Avnet Second Quarter Fiscal Year 2025 Financial Results January 29, 2025 Safe Harbor Statement This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, results of operations, and business of the Company. You can find many of these statements by looking for words like "believes," "projected", "plans," "expects," "anticipates," "shou ...

Avnet (AVT) came out with quarterly earnings of $0.87 per share, missing the Zacks Consensus Estimate of $0.88 per share. This compares to earnings of $1.40 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -1.14%. A quarter ago, it was expected that this distributor of electronic components would post earnings of $0.85 per share when it actually produced earnings of $0.92, delivering a surprise of 8.24%.Over the last four quart ...

Financial Performance - Second quarter sales were $5.7 billion, down 8.7% from $6.2 billion in the prior year quarter[3]. - Diluted earnings per share (EPS) were $0.99, a decrease of 22.7% compared to $1.28 in the prior year quarter[3]. - Adjusted diluted EPS was $0.87, down 37.9% from $1.40 in the prior year quarter[3]. - Operating income margin was 2.7%, compared to 3.8% in the prior year quarter, reflecting a decrease of 107 basis points[3]. - Net income for the six months ended December 28, 2024, was $146,209 thousand, a decrease of 55.3% compared to $327,199 thousand for the same period in 2023[17]. - GAAP diluted earnings per share increased to $1.65 for the six months ended December 28, 2024, compared to $0.66 for the same period in 2023, marking a growth of 150%[24]. - GAAP net income for the fiscal year 2024 is $498,699,000, compared to $209,268,000 in 2023, reflecting a substantial year-over-year growth[25]. Cash Flow and Assets - Generated over $300 million in cash flow from operations, with inventory down $362 million or more than 6% from the prior quarter[3]. - Cash flows provided by operating activities were $444,152 thousand for the six months ended December 28, 2024, compared to a cash outflow of $83,575 thousand in the same period last year[17]. - Cash and cash equivalents decreased by $138,805 thousand during the six months ended December 28, 2024, from $310,941 thousand at the beginning of the period[17]. - Total assets decreased to $11,942,931 thousand as of December 28, 2024, down from $12,209,147 thousand on June 29, 2024, representing a decline of approximately 2.2%[15]. - Total current liabilities decreased to $4,206,060 thousand as of December 28, 2024, down from $4,465,269 thousand on June 29, 2024, a reduction of approximately 5.8%[15]. - Long-term debt increased to $2,567,379 thousand as of December 28, 2024, up from $2,406,629 thousand on June 29, 2024, an increase of approximately 6.7%[15]. Sales and Market Performance - Sales in Asia experienced year-over-year growth for the second consecutive quarter, with a 8.4% increase compared to the prior year[3]. - Sales for Avnet in the second quarter of fiscal 2025 reached $5,663.4 million, a decrease of 10.2% year-over-year[27]. - The Americas region experienced a sales decline of 13.8% year-over-year, while Asia saw an increase of 8.4%[27]. - Electronic Components sales for the fiscal year 2024 totaled $22,160 million, with a quarterly sales figure of $5,187.8 million[29]. Guidance and Projections - Guidance for the third quarter of fiscal 2025 projects sales between $5.05 billion and $5.35 billion, with a midpoint of $5.20 billion[5]. - The guidance implies a sequential sales decline of 6% to 11%, influenced by seasonal factors such as the Lunar New Year[6]. - The adjusted effective tax rate is expected to be between 22% and 26% for the upcoming quarter[7]. - Adjusted diluted earnings per share guidance for the third quarter of fiscal 2025 is projected between $0.65 and $0.75, with GAAP diluted earnings per share guidance ranging from $0.56 to $0.71[31]. Operational Efficiency - The company plans to continue focusing on operational efficiency and cost management to improve profitability in the upcoming quarters[19]. - Adjusted operating income for the year to date December 28, 2024, was $328,430 thousand, compared to $168,944 thousand for the same period in 2023, reflecting a significant increase of 94.5%[24]. - GAAP operating income for the fiscal year 2024 is $844,367,000, compared to $236,257,000 in 2023, showing a significant increase[25]. - Adjusted operating income for the fiscal year 2024 is $900,047,000, up from $261,698,000 in 2023, indicating strong operational performance[25]. Foreign Currency Impact - The company reported a foreign currency loss of $9,887 thousand for the year to date December 28, 2024, compared to a loss of $4,783 thousand in the same period last year[24]. - The company reported a foreign currency gain of $27,730,000 in the fiscal year 2024, contributing positively to the overall income[25]. Restructuring and Expenses - Restructuring, integration, and other expenses for the fiscal year 2024 amounted to $52,550,000, compared to $7,051,000 in 2023[25].

It has been about a month since the last earnings report for Avnet (AVT) . Shares have added about 0% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Avnet due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Avnet's Q1 Earnings and Revenues Beat EstimatesAvnet (AVT) ...

Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide and Advanz Pharma, a UK headquartered global pharmaceutical company with a strategic focus on specialty, hospital, and rare disease medicines in Europe, today announced that the European Medicines Agency (EMA) has accepted a Marketing Authorization Application for AVT05, Alvotech’s proposed biosimilar to Simponi® (golimumab),  a biologic used to treat several chron ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 28, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |-------------------------------------------------------------------------------------------|------------------------------------------------|------------------- ...

Avnet (AVT) reported better-than-expected results for first-quarter fiscal 2025. AVT reported earnings of 92 cents per share for the quarter, which surpassed the Zacks Consensus Estimate of 85 cents.Quarterly earnings also came way above management’s guidance of 80-90 cents per share. However, the bottom line declined 42.9% year over year due to a decrease in revenues.AVT’s fiscal first-quarter revenues were $5.6 billion, just above the high end of the company’s guidance of $5.25-$5.55 billion. The figure s ...

Financial Data and Key Metrics Changes - The company achieved sales of over $5.6 billion and adjusted EPS of $0.92, both exceeding the high end of guidance [5][24] - Sales decreased by 12% year-over-year but increased by 1% sequentially [24][25] - Gross margin was 10.8%, down 97 basis points year-over-year and 72 basis points sequentially [26] - Adjusted operating income was $169 million with an adjusted operating margin of 3% [29] Business Line Data and Key Metrics Changes - Electronic Components sales declined 11% year-over-year but increased 1% sequentially [25] - Farnell sales decreased 18% year-over-year and 8% sequentially [26][15] - The Asia region saw a 14% sequential increase and a 6% year-over-year increase in sales, driven by strength in server and data center markets [12][25] Market Data and Key Metrics Changes - EMEA sales declined 28% year-over-year, while Americas sales decreased 16% [25] - Demand in aerospace and defense increased sequentially in EMEA but remained flat year-over-year [13] - The global book-to-bill ratio remains below parity, with Asia showing the strongest ratio [7] Company Strategy and Development Direction - The company is focusing on cost control and managing working capital while preparing for market recovery [6][18] - There is an emphasis on improving the Farnell business under new leadership, with restructuring efforts underway [15][17] - The company is optimistic about future growth opportunities in AI-related projects and the overall market recovery [21][22] Management's Comments on Operating Environment and Future Outlook - Management believes the market correction may continue for another quarter or two, with expectations for modest improvement in the second half of fiscal 2025 [55][74] - The company is seeing some positive indicators, including a return to year-on-year growth in Asia and an increase in turns business [22][75] - Management remains confident in the company's ability to adapt and thrive through market changes [23] Other Important Information - The company generated over $100 million in cash flow from operations during the quarter [5] - Inventory levels increased due to foreign currency exchange rates, but the company aims to reduce inventory days to the 80s by the end of the fiscal year [33][34] - The quarterly dividend was increased by approximately 6% to $0.33 per share, and share buyback authorization was expanded to $600 million [37][38] Q&A Session Summary Question: Understanding Asia's Return to Year-over-Year Growth - Management noted that growth in Asia is not solely driven by data center opportunities but includes increases in consumer, communication, and industrial sectors [42][43] Question: Farnell's Future and EBIT Target - Management expressed confidence in Farnell's model returning to double-digit EBIT, despite current challenges [44][45] Question: Market Correction Outlook - Management believes the market correction may last another quarter or two, with expectations for improvement in early 2025 [55] Question: Impact of WT Micro Acquisition - Management refrained from commenting on competitive dynamics but acknowledged the potential for synergies [57] Question: Operating Margin Impact from FX and Mix - Management indicated that FX had a 150 to 200 basis point impact on margins, with a focus on returning to double-digit margins over time [58][59] Question: Guidance for December Quarter - Management anticipates modest regional growth in December, despite typical seasonal declines in Europe [63][64] Question: Inventory Management - Management acknowledged the need to reduce inventory levels while also seizing market opportunities [68][71] Question: End Market Exposure - Management provided rough estimates of end market exposure, indicating a diversified customer base across various sectors [79][80]

Avnet First Quarter Fiscal Year 2025 Financial Results /\VNET October 30, 2024 Safe Harbor Statement This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, results of operations, and business of the Company. You can find many of these statements by looking for words like "believes," "projected", "plans," "expects," "anticipates," ...

Avnet (AVT) reported $5.6 billion in revenue for the quarter ended September 2024, representing a year-overyear decline of 11.6%. EPS of $0.92 for the same period compares to $1.61 a year ago. The reported revenue represents a surprise of +3.68% over the Zacks Consensus Estimate of $5.41 billion. With the consensus EPS estimate being $0.85, the EPS surprise was +8.24%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ...