Revenue Growth Drives Sequential Improvement in Earnings and Cash Flow
PHOENIX — (BUSINESS WIRE) — August 7, 2013 — Avnet, 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 | % | ||||||
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(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. |
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- 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
