28.04.2016, 14:12

Avnet, Inc. Reports Third Quarter Fiscal Year 2016 Results

OREANDA-NEWS. Avnet, Inc. (NYSE:AVT) today announced results for the third quarter fiscal year 2016 ended April 2, 2016.

Q3 Fiscal 2016 Results

	Third Quarters Ended
	April 2, 2016		March 28, 2015		Change
	$ in millions, except per share data
Sales	$	6,174.7	$	6,736.9	(8.3	)	%
Constant Currency ⁽¹⁾					(6.9	)	%

GAAP Operating Income		181.6		203.7	(10.9	)	%
Adjusted Operating Income ⁽²⁾		205.2		230.4	(10.9	)	%

GAAP Net Income		123.5		121.5	1.6		%
Adjusted Net Income ⁽²⁾		132.6		143.5	(7.6	)	%

GAAP Diluted EPS	$	0.94	$	0.88	6.8		%
Adjusted Diluted EPS ⁽²⁾	$	1.01	$	1.04	(2.9	)	%

(1)			Year-over-year sales growth rate excluding the impact of changes in foreign currency exchange rates.
(2)			A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the Non-GAAP Financial Information section in this press release.

Sales for the third quarter ended April 2, 2016, decreased 8.3% year over year and 6.9% in constant currency to $6.17 billion, organic sales (as defined later in this release) declined 8.6% year over year and 7.2% in constant currency
Adjusted operating income of $205.2 million decreased 10.9% year over year and adjusted operating income margin of 3.3% decreased 10 basis points year over year
Adjusted net income of $132.6 million decreased 7.6% and adjusted diluted earnings per share of $1.01 decreased 2.9% year over year
Cash generated from operations was $212.9 million in the March quarter and $596.5 million for the trailing twelve months
The Company repurchased approximately 3.7 million shares during the third quarter representing an investment of $145.7 million, bringing its fiscal year to date purchases to $331 million, or 8.1 million shares

Rick Hamada, Chief Executive Officer, commented, "Our sequential revenue decline was slightly below our normal seasonality given an expected drop in high volume supply chain engagements in our Asia region of Electronics Marketing (EM) coupled with weaker than expected demand in certain legacy technologies at Technology Solutions (TS). These combined impacts led to an overall sequential revenue decline of approximately 10%. Despite these elements of softness, we did experience stronger than typical sequential gains in our western regions at EM and notable growth within areas of our TS portfolio. Enterprise gross profit margin increased 44 basis points year over year to 11.9% with contributions from both operating groups. This improvement in gross profit margin was offset by the decline in revenue as adjusted operating income dollars declined 10.9% year over year and adjusted operating income margin decreased 10 basis points. Given the overall trends through our March quarter, we have initiated incremental, focused expense management where we have gaps to our expectations while continuing to invest in clearly identified areas of current and future growth. With our strong competitive position at the center of the technology supply chain, we will continue to leverage our broad range of resources and financial strength in expanding new markets, including the Internet of Things, embedded solutions, and third platform technologies."

Avnet Electronics Marketing Results

			Year-over-Year Growth Rates
	Q3 FY16		Reported			Organic
	Sales		Sales			Sales
	(in millions)
EM Total	$	4,041.5	(4.2	)	%	(4.2	)	%
Constant Currency ⁽¹⁾			(3.3	)	%	(3.3	)	%
Americas	$	1,192.7	(3.6	)	%	(3.6	)	%
EMEA	$	1,330.7	6.3		%	6.3		%
Constant Currency ⁽¹⁾			9.4		%	9.4		%
Asia	$	1,518.1	(12.3	)	%	(12.3	)	%
Constant Currency ⁽¹⁾			(12.3	)	%	(12.3	)	%

	Q3 FY16			Q3 FY15			Change
Operating Income	$	183.3		$	197.3		(7.1	)	%
Operating Income Margin		4.5	%		4.7	%	(15	)	bps

(1)			Year-over-year sales growth rate excluding the impact of changes in foreign currency exchange rates.

