Avnet, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 28, 2013; Provides Earnings Guidance for the Third Quarter Ending March 29, 2014
January 23, 2014 at 01:00 pm
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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.
Avnet, Inc. is a global electronic component technology distributor and solutions provider. The Company markets, sells, and distributes electronic components from electronic component manufacturers, including semiconductors, interconnect, passive and electromechanical components, and other integrated and embedded components. Its primary operating groups include Electronic Components (EC) and Farnell. EC serves a variety of markets ranging from industrial to automotive to defense and aerospace. EC offers an array of customer support options throughout the entire product lifecycle, including turnkey and customized design, supply chain, new product introduction, programming, logistics and post-sales services. The Farnell operating group primarily supports lower-volume customers and distributes a portfolio of kits, tools, electronic components, industrial automation components, and test and measurement products to both engineers and entrepreneurs, primarily through an e-commerce channel.
Avnet, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 28, 2013; Provides Earnings Guidance for the Third Quarter Ending March 29, 2014