Avnet, Inc. Reports Fourth Quarter Fiscal Year 2013 Results

Rick Hamada, Chief Executive Officer, commented, “Our Q4 results came in above our original expectations as better than expected sequential revenue growth at EM and our expense management actions combined to deliver significant bottom-line leverage resulting in operating income growing three times faster than revenue. Organic enterprise revenue in constant currency grew 5.0% sequentially, at the high end of normal seasonality as year-over-year growth crossed into positive territory for the first time in seven quarters. Adjusted operating income increased 14.2% sequentially and adjusted operating income margin was up 28 basis points with both operating groups contributing to this improvement. An improvement in working capital velocity, both sequentially and year over year, coupled with strong profits drove cash flow from operations of $267 million this quarter and $696 million for the full fiscal year. Given that the substantial majority of our previously announced restructuring initiatives have been implemented, and we are beginning to see various positive signals on our dashboards, we plan to build on this most recent performance and sustain progress toward our long-term goals.”

Avnet Electronics Marketing Results

        Year-over-Year Growth Rates
Q4 FY13 Reported     Organic
Revenue Revenue Revenue
(in millions)
 
Total

 

$ 3,970.6 5.5 % 2.0 %
Excluding FX (1)

 

6.0 % 2.6 %
Americas

 

$ 1,391.0 -3.1 % -4.6 %
EMEA

 

$ 1,123.2 7.5 % 6.1 %
Excluding FX (1)

 

5.9 % 4.5 %
Asia

 

$ 1,456.4 13.4 % 5.9 %
 
Q4 FY13 Q4 FY12 Change
Operating Income

 

$ 175.4   $ 191.1   $ (15.7 )
Operating Income Margin

 

  4.42 %   5.08 % -66 bps

(1)

 

Year-over-year revenue growth rate excluding the impact of changes in foreign currency exchange rates.

 

  • Fourth quarter reported revenue increased 5.5% year over year to $3.97 billion while organic revenue was up 2.6% in constant dollars
  • After adjusting for acquisitions and currency, sequential revenue growth of 4.7% was above both expectations and the high end of normal seasonality, with all three regions coming in above expectations
  • Operating income margin increased 15 basis points sequentially and was down 66 basis points from the year ago quarter due primarily to a decline in the EMEA region
  • Working capital velocity increased 5.1% sequentially and the cash cycle declined 4 days from the March quarter
  • Return on working capital (ROWC) increased 200 basis points sequentially to its highest level in fiscal 2013 and decreased 185 basis points from the prior year quarter

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