Sales decreased 3.3% in constant currency and reported sales decreased 4.2% year over year to $4.04 billion
Operating income decreased 7.1% year over year to $183.3 million and operating income margin decreased 15 basis points primarily due to declines in the western regions
Working capital (defined as receivables plus inventories less accounts payables) increased 2% sequentially driven by a planned increase in inventory

Mr. Hamada added, "In our March quarter, seasonal growth in EM's core business was offset by the expected decline in our select high volume supply chain engagements in Asia as EM global revenue declined 2% from the December quarter. Revenue grew 17% and 6% sequentially in our EMEA and Americas regions, respectively, while our Asia region declined 18%. In addition to strong sequential growth, our EM EMEA team grew revenue 9.4% year over year in constant currency, which represents their 12^th consecutive quarter of organic growth. As a result of the typical seasonal Q3 growth in our western regions, EM's operating income dollars grew 5.3% sequentially and operating income margin increased 30 basis points. We were encouraged to see our book to bill ratio return to at or above parity for the quarter in all three regions. Our sequential increase in inventory was driven by investments in specific profitable growth opportunities and preparation for an ERP implementation in our Americas region. These investments coupled with the ongoing commitment to enhancing our digital platform, tools, and design resources will position us to grow faster than the markets we serve, leading to continued progress toward our financial targets."

Avnet Technology Solutions Results

			Year-over-Year Growth Rates
	Q3 FY16		Reported			Organic
	Sales		Sales			Sales
	(in millions)
TS Total	$	2,133.2	(15.3	)	%	(16.0	)	%
Constant Currency ⁽¹⁾			(12.9	)	%	(13.6	)	%
Americas	$	1,241.2	(13.8	)	%	(14.2	)	%
EMEA	$	615.8	(14.1	)	%	(15.9	)	%
Constant Currency ⁽¹⁾			(10.8	)	%	(12.6	)	%
Asia	$	276.2	(23.2	)	%	(23.2	)	%
Constant Currency ⁽¹⁾			(19.2	)	%	(19.2	)	%

	Q3 FY16			Q3 FY15			Change
Operating Income	$	55.5		$	68.1		(18.5	)	%
Operating Income Margin		2.6	%		2.7	%	(11	)	bps

(1)			Year-over-year sales growth rate excluding the impact of changes in foreign currency exchange rates.

Reported sales decreased 12.9% in constant currency and reported sales decreased 15.3% year over year to $2.13 billion, organic sales declined 16.0% and 13.6% in constant currency
Operating income decreased 18.5% to $55.5 million and operating income margin decreased 11 basis points year over year to 2.6%
At a product level, year-over-year growth in networking and services was offset by a decline in storage, servers, and software

Mr. Hamada further added, "TS's revenue came in at the low end of expectations as all three regions experienced weaker than expected demand in select areas of legacy data center products. As a result, organic revenue decreased 14% year over year in constant currency with all three regions experiencing double digit declines. Operating income declined 18.5% year over year and operating income margin was down 11 basis points as an increase in gross profit margin and a reduction in operating expenses offset some of the negative impact of the revenue decline. Given the increasing rate of decline in certain legacy technologies, we will be reducing annualized operating expenses by approximately $25 million, while continuing to redirect our investment into higher growth technologies. We are already seeing the benefits of existing investments as our All Flash Array storage business grew over 40% year over year and our converged infrastructure product offerings increased nearly 20%. Our recently introduced Avnet Cloud Marketplace, which offers a growing portfolio of solutions from cloud service providers, flexible payment options, and a powerful cloud management toolset, is gaining traction with our partners as they and their customers embrace new consumption models to drive business results. With our accelerated investments in next generation technologies, we are confident we can optimize our portfolio to capitalize on second platform growth segments, as well as provide seamless support to our expanding community of partners for the transition to third platform technologies."

