AMEYA360:Avnet Fiscal Q3 Sales Up 0.4%

　　Avnet, Inc. (Nasdaq: AVT)  announced results for its third quarter ended April 1, 2023.

　　Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “I am pleased with our results this quarter as our team delivered another quarter of year-over-year sales and operating margin growth. We delivered record quarterly operating income in our Electronic Components business to help us achieve our stated goal of 5% operating margin. I am proud of our team’s dedication and commitment to continuously execute and deliver value to our customer and supplier partners.”

　　Fiscal Third Quarter Key Financial Highlights:

　　Sales of $6.5 billion up 0.4% year over year from $6.5 billion.

　　On a constant currency basis, sales increased 3.4% year over year.

　　Diluted earnings per share increased to $2.03, compared with $1.84 in the prior year quarter.

　　Adjusted diluted earnings per share of $2.00, compared with $2.15 in the prior year quarter.

　　Higher interest expense and foreign currency exchange rates negatively impacted year over year adjusted diluted earnings per share by $0.37 and $0.09, respectively.

　　Operating income margin of 4.8%, increased 58 basis points year over year.

　　Adjusted operating income margin of 4.8%, increased 15 basis points year over year.

　　Year over year adjusted operating income grew more than two times greater than sales in constant currency.

　　Electronic Components operating income margin of 5.0%, increased 64 basis points year over year, and increased 34 basis points sequentially.

　　Farnell operating income margin of 9.0% was flat sequentially.

　　Generated $18.3 million of cash flow from operations during the quarter.

　　Returned $26.5 million to shareholders in dividends during the quarter.

　　The full release and tables can be found here.