EX-99.1 2 avt-20240501xex99d1.htm EX-99.1

Exhibit 99.1

Graphic

Avnet Reports Third Quarter 2024 Financial Results

Third quarter sales of $5.7 billion and diluted EPS of $0.97

Adjusted diluted EPS of $1.10

Electronic Components operating margin of 4.1%

PHOENIX – May 1, 2024 Avnet, Inc. (Nasdaq: AVT) today announced results for its third quarter ended March 30, 2024.

“In the third quarter, we delivered results that were in line with our expectations, amidst economic softness and lower demand in the markets we serve. I am proud of our team’s effort to deliver robust cash flow from operations as the benefits from our countercyclical balance sheet started to take effect this quarter,” said Avnet Chief Executive Officer Phil Gallagher. “Our fourth quarter outlook reflects a continuation of these market conditions. Looking ahead, our team remains focused on the things we can control – bringing value to our customer and supplier partners, reducing operating costs, improving our working capital, generating cash flows and driving shareholder return.”

Fiscal Third Quarter Key Financial Highlights:

Sales of $5.7 billion, compared with $6.5 billion in the prior year quarter.
Diluted earnings per share of $0.97, compared with $2.03 in the prior year quarter.
oAdjusted diluted earnings per share of $1.10, compared with $2.00 in the prior year quarter.
Operating income margin of 3.4%, compared with 4.8% in the prior year quarter.
oAdjusted operating income margin of 3.6%.
oElectronic Components operating income margin of 4.1%.
oFarnell operating income margin of 4.0%.
Generated nearly $500 million of cash flow from operations.
oTrailing twelve month cash flows from operations of $650 million.
Returned $28 million to shareholders in dividends during the quarter.


Key Financial Metrics

($ in millions, except per share data)

Third Quarter Results (GAAP)

Mar – 24

   

Mar – 23

   

Change Y/Y

   

Dec – 23

   

Change Q/Q

Sales

$

5,653.6

$

6,514.6

(13.2)

%

$

6,204.9

(8.9)

%

Operating Income

$

190.2

$

313.6

(39.4)

%

$

236.3

(19.5)

%

Operating Income Margin

3.4

%

4.8

%

(145)

bps

3.8

%

(45)

bps

Diluted Earnings Per Share (EPS)

$

0.97

$

2.03

(52.2)

%

$

1.28

(24.2)

%

Third Quarter Results (Non-GAAP)(1)

Mar – 24

   

Mar – 23

   

Change Y/Y

   

Dec – 23

   

Change Q/Q

Adjusted Operating Income

$

202.7

$

314.5

(35.6)

%

$

242.2

(16.3)

%

Adjusted Operating Income Margin

3.6

%

4.8

%

(124)

bps

3.9

%

(31)

bps

Adjusted Diluted Earnings Per Share (EPS)

$

1.10

$

2.00

(45.0)

%

$

1.40

(21.4)

%

Segment and Geographical Mix

Mar – 24

   

Mar – 23

   

Change Y/Y

Dec – 23

   

Change Q/Q

Electronic Components (EC) Sales

$

5,245.8

$

6,059.6

(13.4)

%

$

5,812.1

(9.7)

%

EC Operating Income Margin

4.1

%

5.0

%

(91)

bps

4.3

%

(14)

bps

Farnell Sales

$

407.8

$

455.0

(10.4)

%

$

392.8

3.8

%

Farnell Operating Income Margin

4.0

%

9.0

%

(499)

bps

4.0

%

0

bps

Americas Sales

$

1,403.4

$

1,714.9

(18.2)

%

$

1,588.5

(11.7)

%

EMEA Sales

$

2,053.1

$

2,393.4

(14.2)

%

$

2,113.6

(2.9)

%

Asia Sales

$

2,197.1

$

2,406.3

(8.7)

%

$

2,502.8

(12.2)

%


(1)A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the “Non-GAAP Financial Information” section of this press release.

Outlook for the Fourth Quarter of Fiscal 2024 Ending on June 29, 2024

    

Guidance Range

    

Midpoint

Sales

$5.20B – $5.50B

$5.35B

Diluted EPS (1)

$0.90 – $1.00

$0.95


(1)A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release.