Cash Flow and Return to Shareholders

Cash generated from operations was $212.9 million in the March quarter and for the trailing twelve months cash generated from operations was $596.5 million
Cash and cash equivalents at the end of the quarter was $1.04 billion; net debt (total debt less cash and cash equivalents) was $1.28 billion
During the March quarter, the Company repurchased 3.7 million shares, representing an aggregate investment of $145.7 million
Entering the fourth fiscal quarter, the Company had $221.7 million remaining under the current repurchase authorization
The Company paid a dividend of $0.17 per share or $21.9 million during the quarter

Kevin Moriarty, Chief Financial Officer, stated, "We generated $213 million in cash flow from operations during our March quarter, bringing our trailing twelve months total to $596 million. During the quarter, we repurchased $146 million of our shares and still have approximately $222 million remaining in our share repurchase program. We have returned approximately $400 million to shareholders through the first nine months of our fiscal year via our disciplined share repurchase and dividend programs. In addition, in the March quarter, we improved our capital structure with a well-received offering of $550 million of 4.625% ten-year notes. We ended the quarter with over $1 billion in cash, which when combined with our strong cash flow generation and credit facilities, provides us with ample liquidity to invest in profitable growth going forward."

Outlook for Fourth Quarter of Fiscal 2016 Ending on July 2, 2016

EM sales are expected to be in the range of $3.90 billion to $4.20 billion and TS sales are expected to be in the range of $2.05 billion to $2.35 billion
Avnet sales are expected to be in the range of $5.95 billion to $6.55 billion
Adjusted diluted earnings per share is expected to be in the range of $0.95 to $1.05 per share
The guidance assumes 131 million average diluted shares outstanding and a tax rate of 27% to 31%

The above guidance excludes the amortization of intangibles and any potential restructuring, integration, and other expenses. In addition, the above guidance assumes that the average U.S. Dollar to Euro currency exchange rate is $1.13 to €1.00. This compares with an average exchange rate of $1.11 to €1.00 in the fourth quarter of fiscal 2015.

Fiscal 2016

				Fiscal Year 2016
				Quarters Ended
				April 2,			January 2,			October 3,
	Fiscal 2016 YTD			2016*			2016			2015
	$ in thousands, except per share amounts
GAAP selling, general and administrative expenses	$	1,628,425		$	539,038		$	530,831		$	558,556
Amortization of intangible assets and other		22,845			7,433			7,921			7,491
Adjusted operating expenses	$	1,605,580		$	531,605		$	522,910		$	551,065

GAAP operating income	$	614,695		$	181,618		$	226,115		$	206,962
Restructuring, integration and other expenses		63,352			16,172			21,222			25,958
Amortization of intangible assets and other		22,845			7,433			7,921			7,491
Total adjustments		86,197			23,605			29,143			33,449
Adjusted operating income	$	700,892		$	205,223		$	255,258		$	240,411

GAAP net income	$	409,725		$	123,459		$	156,012		$	130,254
Restructuring, integration and other expenses (net of tax)		42,029			10,804			14,100			17,125
Amortization of intangible assets and other (net of tax)		16,073			5,376			5,513			5,184
Income tax adjustments		(17,972	)		(7,056	)		(11,295	)		379
Total adjustments to net income (net of tax)		40,130			9,124			8,318			22,688
Adjusted net income	$	449,855		$	132,582		$	164,330		$	152,942

GAAP diluted EPS	$	3.05		$	0.94		$	1.16		$	0.96
Restructuring, integration and other expenses (net of tax)		0.31			0.08			0.10			0.12
Amortization of intangible assets and other (net of tax)		0.12			0.04			0.04			0.04
Income tax adjustments		(0.13	)		(0.05	)		(0.08	)		-
Total adjustments to diluted EPS (net of tax)		0.30			0.07			0.06			0.16
Adjusted EPS	$	3.35		$	1.01		$	1.22		$	1.12

* Does not foot due to rounding

Fiscal 2015


				Fiscal 2015
				Quarters Ended
				June 27,			March 28,			December 27,			September 27,
	Fiscal 2015*			2015			2015			2014			2014
	$ in thousands, except per share amounts
GAAP selling, general and administrative expenses	$	2,274,642		$	561,585		$	555,148		$	573,962		$	583,946
Amortization of intangible assets and other		54,049			19,603			11,187			11,052			12,208
Adjusted operating expenses	$	2,220,593		$	541,982		$	543,961		$	562,910		$	571,738

