Avnet(AVT) - 2025 Q3 - Quarterly Results

Financial Performance - Third quarter sales were $5.3 billion, a decrease of 6.0% year-over-year from$ 5.7 billion[4] - Diluted earnings per share (EPS) increased to $1.01, up 4.1% from$ 0.97 in the prior year quarter[4] - Adjusted diluted EPS was $0.84, down 23.6% from$ 1.10 in the prior year quarter[4] - Operating income margin was 2.7%, compared to 3.4% in the prior year quarter, reflecting a decrease of 66 basis points[4] - Net income for the nine months ended March 29, 2025, was $234,128 thousand, down from$ 416,033 thousand for the same period in 2024, representing a decrease of 43.7%[18] - GAAP diluted earnings per share for the nine months ended March 29, 2025, was $2.65, compared to$ 0.66 for the same period in 2024, showing a substantial increase[25] - Adjusted net income for the nine months ended March 29, 2025, was $231,260 thousand, compared to$ 81,804 thousand for the same period in 2024, reflecting a significant rise[25] - GAAP operating income for the fiscal year 2024 is $844,367,000, with adjusted operating income at$ 900,047,000[26] - The company reported a GAAP net income of $498,699,000 for the fiscal year 2024, with adjusted net income at$ 489,979,000[26] Cash Flow and Assets - Generated $141 million in cash flow from operations during the quarter[4] - Cash and cash equivalents decreased by$ 122,029 thousand, ending at $188,912 thousand[18] - Net cash flows provided by operating activities increased to$ 585,028 thousand from $415,730 thousand year-over-year, an increase of 40.7%[18] - Total assets decreased from$ 12,209,147 thousand to $11,712,330 thousand, a decline of approximately 4.1%[16] - Total current liabilities decreased from$ 4,465,269 thousand to $4,014,382 thousand, a reduction of approximately 10.1%[16] - Total liabilities decreased from$ 7,283,643 thousand to $6,827,363 thousand, a decline of approximately 6.2%[16] Sales Performance - Sales in Asia increased by 13.0% year-over-year, marking the third consecutive quarter of sales growth in the region[4] - Sales for Avnet in the third quarter of fiscal 2025 decreased by 6.0% year-over-year, with a constant currency change of -4.9%[28] - The Americas region experienced a 9.2% decline in sales year-over-year, while Asia saw a 13.0% decrease[28] - For the fourth quarter of fiscal 2024, Avnet's sales totaled$ 23,757.1 million, with operating income of $844.4 million[30] - Electronic Components sales for Avnet reached$ 15,523.6 million for the first nine months of fiscal 2025, with operating income of $551.2 million[29] Guidance and Projections - The guidance for the fourth quarter of fiscal 2025 projects sales between$ 5.15 billion and $5.45 billion, with a midpoint of$ 5.30 billion[6] - Adjusted diluted EPS guidance for the fourth quarter is between $0.65 and$ 0.75, with a midpoint of $0.70[6] - The company plans to maintain a similar interest expense to the third quarter and expects an adjusted effective tax rate between 21% and 25%[8] - Guidance for the fourth quarter of fiscal 2025 includes expected GAAP diluted earnings per share, with reconciliation provided for non-GAAP adjusted figures[31] - GAAP diluted earnings per share guidance ranges from$ 0.47 to $0.66[32] - Restructuring, integration, and other expenses (net of tax) are expected to be between$ (0.18) and $(0.09)[32] Other Financial Metrics - The company reported a foreign currency loss of$ 16,820 thousand for the quarter ended March 29, 2025[25] - The company reported a foreign currency gain of $27,730,000 in the fiscal year 2024[26] - The company incurred restructuring, integration, and other expenses totaling$ 52,550,000 in the fiscal year 2024[26] - Adjusted diluted earnings per share for the fiscal year 2024 is $5.34, compared to GAAP diluted earnings per share of$ 5.43[26]