The above guidance implies a sequential sales decline of 3% to 8% and assumes below seasonal changes in sales across all regions.

The above guidance also excludes restructuring, integration and other expenses, foreign currency gains and losses, and certain income tax adjustments. The above guidance assumes similar interest expense to the third quarter and an effective tax rate of between 22% and 26%. The above guidance assumes 91 million average diluted shares outstanding and average currency exchange rates as shown in the table below:

Q4 Fiscal

2024

Q3 Fiscal

Q4 Fiscal

Guidance

    

2024

    

2023

Euro to U.S. Dollar

$1.07

$1.09

$1.09

GBP to U.S. Dollar

$1.24

$1.27

$1.25


Today’s Conference Call and Webcast Details

Avnet will host a conference call and webcast today at 9:00 a.m. PT / Noon ET to discuss its financial results, provide a business update and answer questions.

Live conference call: 877-407-8112 (domestic) or 201-689-8840 (international)
Conference call replay available through May 8, 2024: 877-660-6853 or 201-612-7415 and using Conference ID: 13745576
Live and archived webcast can be accessed via Avnet’s Investor Relations web page at: https://ir.avnet.com

Forward-Looking Statements

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, results of operations, and business of the Company. You can find many of these statements by looking for words like “believes,” “projected”, “plans,” “expects,” “anticipates,” “should,” “will,” “may,” “estimates,” or similar expressions. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties. The following important factors, in addition to those discussed elsewhere in the Company’s Annual Report on Form 10-K for the fiscal year ended July 1, 2023 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, could affect the Company’s future results of operations, and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: geopolitical events and military conflicts; pandemics and other health-related crises; competitive pressures among distributors of electronic components; an industry down-cycle in semiconductors, including supply shortages; relationships with key suppliers and allocations of products by suppliers, including increased non-cancellable/non-returnable orders; accounts receivable defaults; risks relating to the Company’s international sales and operations, including risks relating to repatriating cash, foreign currency fluctuations, inflation, duties and taxes, sanctions and trade restrictions, and compliance with international and U.S. laws; risks relating to acquisitions, divestitures, and investments; adverse effects on the Company’s supply chain, operations of its distribution centers, shipping costs, third-party service providers, customers, and suppliers, including as a result of issues caused by military conflicts, terrorist attacks, natural and weather-related disasters, pandemics and health related crises, warehouse modernization, and relocation efforts; risks related to cyber security attacks, other privacy and security incidents, and information systems failures, including related to current or future implementations, integrations, and upgrades; general economic and business conditions (domestic, foreign, and global) affecting the Company’s operations and financial performance and, indirectly, the Company’s credit ratings, debt covenant compliance, liquidity, and access to financing; constraints on employee retention and hiring; and legislative or regulatory changes.


Any forward-looking statement speaks only as of the date on which that statement is made. Except as required by law, the Company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made.

About Avnet

As a leading global technology distributor and solutions provider, Avnet has served customers’ evolving needs for more than a century. Decade after decade, Avnet helps its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com. (AVT_IR)

Investor Relations Contact

InvestorRelations@Avnet.com

Media Relations Contact

Jeanne Forbis, 480-643-7499

Jeanne.Forbis@Avnet.com


AVNET, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Third Quarters Ended

Nine Months Ended

 

    

March 30,

    

April 1,

    

March 30,

    

April 1,

 

2024

2023

2024

2023

 

(Thousands, except per share data)

 

Sales

$

5,653,591

$

6,514,619

$

18,194,153

$

19,982,273

Cost of sales

 

4,984,318

 

5,702,771

 

16,070,591

 

17,618,151

Gross profit

 

669,273

 

811,848

 

2,123,562

 

2,364,122

Selling, general and administrative expenses

 

467,275

 

498,219

 

1,419,253

 

1,460,984

Restructuring, integration and other expenses

 

11,847

 

 

24,132

 

Operating income

 

190,151

 

313,629

 

680,177

 

903,138

Other (expense) income, net

 

(14,707)

 

1,653

 

(17,144)

 

3,452

Interest and other financing expenses, net

 

(73,496)

 

(71,695)

 

(218,593)

 

(175,813)

