Fourth quarter sales of $5.6 billion and diluted EPS of $0.91

Adjusted diluted EPS of $1.22

Electronic Components operating margin of 4.1%

Avnet, Inc. (NASDAQ:AVT) today announced results for its fourth quarter and fiscal year 2024 ended June 29, 2024.

"We are pleased with our fiscal 2024 performance as we executed well, despite some challenging market conditions," said Avnet Chief Executive Officer Phil Gallagher. "I want to thank our team for their focus on supporting our supplier and customer partners, growing market share, controlling costs, and managing working capital to drive operating cash flow. Their efforts enabled us to exceed the upper end of our fourth quarter sales and earnings guidance. We are well positioned entering into fiscal year 2025 and I am confident we have the right team and strategy in place to benefit from the eventual market recovery."

Fiscal Fourth Quarter Key Financial Highlights:

Sales of $5.6 billion, compared with $6.6 billion in the prior year quarter.
Diluted earnings per share of $0.91, compared with $1.68 in the prior year quarter.
- Adjusted diluted earnings per share of $1.22, compared with $2.06 in the prior year quarter.
Operating income margin of 3.0%, compared with 4.3% in the prior year quarter.
- Adjusted operating income margin of 3.5%.
- Electronic Components operating income margin of 4.1%.
- Farnell operating income margin of 4.0%.
Generated $274 million of cash flow from operations.
Returned $79 million to shareholders from share repurchases, representing 1.6% of shares outstanding.
Returned $28 million to shareholders in dividends.

Fiscal 2024 Key Financial Highlights:

Sales of $23.8 billion, compared with $26.5 billion in the prior year.
Diluted earnings per share of $5.43, compared with $8.26 in the prior year.
- Adjusted diluted earnings per share of $5.34, compared with $8.06 in the prior year.
Operating income margin of 3.6%, compared with 4.5% in the prior year.
- Adjusted operating income margin of 3.8%.
- Electronic Components operating income margin of 4.3%.
- Farnell operating income margin of 4.1%.
Generated $690 million of cash flow from operations.
Returned $165 million to shareholders from share repurchases, representing 3.6% of shares outstanding.
Returned $112 million to shareholders in dividends.

Key Financial Metrics

($ in millions, except per share data)

Fourth Quarter Results (GAAP)
	Jun – 24			Jun – 23			Change Y/Y		Mar – 24			Change Q/Q
Sales	$	5,563.0		$	6,554.6		(15.1)	%	$	5,653.6		(1.6)	%
Operating Income	$	164.2		$	283.7		(42.1)	%	$	190.2		(13.7)	%
Operating Income Margin		3.0	%		4.3	%	(138)	bps		3.4	%	(41)	bps
Diluted Earnings Per Share (EPS)	$	0.91		$	1.68		(45.8)	%	$	0.97		(6.2)	%
Fourth Quarter Results (Non-GAAP)⁽¹⁾
	Jun – 24			Jun – 23			Change Y/Y		Mar – 24			Change Q/Q
Adjusted Operating Income	$	193.4		$	312.6		(38.1)	%	$	202.7		(4.6)	%
Adjusted Operating Income Margin		3.5	%		4.8	%	(129)	bps		3.6	%	(11)	bps
Adjusted Diluted Earnings Per Share (EPS)	$	1.22		$	2.06		(40.8)	%	$	1.10		10.9	%
Segment and Geographical Mix
	Jun – 24			Jun – 23			Change Y/Y		Mar – 24			Change Q/Q
Electronic Components (EC) Sales	$	5,187.8		$	6,109.2		(15.1)	%	$	5,245.8		(1.1)	%
EC Operating Income Margin		4.1	%		5.1	%	(103)	bps		4.1	%	(8)	bps
Farnell Sales	$	375.2		$	445.4		(15.8)	%	$	407.8		(8.0)	%
Farnell Operating Income Margin		4.0	%		8.1	%	(406)	bps		4.0	%	3	bps
Americas Sales	$	1,353.8		$	1,732.7		(21.9)	%	$	1,403.4		(3.5)	%
EMEA Sales	$	1,920.3		$	2,450.6		(21.6)	%	$	2,053.1		(6.5)	%
Asia Sales	$	2,288.9		$	2,371.3		(3.5)	%	$	2,197.1		4.2	%

