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Avnet Reports Q4 and Fiscal Year 2017 Results
August 9, 2017 | Business WireEstimated reading time: 1 minute
Avnet, Inc. today announced results for the fourth quarter and fiscal year ended July 1, 2017.
Fourth Quarter Results
- Sales of $4.6 billion increased 16.1% year over year
- Organic sales increased 8.4% in constant currency from the year ago quarter
- Diluted earnings per share (EPS) from continuing operations of $0.59
- Adjusted diluted EPS from continuing operations of $0.84
- Cash generated from operations of $81 million
“We closed out the fiscal year with a strong quarter as organic revenue grew 8.4% year over year in constant currency with all three regions contributing to the growth. In our EMEA region, where our electronic components group continues to grow faster than the market, revenue increased 32% in constant currency and organic revenue was up 17%,” said Bill Amelio, CEO of Avnet. “Our digital initiatives continue to gain traction as Premier Farnell’s Element 14 community surpassed 500 thousand members and we continue to add over 30 thousand new digital customers each month. We are seeing meaningful improvement in demand creation metrics as we redeploy field application engineers to new products and suppliers that value the reach and technical breadth we bring to high growth markets. With our digital ecosystem growing steadily and as we realize the positive impacts from our transformation initiatives, we enter fiscal 2018 positioned to drive further organic growth and improve financial performance.”
Segment Reporting
As a result of the sale of the TS Business and the acquisition of Premier Farnell, during the fourth quarter of fiscal 2017, the Company changed its reportable segments to the Electronic Components and Premier Farnell operating groups.
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.
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