Avnet Reports Third Quarter Fiscal 2021 Financial Results

Sales of TI Products

In December, the termination of the Company’s electronic components distribution agreement with Texas Instruments (“TI”) was completed. Sales of TI products by quarter are outlined in the following table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

 

April 3,

 

January 2,

 

October 3,

 

June 27,

 

March 28,

 

 

2021

 

2021

 

2020

 

2020

 

2020

 

 

(in millions)

Sales of TI Products

 

$

1.7

 

$

49.6

 

$

241.0

 

$

322.5

 

$

400.6

Organic Sales

Organic sales is defined as sales adjusted for the impact of significant acquisitions, divestitures and other items by adjusting Avnet’s prior and current periods (if necessary) to include the sales of acquired businesses and exclude the sales of divested businesses as if the acquisitions and divestitures had occurred at the beginning of the earliest period presented. Additionally, fiscal 2021 sales are adjusted for the estimated impact of the extra week of sales in the first quarter of fiscal 2021 due to the 14-week fiscal first quarter and the 53-week fiscal year. Organic sales in constant currency is defined as organic sales (as defined above) excluding the impact of changes in foreign currency exchange rates.

As a result of declining sales due to the termination of the TI distribution agreement discussed further above, organic sales growth rates have also been adjusted to exclude sales of TI products.

The following table presents the reconciliation of reported sales to organic sales for the third quarter and first nine months of fiscal 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Nine Months Ended

 

 

Sales

 

 

 

 

Organic

 

 

 

 

 

 

 

 

 

 

 

 

Organic

 

 

As Reported

 

 

 

Sales

 

Sales

 

 

 

Organic

 

 

 

Sales

 

 

and Organic

 

TI Sales

 

Adj for TI

 

As Reported

 

Estimated

 

Sales

 

TI Sales

 

Adj for TI

 

 

Q3-Fiscal

 

Q3-Fiscal

 

Q3-Fiscal

 

Q3-Fiscal

 

Extra

 

Q3-Fiscal

 

Q3-Fiscal

 

Q3-Fiscal

 

 

2021

 

2021 (1)

 

2021 (1)

 

2021

 

Week (2)

 

2021

 

2021 (1)

 

2021 (1)

 

 

(in millions)

Avnet

 

$

4,916.7

 

$

1.7

 

$

4,915.0

 

$

14,307.9

 

$

306.0

 

$

14,001.9

 

$

292.2

 

$

13,709.7

Avnet by region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

1,161.0

 

$

0.4

 

$

1,160.6

 

$

3,468.1

 

$

77.0

 

$

3,391.1

 

$

82.9

 

$

3,308.2

EMEA

 

 

1,585.6

 

 

0.5

 

 

1,585.1

 

 

4,412.6

 

 

97.0

 

 

4,315.6

 

 

124.2

 

 

4,191.4

Asia

 

 

2,170.1

 

 

0.8

 

 

2,169.3

 

 

6,427.2

 

 

132.0

 

 

6,295.2

 

 

85.1

 

 

6,210.1

Avnet by segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EC

 

$

4,520.6

 

$

1.7

 

$

4,518.9

 

$

13,245.1

 

$

284.0

 

$

12,961.1

 

$

292.2

 

$

12,668.9

Farnell

 

 

396.1

 

 

 

 

396.1

 

 

1,062.8

 

 

22.0

 

 

1,040.8

 

 

 

 

1,040.8

_________________________
(1) Sales adjusted for the impact of the termination of the TI distribution contract.
(2) The impact of the additional week of sales in the first quarter of fiscal 2021 is estimated.

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