Year-Over-Year Growth Drives Increase in Earnings and Returns
PHOENIX — (BUSINESS WIRE) — January 23, 2014 — Avnet, Inc. (NYSE: AVT) today announced results for the second quarter fiscal year 2014 ended December 28, 2013.
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Q2 Fiscal 2014 Results |
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| SECOND QUARTERS ENDED | ||||||||||||
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December 28,
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December 29,
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Change | ||||||||||
| $ in millions, except per share data | ||||||||||||
| Sales | $7,421.9 | $6,699.5 | 10.8 | % | ||||||||
| GAAP Operating Income | 221.6 | 195.6 | 13.3 | % | ||||||||
| Adjusted Operating Income (1) | 263.2 | 228.5 | 15.2 | % | ||||||||
| GAAP Net Income | 124.9 | 137.5 | (9.2 | )% | ||||||||
| Adjusted Net Income (1) | 163.9 | 145.6 | 12.6 | % | ||||||||
| GAAP Diluted EPS | $0.89 | $0.99 | (10.1 | )% | ||||||||
| Adjusted Diluted EPS (1) | $1.17 | $1.05 | 11.4 | % | ||||||||
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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 December 28, 2013 increased 10.8% year over year to record sales of $7.4 billion; organic sales (as defined later in the document) grew 8.2% year over year and 8.1% in constant currency
- Adjusted operating income of $263.2 million increased 15.2% and adjusted operating income margin of 3.6% increased 14 basis points year over year. Sequentially, adjusted operating income and adjusted operating income margin were up 31.9% and 41 basis points, respectively
- Adjusted net income of $163.9 million increased 12.6% and adjusted diluted earnings per share of $1.17 increased 11.4% year over year. Sequentially, adjusted net income and adjusted diluted earnings per share increased 30.1% and 30.0%, respectively, driven by the significant profit growth typically associated with the strong seasonal sales performance in the Technology Solutions (TS) segment