Gain on legal settlements and other

 

 

86,499

 

61,705

Income before taxes

 

101,948

 

243,587

 

530,939

 

792,482

Income tax expense

 

13,114

 

56,161

 

114,906

 

176,910

Net income

$

88,834

$

187,426

$

416,033

$

615,572

Earnings per share:

Basic

$

0.98

$

2.05

$

4.59

$

6.67

Diluted

$

0.97

$

2.03

$

4.52

$

6.58

Shares used to compute earnings per share:

Basic

 

90,430

 

91,436

 

90,726

 

92,226

Diluted

 

91,256

 

92,456

 

92,075

 

93,616

Cash dividends paid per common share

$

0.31

$

0.29

$

0.93

$

0.87


AVNET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

    

March 30,

    

July 1,

 

2024

2023

 

(Thousands)

 

ASSETS

Current assets:

Cash and cash equivalents

$

218,473

$

288,230

Receivables

 

4,315,063

 

4,763,788

Inventories

 

5,751,872

 

5,465,031

Prepaid and other current assets

 

200,428

 

233,804

Total current assets

 

10,485,836

 

10,750,853

Property, plant and equipment, net

 

561,560

 

441,557

Goodwill

 

780,506

 

780,629

Operating lease assets

219,572

221,698

Other assets

 

277,763

 

282,422

Total assets

$

12,325,237

$

12,477,159

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term debt

$

548,519

$

70,636

Accounts payable

 

3,324,043

 

3,373,820

Accrued expenses and other

565,047

753,130

Short-term operating lease liabilities

 

55,063

 

51,792

Total current liabilities

 

4,492,672

 

4,249,378

Long-term debt

 

2,406,421

 

2,988,029

Long-term operating lease liabilities

183,427

190,621

Other liabilities

 

253,620

 

297,462

Total liabilities

7,336,140

7,725,490

Shareholders’ equity

 

4,989,097

 

4,751,669

Total liabilities and shareholders’ equity

$

12,325,237

$

12,477,159


AVNET, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Nine Months Ended

 

    

March 30, 2024

    

April 1, 2023

 

(Thousands)

 

Cash flows from operating activities:

Net income

$

416,033

$

615,572

Non-cash and other reconciling items:

Depreciation and amortization

 

64,151

 

65,039

Amortization of operating lease assets

40,181

 

39,962

Deferred income taxes

 

12,895

 

(11,053)

Stock-based compensation

 

27,150

 

30,057

Other, net

 

7,932

 

7,986

Changes in (net of effects from businesses acquired and divested):

Receivables

 

424,437

 

(320,097)

Inventories

 

(311,104)

 

(1,033,381)

Accounts payable

 

(23,247)

 

(331,352)

Accrued expenses and other, net

 

(242,698)

 

(10,974)

Net cash flows provided by (used for) operating activities

 

415,730

 

(948,241)

Cash flows from financing activities:

Issuance of notes, net of discounts

498,615

Borrowings (repayments) under accounts receivable securitization, net

 

(80,100)

 

261,000

Borrowings under senior unsecured credit facility, net

 

(49,057)

 

763,991

Borrowings (repayments) under bank credit facilities and other debt, net

22,884

(90,256)

Repurchases of common stock

 

(86,027)

 

(221,282)

Dividends paid on common stock

 

(84,154)

 

(79,807)

Other, net

(8,033)

(9,814)

Net cash flows (used for) provided by financing activities

 

(284,487)

 

1,122,447

Cash flows from investing activities:

Purchases of property, plant and equipment

 

(200,210)

 

(137,804)

Other, net

 

629

 

(16,326)

Net cash flows used for investing activities

 

(199,581)

 

(154,130)

Effect of currency exchange rate changes on cash and cash equivalents

 

(1,419)

 

12,168

Cash and cash equivalents:

— (decrease) increase

(69,757)

32,244

— at beginning of period

 

288,230

 

153,693

— at end of period

$

218,473

$

185,937


Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also discloses certain non-GAAP financial information including (i) adjusted operating income, (ii) adjusted other income (expense), (iii) adjusted income before income taxes, (iv) adjusted income tax expense (benefit), and (v) adjusted diluted earnings per share.