GAAP operating income	$	827,673		$	180,477		$	203,712		$	250,287		$	193,197
Restructuring, integration and other expenses		90,805			43,734			15,494			13,257			18,320
Amortization of intangible assets and other		54,049			19,603			11,187			11,052			12,208
Total adjustments		144,854			63,337			26,681			24,309			30,528
Adjusted operating income	$	972,527		$	243,814		$	230,393		$	274,596		$	223,725

GAAP other (expense) income, net	$	(19,043	)	$	(3,080	)	$	(8,945	)	$	(5,524	)	$	(1,493	)
Venezuela foreign currency loss		3,737			3,737			-			-			-
Adjusted other (expense) income, net	$	(15,306	)	$	657		$	(8,945	)	$	(5,524	)	$	(1,493	)

Total adjustments to income before income taxes	$	148,591		$	67,074		$	26,681		$	24,309		$	30,528

GAAP net income	$	571,913		$	158,733		$	121,529		$	163,706		$	127,946
Restructuring, integration and other expenses (net of tax)		65,897			30,514			12,035			10,188			13,160
Amortization of intangible assets and other (net of tax)		36,643			12,287			7,708			7,675			8,973
Venezuela foreign currency loss (net of tax)		3,737			3,737			-			-			-
Income tax adjustments		(55,101	)		(45,770	)		2,192			(5,597	)		(5,926	)
Total adjustments to net income (net of tax)		51,176			768			21,935			12,266			16,207
Adjusted net income	$	623,089		$	159,501		$	143,464		$	175,972		$	144,153

GAAP diluted EPS	$	4.12		$	1.15		$	0.88		$	1.18		$	0.91
Restructuring, integration and other expenses (net of tax)		0.47			0.22			0.09			0.07			0.09
Amortization of intangible assets and other (net of tax)		0.26			0.09			0.06			0.06			0.07
Venezuela foreign currency loss (net of tax)		0.03			0.03			-			-			-
Income tax adjustments		(0.39	)		(0.33	)		0.02			(0.04	)		(0.04	)
Total adjustments to diluted EPS (net of tax)		0.37			0.01			0.16			0.09			0.12
Adjusted EPS*	$	4.49		$	1.16		$	1.04		$	1.27		$	1.02

* Does not foot due to rounding

Organic Sales

Organic sales is defined as reported sales adjusted for the impact of more than insignificant acquisitions and divestitures by adjusting Avnet's prior periods to include the sales of acquired businesses and exclude the sales of divested businesses as if the acquisitions and divestitures had occurred at the beginning of the earliest period presented. In addition, fiscal 2016 sales are adjusted for the estimated impact of the extra week of sales in the first quarter of fiscal 2016 due to it being a 14-week quarter and 53-week fiscal year. Organic sales in constant currency is defined as organic sales (as defined above) excluding the impact of changes in foreign currency exchange rates as discussed above.

The following tables present the reconciliation of reported sales to organic sales for the third quarter and first nine months of fiscal 2016 and fiscal 2015.

	Third Quarter Ended		Nine Months Ended
					Acquisitions/
	As Reported and		As		Divestitures ⁽¹⁾/
	Organic Sales -		Reported -		Estimated			Organic Sales -
	Fiscal 2016		Fiscal 2016		Extra Week⁽²⁾			Fiscal 2016
	(in thousands)
Avnet, Inc.	$	6,174,716	$	19,992,467	$	(464,098	)	$	19,528,369
EM		4,041,527		12,627,543		(300,000	)		12,327,543
TS		2,133,189		7,364,924		(164,098	)		7,200,826
EM
Americas	$	1,192,695	$	3,583,065	$	(82,000	)	$	3,501,065
EMEA		1,330,751		3,798,262		(92,000	)		3,706,262
Asia		1,518,081		5,246,216		(126,000	)		5,120,216
TS
Americas	$	1,241,209	$	4,375,343	$	(123,112	)	$	4,252,231
EMEA		615,824		2,098,981		(17,986	)		2,080,995
Asia		276,156		890,600		(23,000	)		867,600

