forward-looking statements.

About Avnet:
Avnet, Inc. is a global technology distributor and solutions provider that has been serving customers worldwide for over a century. The company supports customers across all stages of the product lifecycle, from design to production, offering technological solutions to accelerate the development process.

ENDINFOTAIL

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Avnet’s 8K filing here.

Avnet Company Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.