There are also references to the impact of foreign currency in the discussion of the Company’s results of operations. When the U.S. Dollar strengthens and the stronger exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is a decrease in U.S. Dollars of reported results. Conversely, when the U.S. Dollar weakens and the weaker exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is an increase in U.S. Dollars of reported results. In the discussion of the Company’s results of operations, results excluding this impact are referred to as “constant currency.” Management believes sales in constant currency is a useful measure for evaluating current period performance as compared with prior periods and for understanding underlying trends. In order to determine the translation impact of changes in foreign currency exchange rates on sales, income or expense items for subsidiaries reporting in currencies other than the U.S. Dollar, the Company adjusts the average exchange rates used in current periods to be consistent with the average exchange rates in effect during the comparative period.

Management believes that operating income adjusted for restructuring, integration and other expenses, and amortization of acquired intangible assets, is a useful measure to help investors better assess and understand the Company’s operating performance. This is especially the case when comparing results with previous periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Avnet’s normal operating results or non-cash in nature. Management analyzes operating income without the impact of these items as an indicator of ongoing margin performance and underlying trends in the business. Management also uses these non-GAAP measures to establish operational goals and, in most cases, for measuring performance for compensation purposes. Management measures operating income for its reportable segments excluding restructuring, integration and other expenses, and amortization of acquired intangible assets and other.

Management also believes income tax expense (benefit), net income and diluted earnings per share adjusted for the impact of the items described above, gain on legal settlements and other, foreign currency gains and losses and certain items impacting income tax expense (benefit) are useful to investors because they provide a measure of the Company’s net profitability on a more comparable basis to historical periods and provide a more meaningful basis for forecasting future performance. Adjustments to income tax expense (benefit) and the effective income tax rate include the effect of changes in tax laws, certain changes in valuation allowances and unrecognized tax benefits, income tax audit settlements and adjustments to effective tax rate based upon the expected long-term adjusted effective tax rate. Additionally, because of management’s focus on generating shareholder value, of which net profitability is a primary driver, management believes net income and diluted earnings per share excluding the impact of these items provides an important measure of the Company’s net profitability for the investing public.


Additional non-GAAP metrics management uses are adjusted operating income margin, which is defined as adjusted operating income divided by sales and the adjusted effective income tax rate, which is defined as adjusted income tax expense divided by adjusted income before income taxes.

Any analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, results presented in accordance with GAAP.

Fiscal

Quarters Ended

Year to Date

March 30,

December 30,

September 30,

 

2024*

  

2024*

  

2023

  

2023

($ in thousands, except per share amounts)

GAAP operating income

$

680,177

$

190,151

$

236,257

$

253,769

Restructuring, integration and other expenses

24,132

11,847

5,235

7,051

Amortization of intangible assets

2,301

712

712

878

Adjusted operating income

706,610

202,710

242,204

261,698

GAAP other (expense) income, net

$

(17,144)

$

(14,707)

$

(8,397)

$

5,960

Foreign currency loss (gain) and other, net

27,050

17,850

9,200

Adjusted other (expense) income, net

9,906

3,143

803

5,960

GAAP income before income taxes

$

530,939

$

101,948

$

153,558

$

275,432

Restructuring, integration and other expenses

24,132

11,847

5,235

7,051

Amortization of intangible assets

2,301

712

712

878

Foreign currency loss (gain) and other, net

27,050

17,850

9,200

Gain on legal settlements and other

(86,499)

(86,499)

Adjusted income before income taxes

497,923

132,357

168,705

196,862

GAAP income tax expense

$

114,906

$

13,114

$

35,627

$

66,164

Restructuring, integration and other expenses

5,749

2,772

1,274

1,703

Amortization of intangible assets

515

156

156

203

Foreign currency loss (gain) and other, net

7,285

5,251

2,034

Gain on legal settlements and other

(20,434)

(20,434)

Income tax expense items, net

11,481

10,472

1,399

(390)

Adjusted income tax expense

119,502

31,765

40,490

47,246

GAAP net income

$

416,033

$

88,834

$

117,931

$

209,268

Restructuring, integration and other expenses (net of tax)

