Avnet, Inc. Company Profile About Avnet Information Avnet is a FORTUNE 500 company and one of the world’s largest global distributors of electronic components, computer products and embedded technology serving customers in more than 120 countries. We are at the heart of the technology supply chain, collaborating with our customers and suppliers at every stage of the technology lifecycle, assisting them in solving business problems, creating clear roadmaps for growth and providing cost-effective, value-added services and solutions. Avnet key facts •$ 27.5 billion in FY14 annual revenue » Avnet EM – $16.54B » Avnet TS – $10.96B Avnet’s two operating groups – •N amed to the FORTUNE “World’s Most Admired Companies®” 2015 list, our ninth year in a row Electronics Marketing (EM) and •R anked #108 on the FORTUNE 500 in 2015 of the world: the Americas; Europe, the Technology Solutions (TS), operate in the three major economic regions Middle East and Africa; and Asia Pacific. •R anked #1021 on the Forbes 2015 list of the World’s Biggest Public Companies •N amed as a 2015 World’s Most Ethical Company by Ethisphere Institute • 96 acquisitions since 1991 • 100,000+ customers • More than 800 suppliers • 400+ locations worldwide •S hips more than 30,000 line items per day Avnet Electronics Marketing serves electronics Avnet Technology Solutions collaborates with original equipment manufacturers and electronic customers and suppliers to create and deliver manufacturing services providers globally, services, software and hardware solutions distributing electronic components and embedded that address the business needs of end-user systems from leading manufacturers and customers locally and around the world. providing design-chain and supply-chain services. Q3 Fiscal Year 2015 Financial Results Avnet‘s executive leadership team • Sales increased 0.8% Y/Y (up 7.0% in CC*), to $6.7 billion with both operating groups contributing toward this growth. Avnet, Inc.: • Adjusted operating income increased 3.0% Y/Y to $230.4 million and operating income margin increased 7 basis points to 3.4%. • Adjusted diluted earnings per share increased 1.0% Y/Y to $1.04. Rick Hamada • Avnet’s ROWC increased 75 basis points Y/Y and ROCE was up 36 basis points primarily due to an increase at TS. Chief Executive Officer • Cash generated from operations was $60.1 million in FQ3 and $318.1 million for the trailing twelve months. • Paid a quarterly cash dividend of $0.16 per share or $21.7 million, and has paid $65.6 million fiscal year to date. Kevin Moriarty • Repurchased $38.8 million worth of stock or 925,000 shares and through the first nine months of the fiscal year, the Company has repurchased $147.6 million worth of stock. At the end of the quarter, the Company had approximately $318 million remaining in the authorized share repurchase program. Chief Financial Officer Gerry Fay • Sales grew 2.1% Y/Y to $4.2 billion (up 8.7% in CC) with all three regions contributing toward this growth in constant currency. Avnet Electronics Marketing: President, Avnet Electronics Marketing • Sequential organic sales decreased 1.9% in CC; below normal seasonality of +4% to +7% primarily due to the expected decline in select high volume supply chain engagements in Asia. • Operating income margin of 4.7% was essentially flat from the year ago quarter primarily due to the geographic mix shift as the higher margin EMEA region represented a lower percentage of total EM after translating their results in U.S. Dollars and the negative impact of higher mix of sales from select high volume supply chain engagements in Asia. OI% increased 36 basis points sequentially primarily due to an improvement in EMEA. Patrick Zammit President, Avnet Technology Solutions MaryAnn Miller • Sales decreased 1.3% Y/Y to $2.5 billion (up 4.3% in CC). The decline was primarily due to the translation impact of the strong U.S. Dollar and a decline in the computing components business. Avnet Technology Solutions: Chief Human Resources Officer and Corporate Communications • Operating income margin increased 32 basis points Y/Y to 2.7% primarily due to improvements in the Americas. Erin Lewin • Y/Y growth in software, storage, and networking and security, was offset by declines in computing components. General Counsel See CFO report at http://ir.avnet.com/results.cfm for complete details. *CC = Constant Currency Steve Phillips Chief Information Officer FQ3 2015 FQ3 2014 % Change 4,220 2,517 $6,737 4,133 2,551 $6,684 2.1% -1.3% 0.8% Operating Income* EM TS Corporate Total 197 68 - 35 $230 193 61 - 30 $224 2.0% 11.8% – 3.0% Net Income* Diluted Earnings Per Share 143 $1.04 144 $1.03 -0.4% 1.0% Revenue* EM TS Total Mike Buseman Chief Global Logistics and Operations Officer *Revenue, Op Income and Net Income in millions. Note: Op Income, Net Income and EPS do not include restructuring, integration, amortization of intangibles and other items. Note: Percent (%) changes may not foot due to rounding. Key financial metrics Revenue ($ in Billions) $7.6 $7.0 $6.6 $6.2 $5.8 $5.4 $5.0 $4.6 $4.2 $3.8 $3.4 $3.0 GAAP EPS Adjusted EPS Sales by region Q3 FY15 $1.6 $1.4 $1.2 31.0% 39.8% Asia $6.7 Americas Billion Q3 Q4 Q1 Q2 FY13 Q3 FY14 Q4 Q1 Q2 Q3 29.2% EMEA $1.0 $0.8 $0.6 $0.4 $0.2 $0.0 Q3 Q4 FY13 FY15 Investor Relations Vince Keenan Vice President and Director Global Press Contact Joal Redmond Vice President, Public Relations World Headquarters 2211 South 47th Street Phoenix, AZ 85034 480-643-7053 [email protected] 480-643-5528 [email protected] For additional information, please visit www.ir.avnet.com Q1 Q2 Q3 FY14 Q4 Q1 Q2 Q3 FY15 www.avnet.com © 2015 Avnet, Inc. All rights reserved. REV: 4/23/15
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