	Third Quarter Ended						Nine Months Ended
	As Reported -		Acquisitions/		Organic Sales -		As Reported -		Acquisitions/		Organic Sales -
	Fiscal 2015		Divestitures ⁽¹⁾		Fiscal 2015		Fiscal 2015		Divestitures ⁽¹⁾		Fiscal 2015
	(in thousands)
Avnet, Inc.	$	6,736,860	$	21,246	$	6,758,106	$	21,128,326	$	94,110	$	21,222,436
EM		4,219,528		—		4,219,528		13,028,812		—		13,028,812
TS		2,517,332		21,246		2,538,578		8,099,514		94,110		8,193,624
EM
Americas	$	1,237,213	$	—	$	1,237,213	$	3,652,114	$	—	$	3,652,114
EMEA		1,251,873		—		1,251,873		3,759,678		—		3,759,678
Asia		1,730,442		—		1,730,442		5,617,020		—		5,617,020
TS
Americas	$	1,440,532	$	6,630	$	1,447,162	$	4,724,640	$	17,425	$	4,742,065
EMEA		717,196		14,616		731,812		2,246,822		76,685		2,323,507
Asia		359,604		—		359,604		1,128,052		—		1,128,052

(1)	Includes the following acquisitions:
	•	Orchestra Service Gmbh acquired in November 2015 in the TS EMEA Region
	•	ExitCertified Corporation acquired in January 2016 in the TS America Region

(2)	The impact of the additional week of sales in the first quarter of fiscal 2016 is estimated

						Sales								Organic
						As Reported								Sales
	Sales		Sales			Year-Year %			Organic		Organic			Year-Year %
	As Reported		As Reported			Change in			Sales		Sales			Change in
	Q3-Fiscal		Year-Year			Constant			Q3-Fiscal		Year-Year			Constant
	2016		% Change			Currency			2016		% Change			Currency
	(Dollars in thousands)
Avnet, Inc.	$	6,174,716	(8.3	)	%	(6.9	)	%	$	6,174,716	(8.6	)	%	(7.2	)	%
EM		4,041,527	(4.2	)		(3.3	)			4,041,527	(4.2	)		(3.3	)
TS		2,133,189	(15.3	)		(12.9	)			2,133,189	(16.0	)		(13.6	)
EM
Americas	$	1,192,695	(3.6	)	%	—			$	1,192,695	(3.6	)	%	—
EMEA		1,330,751	6.3			9.4		%		1,330,751	6.3			9.4		%
Asia/Pacific		1,518,081	(12.3	)		(12.3	)			1,518,081	(12.3	)		(12.3	)
TS
Americas	$	1,241,209	(13.8	)	%	—			$	1,241,209	(14.2	)	%	—
EMEA		615,824	(14.1	)		(10.8	)	%		615,824	(15.9	)		(12.6	)	%
Asia/Pacific		276,156	(23.2	)		(19.2	)			276,156	(23.2	)		(19.2	)

ROWC, ROCE and WC Velocity

The following tables (in thousands) presents the calculation for ROWC, ROCE and WC velocity.

		FY16 YTD				Q3 FY16				Q2 FY16				Q1 FY16
Sales		$	19,992,467			$	6,174,716			$	6,848,057			$	6,969,694
Sales, annualized ⁽¹⁾	(a)		26,490,019				24,698,864				27,392,228				26,385,270
Adjusted operating income⁽²⁾			700,892				205,223				255,258				240,411
Adjusted annualized operating income ⁽¹⁾	(b)		928,682				820,892				1,021,032				910,127
Adjusted effective tax rate ⁽³⁾			27.6		%		27.6		%		27.6		%		27.6		%
Adjusted annualized operating income, after tax	(c)		672,273				594,244				739,125				658,841
Average monthly working capital
Accounts receivable			4,840,229				4,905,736				4,982,198				4,787,201
Inventories			2,766,662				2,787,825				2,747,160				2,745,479
Accounts payable			(3,184,831	)			(3,265,178	)			(3,256,725	)			(3,182,154	)
Average working capital	(d)	$	4,422,060			$	4,428,383			$	4,472,633			$	4,350,526
Average monthly capital employed	(e)	$	5,997,305			$	6,028,867			$	6,026,327			$	5,909,334
ROWC = (b) / (d)			21.0		%		18.5		%		22.8		%		20.9		%
WC Velocity = (a) / (d)			6.0				5.6				6.1				6.1
ROCE = (c) / (e)			11.2		%		9.9		%		12.3		%		11.2		%