18,383

9,075

3,961

5,348

Amortization of intangible assets (net of tax)

1,786

556

556

675

Foreign currency loss (gain) and other, net (net of tax)

19,765

12,599

7,166

Gain on legal settlements and other (net of tax)

(66,065)

(66,065)

Income tax expense items, net

(11,481)

(10,472)

(1,399)

390

Adjusted net income

378,421

100,592

128,215

149,616

GAAP diluted earnings per share

$

4.52

$

0.97

$

1.28

$

2.25

Restructuring, integration and other expenses (net of tax)

0.20

0.10

0.04

0.06

Amortization of intangible assets (net of tax)

0.02

0.01

0.01

0.01

Foreign currency loss (gain) and other, net (net of tax)

0.21

0.14

0.08

Gain on legal settlements and other (net of tax)

(0.72)

(0.71)

Income tax expense items, net

(0.12)

(0.11)

(0.01)

0.00

Adjusted diluted EPS

4.11

1.10

1.40

1.61


* May not foot/cross foot due to rounding.


Quarters Ended

Fiscal Year

July 1,

April 1,

December 31,

October 1,

 

2023*

  

2023*

  

2023

  

2022

  

2022

($ in thousands, except per share amounts)

GAAP operating income

$

1,186,800

$

283,662

$

313,629

$

298,973

$

290,537

Restructuring, integration and other expenses

28,038

28,038

Amortization of intangible assets

6,053

878

876

1,541

2,759

Adjusted operating income

1,220,891

312,578

314,505

300,514

293,296

GAAP income before income taxes

$

982,876

$

190,393

$

243,587

$

303,134

$

245,762

Restructuring, integration and other expenses

28,038

28,038

Amortization of intangible assets

6,053

878

876

1,541

2,759

Gain on legal settlements and other

(37,037)

24,669

(61,705)

Adjusted income before income taxes

979,931

243,978

244,463

242,970

248,521

GAAP income tax expense

$

212,048

$

35,138

$

56,161

$

59,248

$

61,501

Restructuring, integration and other expenses

6,007

6,007

Amortization of intangible assets

1,360

207

203

345

605

Gain on legal settlements and other

(8,711)

5,828

(14,539)

Income tax expense items, net

16,453

5,583

3,529

12,287

(4,946)

Adjusted income tax expense

227,157

52,763

59,893

57,341

57,160

GAAP net income

$

770,828

$

155,255

$

187,426

$

243,886

$

184,261

Restructuring, integration and other expenses (net of tax)

22,031

22,031

Amortization of intangible assets (net of tax)

4,693

671

673

1,196

2,154

Gain on legal settlements and other (net of tax)

(28,326)

18,841

(47,166)

Income tax expense items, net

(16,453)

(5,583)

(3,529)

(12,287)

4,946

Adjusted net income

752,774

191,215

184,570

185,629

191,361

GAAP diluted earnings per share

$

8.26

$

1.68

$

2.03

$

2.63

$

1.93

Restructuring, integration and other expenses (net of tax)

0.24

0.24

Amortization of intangible assets (net of tax)

0.05

0.01

0.01

0.01

0.02

Gain on legal settlements and other (net of tax)

(0.31)

0.20

(0.51)

Income tax expense items, net

(0.18)

(0.06)

(0.04)

(0.13)

0.05

Adjusted diluted EPS

8.06

2.06

2.00

2.00

2.00


* May not foot/cross foot due to rounding.


Sales in Constant Currency

The following table presents reported sales growth rates and sales growth rates in constant currency for the third quarter and first nine months of fiscal 2024 compared to the third quarter and first nine months of fiscal 2023.

