Avnet, Inc. Reports Fourth Quarter and Fiscal Year End 2011 Results

During fiscal year 2011, Avnet added more than $7 billion in revenue through a combination of mergers and acquisitions, and organic growth, to reach $26.5 billion, while operating income growing 1.4 times faster than revenue to over $1 billion for the first time. The company achieved this performance while making significant investments in acquisitions and integrating them into the business.

These record-breaking results, along with the company’s proven ability to consistently deliver returns within its target range, led Avnet’s management and the Board of Directors to authorize a $500 million share repurchase program. The decision to buy back stock is a direct result of the company’s long term financial discipline that has created improved cash generation.

For its fourth quarter fiscal year 2011, Avnet’s revenue reached a record of $6.91 billion, and adjusted diluted earnings per share of $1.22 was a record for the fifth consecutive quarter. Avnet Technology Solutions’ reported revenue of $2.95 billion grew 41.2% year over year, and pro forma revenue grew 15.8% year over year.

Although Avnet Technology Solutions’ sequential growth was at the high end of typical seasonality, stronger growth in Asia and the Americas was offset by continuing sluggish growth in EMEA. Regional revenue for Avnet Technology Solutions’ fourth quarter fiscal year 2011 was:

• Americas - $1.61 billion USD, up 25.3% year over year on a reported basis
• EMEA - $876.8 million USD, up 64% year over year (or 46.1% excluding the impact of foreign currency exchange rates) on a reported basis
• Asia - $460.6 million USD, up 72.3% year over year on a reported basis

Industry-standard servers, storage and software all grew over 60% year over year due to investments made in acquisitions and its solutions sales model. Avnet TS also saw double-digit, year over year growth in networking and services.

Avnet is confident that the business will continue to perform and deliver expected results, despite market turbulence. Throughout the previous downturn, the Avnet team demonstrated its ability to consistently execute on the company’s strategies, deliver superior performance and adapt to on-going changes in the marketplace.

For more details, see the press release attached or visit http://ir.avnet.com/.

About Avnet, Inc.
Avnet, Inc. (NYSE: AVT), ranked #132 on the Fortune 500 companies, is one of the largest distributors of electronic components, computer products and embedded technology in the world. Avnet accelerates its partners’ success by connecting the world’s leading technology suppliers with a broad base of more than 100,000 customers and providing cost-effective, value-added services and solutions with more than 17.000 employees at over 300 locations worldwide. For the fiscal year ended July 1st, 2011, Avnet generated revenue of $26.5 billion. For more information, visit www.avnet.com.

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This release was published on openPR.