Avnet (AVT) FY2024 results: revenue $23.8 billion, down 10.5% on the year

Avnet Inc. (AVT) reported revenue of $23.8 billion for fiscal 2024, the year ended 29 June 2024, down 10.5% on the year before. Net income was $499 million, down 35.3%, and diluted earnings per share $5.43. The figures are the company's own, from the 10-K it filed with the SEC on 14 August 2024.

Revenue

$23.8 billion

-10.5% on the year

FY2017FY2024

Operating margin

3.6%

4.5% a year earlier

FY2017FY2024

Net income

$499 million

-35.3% on the year

FY2017FY2024

Diluted EPS

$5.43

-34.3% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	23,757	26,537	24,311	-10.5%
Cost of revenue	20,991	23,355	21,345	-10.1%
Gross profit	2,766	3,182	2,965	-13.1%
Gross margin	11.6%	12.0%	12.2%
Selling, general and administrative	1,870	1,967	1,995	-5.0%
Operating income	844	1,187	939	-28.9%
Operating margin	3.6%	4.5%	3.9%
Interest expense	283	251	100	+12.8%
Pre-tax income	632	983	833	-35.7%
Income tax	134	212	141	-37.0%
Effective tax rate	21.1%	21.6%	16.9%
Net income	499	771	692	-35.3%
Net margin	2.1%	2.9%	2.8%
Diluted EPS	$5.43	$8.26	$6.94	-34.3%

$ 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

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	690	-714	-219
Capital expenditure	226	195	48.9	+16.3%
Free cash flow	464	-908	-268
Free cash flow margin	2.0%	-3.4%	-1.1%
Cash from investing	-225	-212	51.3
Cash from financing	-434	1,055	156
Depreciation and amortisation	86.7	88.6	102	-2.1%
Share-based compensation	33.5	38.8	36.7	-13.6%
Buybacks	163	222	184	-26.6%
Dividends paid	112	106	98.5	+5.3%
Dividend per share	$1.24	$1.16	$1.00	+6.9%
Diluted shares, weighted	92m	93m	100m	-1.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	4,926	4,752	4,193	+3.7%
Debt	2,899	3,059	1,612	-5.2%
Operating lease liabilities	174	191	199	-8.8%
Other liabilities	4,210	4,476	4,385	-5.9%
Total liabilities and equity	12,209	12,477	10,389	-2.1%
Fixed assets	568	442	315	+28.7%
Goodwill	781	781	759	+0.0%
Intangible assets	n/a	6.5	12.7
Cash and equivalents	311	288	154	+7.9%
Receivables	4,391	4,764	4,301	-7.8%
Inventory	5,469	5,465	4,244	+0.1%
Other assets	689	731	603	-5.8%
Total assets	12,209	12,477	10,389	-2.1%

10-K for the year ended 29 June 2024, filed 14 August 2024: the filing.