		FY15				Q4 FY15				Q3 FY15				Q2 FY15				Q1 FY15
Sales		$	27,924,657			$	6,796,331			$	6,736,860			$	7,551,880			$	6,839,587
Sales, annualized	(a)		27,924,657				27,185,324				26,947,440				30,207,520				27,358,348
Adjusted operating income ⁽²⁾			972,527				243,814				230,393				274,596				223,725
Adjusted annualized operating income	(b)		972,527				975,256				921,572				1,098,384				894,900
Adjusted effective tax rate ⁽³⁾			27.7		%		27.7		%		27.7		%		27.7		%		27.7		%
Adjusted annualized operating income, after tax	(c)		703,332				705,305				666,481				794,351				647,192
Average monthly working capital
Accounts receivable			5,109,326				4,979,668				5,251,882				5,318,083				4,993,653
Inventories			2,667,351				2,593,545				2,564,071				2,700,424				2,729,194
Accounts payable			(3,274,382	)			(3,234,283	)			(3,344,479	)			(3,437,897	)			(3,231,037	)
Average working capital	(d)	$	4,502,295			$	4,338,930			$	4,471,474			$	4,580,610			$	4,491,810
Average monthly capital employed	(e)	$	6,077,926			$	5,898,475			$	6,028,015			$	6,161,858			$	6,101,274
ROWC = (b) / (d)			21.6		%		22.5		%		20.6		%		24.0		%		19.9		%
WC Velocity = (a) / (d)			6.2				6.3				6.0				6.6				6.1
ROCE = (c) / (e)			11.6		%		12.0		%		11.1		%		12.9		%		10.6		%

(1)			Annualized amounts are based on a 53-week fiscal year.
(2)			See reconciliation to GAAP amounts in the preceding tables in this Non-GAAP Financial Information section.
(3)			Adjusted effective tax rate for each quarterly period in a fiscal year is based upon the currently anticipated annual effective tax rate, excluding the tax effect of the income tax adjustments quantified above in the reconciliation to GAAP amounts in this Non-GAAP Financial Information section.

About Avnet

From components to cloud and design to disposal, Avnet, Inc. (NYSE:AVT) accelerates the success of customers who build, sell and use technology globally by providing them with a comprehensive portfolio of innovative products, services and solutions. Avnet is a Fortune 500 company with revenues of $27.9 billion in fiscal year 2015.


AVNET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Third Quarters Ended						Nine Months Ended
	April 2,			March 28,			April 2,			March 28,
	2016			2015			2016			2015
	(Thousands, except per share data)
Sales	$	6,174,716		$	6,736,860		$	19,992,467		$	21,128,326
Cost of sales		5,437,888			5,962,506			17,685,995			18,721,003
Gross profit		736,828			774,354			2,306,472			2,407,323
Selling, general and administrative expenses		539,038			555,148			1,628,425			1,713,056
Restructuring, integration and other expenses		16,172			15,494			63,352			47,071
Operating income		181,618			203,712			614,695			647,196
Other income (expense), net		2,200			(8,945	)		(10,138	)		(15,963	)
Interest expense		(23,281	)		(23,871	)		(69,306	)		(71,936	)
Income before income taxes		160,537			170,896			535,251			559,297
Income tax expense		37,078			49,367			125,526			146,117
Net income	$	123,459		$	121,529		$	409,725		$	413,180
Earnings per share:
Basic	$	0.95		$	0.89		$	3.11		$	3.02
Diluted	$	0.94		$	0.88		$	3.05		$	2.97
Shares used to compute earnings per share:
Basic		129,811			136,046			131,834			136,965
Diluted		131,650			137,721			134,298			139,181
Cash dividends paid per common share	$	0.17		$	0.16		$	0.51		$	0.48


