Avnet, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 28, 2013. For the second quarter, the company's sales were $7,421,854,000, compared to $6,699,465,000 for the last year. Operating income was $221,572,000, compared to $195,573,000 for the last year. Income before income taxes was $188,552,000, compared to $168,894,000 for the last year. Net income was $124,864,000 or $0.89 per diluted share, compared to $137,481,000 or $0.99 per diluted share for the last year. Adjusted operating income was $263.2 million, compared to $228.5 million for the last year. Adjusted net income was $163.9 million or $1.17 per diluted share, compared to $145.6 million or $1.05 per diluted share for the last 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. Cash used for operations was $28.0 million for the quarter. Adjusted income before income taxes was $230,188,000, compared to $201,751,000 for the last year. Net debt (total debt less cash and cash equivalents) was approximately $1.4 billion.

For the six months, the company's sales were $13,767,329,000, compared to $12,569,522,000 for the last year. Operating income was $400,559,000, compared to $295,546,000 for the last year. Income before income taxes was $360,494,000, compared to $277,751,000 for the last year. Net income was $245,488,000 or $1.75 per diluted share, compared to $237,786,000 or $1.69 per diluted share for the last year. Net cash flows used in operating activities were $154,199,000, compared to net cash flows provided by operating activities of $407,408,000 for the last year. Purchases of property, plant and equipment were $47,024,000, compared to $55,298,000 for the last year.

For the third quarter of fiscal 2014 ending on March 29, 2014, Electronics Marketing sales are expected to be in the range of $4.0 billion to $4.3 billion and Technology Solutions sales are expected to be between $2.6 billion to $2.9 billion. The company sales are forecasted to be between $6.6 billion and $7.2 billion. Adjusted diluted earnings per share are expected to be in the range of $1.02 to $1.12 per share.