ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
Aug 21, 2018 12:15 JST
Source:
Avnet
Avnet Reports Fiscal Fourth Quarter and 2018 Financial Results
Fourth quarter sales rose 10 percent year over year
Transformation delivered cash flow from operations of $236 million, the highest in five years
PHOENIX, US, Aug 21, 2018 - (Media OutReach) - Avnet, Inc. (Nasdaq: AVT) announced results for the fourth quarter and fiscal year ended June 30, 2018.
Fourth Quarter Key Financial Highlights
- Sales of $5.06 billion increased 9.8% year over year
-- Sales grew 6.7% year over year in constant currency
- GAAP operating income margin of 2.5%
-- Non-GAAP adjusted operating income margin improved year over year to 3.7%
- GAAP diluted EPS from continuing operations of $0.49
-- Non-GAAP diluted EPS of $0.99 increased 18% year over year
- Delivered the strongest adjusted operating income dollars and margin performance in five quarters
- Net working capital days improved sequentially by 7 days, from 93 to 86, and improved 14 days from the second quarter
- Cash flow from operations reached $236 million
CEO Commentary
"We closed fiscal 2018 with great momentum in revenue growth, earnings and cash flow generation," said Bill Amelio, Chief Executive Officer, Avnet. "Avnet's unique ecosystem gives our customers access to an unparalleled suite of capabilities. We can now guide our enterprise and startup customers alike from idea to product and product to market. We do this by reducing complexity and delivering solutions that get products to market quickly and cost effectively. Our ecosystem is foundational, and when coupled with our ongoing transformation initiatives, we see a very exciting road ahead."
CFO Commentary
"Our transformation efforts are contributing meaningfully toward our goals of growing Avnet's higher margin businesses, reducing our expenses and optimizing working capital. This progress culminated in $236 million of cash flow from operations in the fourth quarter, Avnet's best operating cash flow performance in five years," stated Tom Liguori, Chief Financial Officer, Avnet. "Our focus on optimizing operating expenses resulted in an additional $37 million of savings being implemented at the end of the fourth quarter to further streamline expenses as we enter fiscal year 2019."
For the full press release, please visit:
https://bit.ly/2Buu0Qv
All brands and trade names are trademarks or registered trademarks, and are the properties of their respective owners. Avnet disclaims any proprietary interest in marks other than its own.
Follow Avnet on Twitter: @Avnet
Connect with Avnet on LinkedIn:
http://www.linkedin.com/company/avnet
Connect with Avnet on Facebook:
http://www.facebook.com/AvnetInc
About Avnet
From idea to design and from prototype to production, Avnet supports customers at each stage of a product's lifecycle. A comprehensive portfolio of design and supply chain services makes Avnet the go-to guide for innovators who set the pace for technological change. For nearly a century, Avnet has helped its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com.
Press contact:
Yeap Wei Ting
Avnet Asia Pacific
+65.6580.6611
WeiTing.Yeap@AVNET.COM
Source: Avnet
Sectors: Cloud & Enterprise
Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
Latest Release
NTT DATA and DENSO Sign a Basic Agreement on Strategic Partnership for Software
Jun 13, 2024 18:01 JST
Honda and MC to Establish New Company, ALTNA Co., Ltd.
Jun 13, 2024 17:18 JST
Honda to Begin Sales of New N-VAN e: Commercial-use Mini-EV in Japan
Jun 13, 2024 16:04 JST
JCB and iMago Launch "Chikazuite-Check" Project to Provide a New Buying Experience
Jun 13, 2024 14:00 JST
Olympus Enhances Innovation Capabilities by Expanding R&D to Hyderabad, India
Jun 12, 2024 11:00 JST
FDA Accepts Eisai's Filing of LEQEMBI (lecanemab-irmb) Supplemental Biologics License Application for IV Maintenance Dosing for the Treatment of Early Alzheimer's Disease
Jun 10, 2024 18:50 JST
Yuki Tsunoda to Continue Competing in F1 for the 2025 Season with VISA Cash App RB Formula One Team
Jun 10, 2024 12:37 JST
Honda Advances Hydrogen Strategy with Production Launch of Fuel Cell Electric Vehicle in Ohio
Jun 07, 2024 18:29 JST
Le Mans awaits TOYOTA GAZOO Racing
Jun 07, 2024 16:56 JST
Mitsubishi Shipbuilding Holds Christening and Launch Ceremony of New LNG-Powered Roll-on/Roll-off Ship TRANS HARMONY GREEN in Shimonoseki
Jun 07, 2024 16:38 JST
MHIEC Receives Order to Rebuild Waste-to-Energy Plant in Hodogaya Ward, Yokohama
Jun 06, 2024 19:34 JST
MHI Thermal Systems Launches New "TEK Series" of Electric-Driven Transport Refrigeration Units for Small and Mid-Size Trucks
Jun 06, 2024 12:20 JST
MHI and EGAT sign MoU to Introduce Hydrogen Large Gas Turbine Co-firing Technology in Thailand to Achieve Net Zero Goals
Jun 05, 2024 19:09 JST
Mitsubishi Shipbuilding Receives Additional Order for 2 Units of LNG Fuel Gas Supply System (FGSS)
Jun 05, 2024 18:14 JST
NEC announces external appointment of executive personnel
Jun 05, 2024 17:43 JST
JCB collaborates with Singapore's Mandai Wildlife Group to promote wildlife park visitorship
Jun 05, 2024 12:00 JST
Hitachi and Microsoft Enter Milestone Agreement to Accelerate Business and Social Innovation with Generative AI
Jun 04, 2024 14:45 JST
Japan Energy Summit & Exhibition 2024 Unites Global Leaders to Propel Asia's Emergence in Climate Leadership
Jun 04, 2024 11:09 JST
Fujitsu to provide the world's first enterprise-wide generative AI framework technology to meet changing needs of companies
Jun 04, 2024 10:47 JST
JCB and Bank Mandiri Launch Japan Festival Program Campaign
Jun 04, 2024 10:00 JST
More Latest Release >>
Related Release
Avnet Showcases End-to-End Smart Horticulture Solutions at Horti Asia 2018
August 27 2018 15:55 JST
Avnet Expands Relationship with Microchip
August 07 2018 11:00 JST
Avnet Recognized in Gartner Supply Chain Top 25 Results for 2018 in High Tech Industry Category
July 24 2018 11:20 JST
Avnet Online Communities Reach One Million Members
July 20 2018 10:30 JST
Avnet Showcases Collaborative Innovations to Accelerate Narrowband IoT at the Mobile World Congress Shanghai 2018
June 27 2018 11:00 JST
Avnet Named One of the Best Companies to Work for in Asia
June 19 2018 10:15 JST
Avnet Drives Innovation Forward for the Start-up Community in Singapore
May 22 2018 10:30 JST
Avnet and Sigfox Drive Innovation
April 18 2018 11:20 JST
Avnet and Xilinx Support Embedded Vision as a Technology Frontier for Innovation
April 06 2018 09:20 JST
Avnet to Showcase Smart City IoT Solutions at IoT Asia 2018 in Singapore
March 21 2018 11:15 JST
More Press release >>