Quarter Ended

Nine Months Ended

March 30, 2024

March 30, 2024

Sales

Sales

Sales

Year-Year %

Sequential %

Year-Year %

Sales

Change in

Sales

Change in

Sales

Change in

Year-Year

Constant

Sequential

Constant

Year-Year

Constant

   

% Change

   

Currency

   

% Change

   

Currency

    

% Change

    

Currency

Avnet

(13.2)

%

(13.0)

%

 

(8.9)

%

 

(9.3)

%

(9.0)

%

(9.8)

%

Avnet by region

Americas

(18.2)

%

(18.2)

%

 

(11.7)

%

 

(11.7)

%

(10.0)

%

(10.0)

%

EMEA

(14.2)

(15.1)

 

(2.9)

 

(3.9)

(4.5)

(8.1)

Asia

(8.7)

(7.2)

 

(12.2)

 

(12.2)

(12.0)

(11.0)

Avnet by segment

EC

(13.4)

%

(13.1)

%

 

(9.7)

%

 

(10.1)

%

(9.2)

%

(10.0)

%

Farnell

(10.4)

(11.2)

 

3.8

 

2.9

(5.2)

(7.2)

Historical Segment Financial Information

Quarters Ended

Fiscal

Third Quarter

Second Quarter

First Quarter

Year to Date

March 30,

December 30,

September 30,

2024*

  

2024

  

2023

  

2023

($ in millions)

Sales:

Electronic Components

$

16,972.3

$

5,245.8

$

5,812.1

$

5,914.4

Farnell

1,221.9

407.8

392.8

421.2

Avnet sales

$

18,194.2

$

5,653.6

$

6,204.9

$

6,335.6

Operating income:

Electronic Components

$

737.5

$

216.9

$

247.9

$

272.8

Farnell

49.7

16.3

15.7

17.7

787.2

233.2

263.6

290.5

Corporate expenses

(80.6)

(30.5)

(21.4)

(28.7)

Restructuring, integration and other expenses

(24.1)

(11.8)

(5.2)

(7.1)

Amortization of acquired intangible assets

(2.3)

(0.7)

(0.7)

(0.9)

Avnet operating income

$

680.2

$

190.2

$

236.3

$

253.8

Sales by geographic area:

Americas

$

4,565.4

$

1,403.4

$

1,588.5

$

1,573.5

EMEA

6,474.7

2,053.1

2,113.6

2,308.0

Asia

7,154.1

2,197.1

2,502.8

2,454.1

Avnet sales

$

18,194.2

$

5,653.6

$

6,204.9

$

6,335.6


* May not foot/cross foot due to rounding.


Quarters Ended

Fiscal

Fourth Quarter

Third Quarter

Second Quarter

First Quarter

Year

July 1,

April 1,

December 31,

October 1,

2023*

2023*

2023

2022

2022

($ in millions)

Sales:

Electronic Components

$

24,802.6

$

6,109.2

$

6,059.6

$

6,309.5

$

6,324.2

Farnell

1,734.3

445.4

455.0

408.0

425.9

Avnet sales

$

26,536.9

$

6,554.6

$

6,514.6

$

6,717.5

$

6,750.1

Operating income:

Electronic Components

$

1,179.6

$

310.4

$

305.2

$

296.7

$

267.3

Farnell

165.5

36.1

40.9

36.9

51.6

1,345.1

346.5

346.1

333.6

318.9

Corporate expenses

(124.2)

(33.9)

(31.6)

(33.1)

(25.6)

Restructuring, integration and other expenses

(28.0)

(28.0)

Amortization of acquired intangible assets

(6.1)

(0.9)

(0.9)

(1.5)

(2.8)

Avnet operating income

$

1,186.8

$

283.7

$

313.6

$

299.0

$

290.5

Sales by geographic area:

Americas

$

6,807.7

$

1,732.7

$

1,714.9

$

1,681.2

$

1,678.9

EMEA

9,229.4

2,450.6

2,393.4

2,255.9

2,129.5

Asia

10,499.8

2,371.3

2,406.3

2,780.4

2,941.7

Avnet sales

$

26,536.9

$

6,554.6

$

6,514.6

$

6,717.5

$

6,750.1


* May not foot/cross foot due to rounding.

Guidance Reconciliation

The following table presents the reconciliation of non-GAAP adjusted diluted earnings per share guidance to the expected GAAP diluted earnings per share guidance for the fourth quarter of fiscal 2024.

Low End of

High End of

    

Guidance Range

    

Guidance Range

    

Adjusted diluted earnings per share guidance

$

0.90

$

1.00

Restructuring, integration and other expenses (net of tax)

 

(0.10)

 

(0.15)

GAAP diluted earnings per share guidance

$

0.80

$

0.85