_______________
(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 First Quarter of Fiscal 2025 Ending on September 28, 2024

	Guidance Range	Midpoint
Sales	$5.25B – $5.55B	$5.40B
Diluted EPS ⁽¹⁾	$0.80 – $0.90	$0.85

_______________
(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 change of flat to down approximately 5% and assumes sales declines in the western regions and sales growth in Asia.

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 fourth quarter of fiscal 2024 and an effective tax rate of between 21% and 25%. The above guidance assumes 90 million average diluted shares outstanding and average currency exchange rates as shown in the table below:

	Q1 Fiscal
	2025	Q4 Fiscal	Q1 Fiscal
	Guidance	2024	2024
Euro to U.S. Dollar	$1.08	$1.08	$1.09
GBP to U.S. Dollar	$1.27	$1.26	$1.27

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 August 15, 2024: 877-660-6853 or 201-612-7415 and using Conference ID: 13747493
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. We support customers at each stage of a product's lifecycle, from idea to design and from prototype to production. Our unique position at the center of the technology value chain enables us to accelerate the design and supply stages of product development so customers can realize revenue faster. 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)

AVNET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Fourth Quarters Ended						Years Ended
	June 29,			July 1,			June 29,			July 1,
	2024			2023			2024			2023
	(Thousands, except per share data)
Sales	$	5,562,977		$	6,554,608		$	23,757,129		$	26,536,881
Cost of sales		4,920,097			5,736,586			20,990,687			23,354,738
Gross profit		642,880			818,022			2,766,442			3,182,143
Selling, general and administrative expenses		450,274			506,322			1,869,525			1,967,305
Restructuring, integration, and other expenses		28,417			28,038			52,550			28,038
Operating income		164,189			283,662			844,367			1,186,800
Other income (expense), net		1,409			6,456			(15,736	)		9,908
Interest and other financing expenses, net		(64,274	)		(75,056	)		(282,867	)		(250,869	)
Gain on legal settlements and other		—			(24,669	)		86,499			37,037
Income before taxes		101,324			190,393			632,263			982,876
Income tax expense		18,659			35,138			133,564			212,048
Net income	$	82,665		$	155,255		$	498,699		$	770,828

Earnings per share:
Basic	$	0.92		$	1.70		$	5.51		$	8.37
Diluted	$	0.91		$	1.68		$	5.43		$	8.26

Shares used to compute earnings per share:
Basic		90,092			91,493			90,567			92,043
Diluted		91,122			92,626			91,837			93,368
Cash dividends paid per common share	$	0.31		$	0.29		$	1.24		$	1.16

AVNET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	June 29,		July 1,
	2024		2023
	(Thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	310,941	$	288,230
Receivables		4,391,187		4,763,788
Inventories		5,468,730		5,465,031
Prepaid and other current assets		199,694		233,804
Total current assets		10,370,552		10,750,853
Property, plant and equipment, net		568,169		441,557
Goodwill		780,984		780,629
Operating lease assets		208,971		221,698
Other assets		280,471		282,422
Total assets	$	12,209,147	$	12,477,159

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt	$	492,711	$	70,636
Accounts payable		3,345,510		3,373,820
Accrued expenses and other		573,055		753,130
Short-term operating lease liabilities		53,993		51,792
Total current liabilities		4,465,269		4,249,378
Long-term debt		2,406,629		2,988,029
Long-term operating lease liabilities		173,886		190,621
Other liabilities		237,859		297,462
Total liabilities		7,283,643		7,725,490
Shareholders' equity		4,925,504		4,751,669
Total liabilities and shareholders' equity	$	12,209,147	$	12,477,159

