Avnet (AVT) Q3 FY2024 earnings: revenue $5.7 billion, down 13.2% on the year

Avnet Inc. (AVT) reported revenue of $5.7 billion for Q3 FY2024, the quarter ended 30 March 2024, down 13.2% on the same quarter a year earlier. Net income was $89 million, down 52.6% on the year, and diluted earnings per share $0.97. The figures are the company's own, from the 10-Q it filed with the SEC on 3 May 2024.

Revenue$5.7 billiondown 13.2%

Net income$89 milliondown 52.6%

Diluted EPS$0.97

QuarterQ3 FY2024ended 30 March 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	5,654	6,205	n/a	n/a
Cost of revenue	4,984	5,499	n/a	n/a
Gross profit	669	706	n/a	n/a
Gross margin	11.8%	11.4%	n/a
Selling, general and administrative	467	465	n/a	n/a
Operating income	190	236	n/a	n/a
Operating margin	3.4%	3.8%	n/a
Interest expense	73.5	74.3	n/a	n/a
Pre-tax income	102	154	n/a	n/a
Income tax	13.1	35.6	n/a	n/a
Effective tax rate	12.9%	23.2%	n/a
Net income	88.8	118	n/a	n/a
Net margin	1.6%	1.9%	n/a
Diluted EPS	$0.97	$1.28	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	499	-42.3	n/a	n/a
Capital expenditure	42.1	82.0	n/a	n/a
Free cash flow	457	-124	n/a	n/a
Free cash flow margin	8.1%	-2.0%	n/a
Cash from investing	-41.9	-81.9	n/a	n/a
Cash from financing	-507	122	n/a	n/a
Depreciation and amortisation	21.4	21.2	n/a	n/a
Share-based compensation	7.2	10.6	n/a	n/a
Buybacks	0.0	61.7	n/a	n/a
Dividends paid	28.0	27.8	n/a	n/a
Dividend per share	$0.31	$0.31	n/a	n/a
Diluted shares, weighted	91m	92m	n/a	n/a
Shares outstanding at period end	90m	90m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	4,989	5,010	n/a	n/a
Debt	2,950	3,450	n/a	n/a
Operating lease liabilities	183	192	n/a	n/a
Other liabilities	4,203	4,345	n/a	n/a
Total liabilities and equity	12,325	12,997	n/a	n/a
Fixed assets	562	564	n/a	n/a
Goodwill	781	787	n/a	n/a
Cash and equivalents	218	273	n/a	n/a
Receivables	4,315	4,509	n/a	n/a
Inventory	5,752	6,116	n/a	n/a
Other assets	698	749	n/a	n/a
Total assets	12,325	12,997	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	6,336	6,205	5,654	5,563	5,604	5,663	5,315	5,618	5,899	6,319	7,120	8,295
Cost of revenue	5,588	5,499	4,984	4,920	4,997	5,067	4,728	5,024	5,284	5,656	6,381	7,430
Gross profit	748	706	669	643	607	596	588	594	615	663	739	865
Gross margin	12%	11%	12%	12%	11%	11%	11%	11%	10%	10%	10%	10%
SG&A	487	465	467	450	439	437	435	451	464	492	519	548
Operating income	254	236	190	164	142	155	143	73.5	142	146	206	231
Operating margin	4%	4%	3%	3%	3%	3%	3%	1%	2%	2%	3%	3%
Interest expense	70.8	74.3	73.5	64.3	64.4	62.4	61.1	58.4	59.8	61.4	63.1	66.5
Pre-tax income	275	154	102	101	74.7	90.3	78.1	7.4	76.8	89.9	141	160
Tax rate	24%	23%	13%	18%	21%	3%	-13%	18%	33%	31%	33%	21%
Net income	209	118	88.8	82.7	59.0	87.3	87.9	6.1	51.7	61.7	94.3	127
Net margin	3%	2%	2%	1%	1%	2%	2%	0%	1%	1%	1%	2%
Diluted EPS	$2.25	$1.28	$0.97	$0.91	$0.66	$0.99	$1.01	$0.07	$0.61	$0.75	$1.14	$1.49
Operating cash flow	-41.3	-42.3	499	274	106	338	141	139	-145	208	-53.8	-291
Capital expenditure	76.1	82.0	42.1	26.3	31.8	29.4	26.7	59.6	24.6	15.4	16.9	16.8
Free cash flow	-117	-124	457	248	74.5	308	114	79.9	-169	193	-70.7	-308
Buybacks	24.3	61.7	0.0	76.7	100.0	52.2	101	50.0	138	0.0	0.0	0.0
Dividends paid	28.3	27.8	28.0	27.8	28.9	28.6	28.2	27.7	28.5	28.5	28.7	28.7
Shares outstanding	90m	90m	90m	88m	87m	87m	84m	83m	81m	82m	82m	82m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 March 2024, filed 3 May 2024, accession 0000008858-24-000020: the filing on EDGAR. All of Avnet Inc.'s filings: EDGAR company page.

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