Avnet(US:AVT)2023-11-02 06:24Financial Performance - Avnet's Q1 FY24 revenue was $6.336 billion, a decrease of 6% year-over-year (Y/Y) and 8% in constant currency[13] - The gross margin increased by 43 bps Y/Y but decreased by 67 bps quarter-over-quarter (Q/Q) to 11.8%[14] - Adjusted operating expenses were $486 million, a 2% increase Y/Y and a 4% decrease Q/Q[14] - Adjusted diluted EPS was $1.61, a 20% decrease Y/Y[20] Segment Performance - Electronic Components segment's adjusted operating income was $273 million, a 2% increase Y/Y, with an adjusted operating margin of 4.6%, up 38 bps[18] - Farnell segment's adjusted operating income was $18 million, a 66% decrease Y/Y, with an adjusted operating margin of 4.2%, down 792 bps[18] Regional Performance - EMEA region's revenue was $2.308 billion, an 8% increase Y/Y (2% in constant currency)[13] - Americas region's revenue was $1.574 billion, a 6% decrease Y/Y[13] - Asia region's revenue was $2.454 billion, a 17% decrease Y/Y (16% in constant currency)[13] Balance Sheet and Liquidity - Inventory was $5.8 billion, a $290 million increase Q/Q[23] - The company has $732 million available in committed lines of credit[23] Q2 FY24 Outlook - Sales are expected to be in the range of $6.0 billion to $6.3 billion, with a midpoint of $6.15 billion[24] - Diluted EPS is expected to be in the range of $1.35 to $1.45, with a midpoint of $1.40[24]