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

	Years Ended
	June 29, 2024			July 1, 2023
	(Thousands)
Cash flows from operating activities:
Net income	$	498,699		$	770,828

Non-cash and other reconciling items:
Depreciation and amortization		86,708			88,613
Amortization of operating lease assets		53,796			54,392
Deferred income taxes		(9,749	)		(37,060	)
Stock-based compensation		33,496			38,781
Other, net		15,800			52,142
Changes in (net of effects from businesses acquired and divested):
Receivables		316,218			(461,117	)
Inventories		(51,203	)		(1,173,124	)
Accounts payable		4,496			(75,943	)
Accrued expenses and other, net		(258,277	)		28,785
Net cash flows provided by (used for) operating activities		689,984			(713,703	)

Cash flows from financing activities:
Issuance of notes, net of discounts		—			498,615
Borrowings (repayments) under accounts receivable securitization, net		(140,700	)		258,000
Borrowings under senior unsecured credit facility, net		(43,277	)		728,182
Borrowings (repayments) under bank credit facilities and other debt, net		27,491			(96,209	)
Repurchases of common stock		(162,723	)		(221,730	)
Dividends paid on common stock		(111,963	)		(106,325	)
Other, net		(2,627	)		(5,777	)
Net cash flows (used for) provided by financing activities		(433,799	)		1,054,756

Cash flows from investing activities:
Purchases of property, plant and equipment		(226,478	)		(194,674	)
Other, net		994			(16,877	)
Net cash flows used for investing activities		(225,484	)		(211,551	)

Effect of currency exchange rate changes on cash and cash equivalents		(7,990	)		5,035
Cash and cash equivalents:
— increase		22,711			134,537
— at beginning of period		288,230			153,693
— at end of period	$	310,941		$	288,230

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.

				Quarters Ended
	Fiscal Year			June 29,			March 30,			December 30,			September 30,
	2024*			2024*			2024*			2023			2023
	*($ in thousands, except per share amounts)*
GAAP operating income	$	844,367		$	164,189		$	190,151		$	236,257		$	253,769
Restructuring, integration, and other expenses		52,550			28,417			11,847			5,235			7,051
Amortization of intangible assets		3,130			828			712			712			878
Adjusted operating income		900,047			193,434			202,710			242,204			261,698

GAAP other (expense) income, net	$	(15,736	)	$	1,409		$	(14,707	)	$	(8,397	)	$	5,960
Foreign currency loss (gain) and other, net		27,730			680			17,850			9,200			—
Adjusted other (expense) income, net		11,994			2,089			3,143			803			5,960

GAAP income before income taxes	$	632,263		$	101,324		$	101,948		$	153,558		$	275,432
Restructuring, integration, and other expenses		52,550			28,417			11,847			5,235			7,051
Amortization of intangible assets		3,130			828			712			712			878
Foreign currency loss (gain) and other, net		27,730			680			17,850			9,200			—
Gain on legal settlements and other		(86,499	)		—			—			—			(86,499	)
Adjusted income before income taxes		629,174			131,249			132,357			168,705			196,862

GAAP income tax expense	$	133,564		$	18,659		$	13,114		$	35,627		$	66,164
Restructuring, integration, and other expenses		13,000			7,251			2,772			1,274			1,703
Amortization of intangible assets		700			185			156			156			203
Foreign currency loss (gain) and other, net		7,373			88			5,251			2,034			—
Gain on legal settlements and other		(20,434	)		—			—			—			(20,434	)
Income tax expense items, net		4,992			(6,489	)		10,472			1,399			(390	)
Adjusted income tax expense		139,195			19,694			31,765			40,490			47,246

GAAP net income	$	498,699		$	82,665		$	88,834		$	117,931		$	209,268
Restructuring, integration, and other expenses (net of tax)		39,550			21,166			9,075			3,961			5,348
Amortization of intangible assets (net of tax)		2,430			643			556			556			675
Foreign currency loss (gain) and other, net (net of tax)		20,357			592			12,599			7,166			—
Gain on legal settlements and other (net of tax)		(66,065	)		—			—			—			(66,065	)
Income tax expense items, net		(4,992	)		6,489			(10,472	)		(1,399	)		390
Adjusted net income		489,979			111,555			100,592			128,215			149,616

