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Avnet, Inc. Reports Fourth Quarter and Fiscal Year 2010 Results

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Press release

Record Quarterly Revenue, EPS and Returns

PHOENIX, Aug 11, 2010 (BUSINESS WIRE) -- Avnet, Inc. (NYSE:AVT) today announced results for the fourth quarter and fiscal year 2010 ended July 3, 2010.

  • Sales for the quarter ended July 3, 2010 increased 38.5% year over year to a record $5.21 billion; pro forma revenue (as defined later in this release) was up 37.2% year over year
  • Adjusted operating income increased 154.6%, four times faster than revenue growth, to $217.1 million and 4.2% of sales, up 190 basis points year over year
  • Adjusted diluted earnings per share was a record $0.92 and increased 187.5% over prior year adjusted diluted earnings per share

Roy Vallee, Chairman and Chief Executive Officer, commented, "The 'V'shaped cyclical recovery in the technology markets we serve continued this quarter with strong top line performance across both groups and all regions, resulting in 38.5% year-over-year growth and record revenue. The combination of record revenue, gross profit margin expansion and productivity gains drove operating income margin up sequentially and year over year at both operating groups with the EMEA region delivering the most significant improvement. Our value-based management discipline, which connects margins with working capital velocity throughout our business, resulted in return on working capital (ROWC) and return on capital employed (ROCE) above our stated financial targets. We enter fiscal 2011 prepared to build on our performance in fiscal 2010 as we begin to integrate the three acquisitions completed in July that we expect will produce at least a 12.5% return on capital employed and create shareholder value."