Mr. Hamada added, “EM revenue came in above expectations this quarter with all three regions contributing to the solid topline performance. Organic revenue in constant currency grew 4.7% sequentially, which is above our typical seasonal range of flat to plus four percent. This sequential growth was led by our Americas region which grew 5.5%, while our Asia and EMEA regions increased 4.3% and 3.3%, respectively. Year-over-year organic revenue growth turned positive for the first time in eight quarters and our book to bill ratio remained above one in all three regions for the third consecutive quarter. On the bottom line, operating income margin increased 15 basis points sequentially but decreased 66 basis points year over year as recent expense management actions were offset by continued gross margin pressure in our western regions. While we are encouraged by this quarter’s sequential revenue increase, the component supply chain continues to be characterized by an environment of relatively short and stable lead times and mixed demand signals by end markets. Going forward, EM is poised to leverage its strong competitive position across all three regions to capitalize on profitable growth opportunities and continue to expand margins and returns in fiscal 2014.”

Avnet Technology Solutions Results

								Year-over-Year Growth Rates
			Q4 FY13					Reported					Organic
			Revenue					Revenue					Revenue
			(in millions)
Total			$	2,620.1					3.0	%				-2.4	%
Excluding FX (1)									3.0	%				-2.4	%
Americas			$	1,389.8					-1.7	%				-2.5	%
EMEA			$	799.6					18.3	%				-1.3	%
Excluding FX (1)									17.9	%				-1.6	%
Asia			$	430.7					-4.8	%				-4.1	%
			Q4 FY13					Q4 FY12					Change
Operating Income			$	73.3				$	67.5				$	5.8
Operating Income Margin				2.80	%				2.65	%			15 bps

(1)		Year-over-year revenue growth rate excluding the impact of changes in foreign currency exchange rates.

• Fourth quarter reported revenue grew 3.0% year over year to $2.62 billion
• On a sequential basis, organic revenue in constant currency grew 5.4% as compared to a typical seasonal range of 3% to 7%
• Operating income margin increased 29 basis points sequentially and 15 basis points year over year led by the Americas region
• Return on working capital (ROWC) increased 437 basis points sequentially and 245 basis points year over year
• Year-over-year growth in storage, services and software was offset by a decline in servers

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