GAAP diluted earnings per share	$	5.43		$	0.91		$	0.97		$	1.28		$	2.25
Restructuring, integration, and other expenses (net of tax)		0.43			0.23			0.10			0.04			0.06
Amortization of intangible assets (net of tax)		0.03			0.01			0.01			0.01			0.01
Foreign currency loss (gain) and other, net (net of tax)		0.22			0.01			0.14			0.08			—
Gain on legal settlements and other (net of tax)		(0.72	)		—			—			—			(0.71	)
Income tax expense items, net		(0.05	)		0.07			(0.11	)		(0.01	)		0.00
Adjusted diluted EPS		5.34			1.22			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 fourth quarter and fiscal year 2024 compared to the fourth quarter and fiscal year 2023.

	Quarter Ended								Years Ended
	June 29, 2024								June 29, 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	(15.1	)%	(14.2	)%	(1.6	)%	(1.0	)%	(10.5	)%	(10.9	)%
Avnet by region
Americas	(21.9	)%	(21.9	)%	(3.5	)%	(3.5	)%	(13.1	)%	(13.1	)%
EMEA	(21.6	)	(20.7	)	(6.5	)	(5.6	)	(9.0	)	(11.4	)
Asia	(3.5	)	(1.9	)	4.2		4.8		(10.1	)	(9.0	)
Avnet by segment
EC	(15.1	)%	(14.1	)%	(1.1	)%	(0.5	)%	(10.7	)%	(11.0	)%
Farnell	(15.8	)	(15.4	)	(8.0	)	(7.5	)	(7.9	)	(9.3	)

Historical Segment Financial Information

				Quarters Ended
	Fiscal			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
	Year			June 29,			March 30,			December 30,			September 30,
	2024*			2024			2024			2023			2023
	*($ in millions)*
Sales:
Electronic Components	$	22,160.0		$	5,187.8		$	5,245.8		$	5,812.1		$	5,914.4
Farnell		1,597.1			375.2			407.8			392.8			421.2
Avnet sales	$	23,757.1		$	5,563.0		$	5,653.6		$	6,204.9		$	6,335.6

Operating income:
Electronic Components	$	947.6		$	210.1		$	216.9		$	247.9		$	272.8
Farnell		64.8			15.1			16.3			15.7			17.7
		1,012.4			225.2			233.2			263.6			290.5
Corporate expenses		(112.3	)		(31.8	)		(30.5	)		(21.4	)		(28.7	)
Restructuring, integration, and other expenses		(52.6	)		(28.4	)		(11.8	)		(5.2	)		(7.1	)
Amortization of acquired intangible assets		(3.1	)		(0.8	)		(0.7	)		(0.7	)		(0.9	)
Avnet operating income	$	844.4		$	164.2		$	190.2		$	236.3		$	253.8

Sales by geographic area:
Americas	$	5,919.2		$	1,353.8		$	1,403.4		$	1,588.5		$	1,573.5
EMEA		8,395.0			1,920.3			2,053.1			2,113.6			2,308.0
Asia		9,442.9			2,288.9			2,197.1			2,502.8			2,454.1
Avnet sales	$	23,757.1		$	5,563.0		$	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 first quarter of fiscal 2025.

	Low End of			High End of
	Guidance Range			Guidance Range

Adjusted diluted earnings per share guidance	$	0.80		$	0.90
Restructuring, integration, and other expenses (net of tax)		(0.17	)		(0.08	)
GAAP diluted earnings per share guidance	$	0.63		$	0.82

View source version on businesswire.com: https://www.businesswire.com/news/home/20240808289693/en/

Avnet Reports Fourth Quarter and Fiscal 2024 Financial Results