AVNET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	April 2,		June 27,
	2016		2015
	(Thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,036,485	$	932,553
Receivables, net		4,874,179		5,054,307
Inventories		2,826,858		2,482,183
Prepaid and other current assets		200,579		173,030
Total current assets		8,938,101		8,642,073
Property, plant and equipment, net		610,747		568,779
Goodwill		1,295,406		1,278,756
Intangible assets, net		86,989		99,731
Other assets		194,217		210,614
Total assets	$	11,125,460	$	10,799,953
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt	$	706,742	$	331,115
Accounts payable		3,297,981		3,338,052
Accrued expenses and other		559,697		603,129
Total current liabilities		4,564,420		4,272,296
Long-term debt		1,610,539		1,646,501
Other liabilities		190,300		196,135
Total liabilities		6,365,259		6,114,932
Shareholders' equity		4,760,201		4,685,021
Total liabilities and shareholders' equity	$	11,125,460	$	10,799,953


AVNET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Nine Months Ended
	April 2,			March 28,
	2016			2015
	(Thousands)
Cash flows from operating activities:
Net income	$	409,725		$	413,180
Non-cash and other reconciling items:
Depreciation		71,112			70,919
Amortization		21,183			32,630
Deferred income taxes		3,963			29,500
Stock-based compensation		47,724			48,890
Other, net		43,665			57,766
Changes in (net of effects from businesses acquired):
Receivables		181,723			(186,037	)
Inventories		(319,865	)		(89,994	)
Accounts payable		(74,510	)		118,449
Accrued expenses and other, net		(87,593	)		(210,751	)
Net cash flows provided by operating activities		297,127			284,552

Cash flows from financing activities:
Issuance of notes, net of issuance costs		542,043			—
Repayment of notes		(250,000	)		—
Borrowings (repayments) under accounts receivable securitization program, net		(400,000	)		110,000
Borrowings (repayments) of bank and revolving debt, net		448,468			(96,372	)
Repurchases of common stock		(334,177	)		(147,606	)
Dividends paid on common stock		(66,944	)		(65,602	)
Other, net		(12,028	)		(13,993	)
Net cash flows used for financing activities		(72,638	)		(213,573	)

Cash flows from investing activities:
Purchases of property, plant and equipment		(111,070	)		(133,422	)
Acquisitions of businesses, net of cash acquired		(19,675	)		—
Other, net		8,436			(8,765	)
Net cash flows used for investing activities		(122,309	)		(142,187	)

Effect of currency exchange rate changes on cash and cash equivalents		1,752			(54,295	)

Cash and cash equivalents:
— increase (decrease)		103,932			(125,503	)
— at beginning of period		932,553			928,971
— at end of period	$	1,036,485		$	803,468


AVNET, INC. SEGMENT INFORMATION (UNAUDITED)

	Third Quarters Ended						Nine Months Ended
	April 2,			March 28,			April 2,			March 28,
	2016			2015			2016*			2015
	(Millions)
Sales:
Electronics Marketing	$	4,041.5		$	4,219.5		$	12,627.5		$	13,028.8
Technology Solutions		2,133.2			2,517.3			7,364.9			8,099.5
Avnet Sales	$	6,174.7		$	6,736.8		$	19,992.5		$	21,128.3
Operating Income (Expense):
Electronics Marketing	$	183.3		$	197.3		$	570.3		$	591.4
Technology Solutions		55.5			68.1			247.1			248.1
Corporate		(33.5	)		(35.0	)		(116.5	)		(110.8	)
		205.2			230.4			700.9			728.7
Restructuring, integration and other expenses		(16.2	)		(15.5	)		(63.4	)		(47.1	)
Amortization of intangible assets and other		(7.4	)		(11.2	)		(22.8	)		(34.4	)
Operating Income	$	181.6		$	203.7		$	614.7		$	647.2

Avnet, Inc. Reports Third Quarter Fiscal Year 2016 Results

Комментарии

НОВОСТИ ПАРТНЁРОВ

Latest news in section

Самое обсуждаемое

Последние комментарии