Avnet reports fourth quarter and fiscal 2022 financial results
Phoenix--(business wire)--avnet, inc. (nasdaq: avt) today announced results for its fourth quarter and fiscal year ended july 2, 2022. commenting on the company’s financial results, avnet chief executive officer phil gallagher stated, “we are pleased to end the fiscal year on a high note, delivering another strong quarter of year-over-year sales growth and operating margin expansion. supported by solid execution across our businesses, avnet continues to gain share and secure new opportunities in the markets in which we compete. despite an evolving macro environment, we remain well-positioned to continue to grow our business profitably by helping our customers and suppliers navigate an increasingly complex market.” fiscal fourth quarter key financial highlights: sales of $6.4 billion up 21.9% year over year from $5.2 billion. on a constant currency basis, sales increased 28.2% year over year. on a constant currency basis, sales increased 28.2% year over year. gaap diluted earnings per share increased to $2.51, compared with $0.85 in the prior year quarter. non-gaap adjusted diluted earnings per share of $2.07, compared with $1.12 in the prior year quarter. non-gaap adjusted diluted earnings per share of $2.07, compared with $1.12 in the prior year quarter. gaap operating income margin of 4.5%, increased 221 basis points year over year. adjusted operating income margin of 4.5%, increased 161 basis points year over year. adjusted operating income margin of 4.5%, increased 161 basis points year over year. electronic components operating income margin of 4.3%, increased 122 basis points year over year. farnell operating income margin of 14.2% increased 597 basis points year over year. returned $25 million to shareholders in dividends during the quarter, an 18% per share increase year over year. returned $102 million to shareholders in the quarter from share repurchases, representing 2.4% of outstanding shares. fiscal 2022 key financial highlights: sales of $24.3 billion up 24.5% year over year from $19.5 billion. on a constant currency basis, sales increased 27.2% year over year. on a constant currency basis, sales increased 27.2% year over year. gaap diluted earnings per share increased to $6.94, compared with $1.93 in the prior year. non-gaap adjusted diluted earnings per share of $6.93, compared with $2.71 in the prior year. non-gaap adjusted diluted earnings per share of $6.93, compared with $2.71 in the prior year. gaap operating income margin of 3.9%, increased 242 basis points year over year. adjusted operating income margin of 4.1%, increased 197 basis points year over year. adjusted operating income margin of 4.1%, increased 197 basis points year over year. electronic components operating income margin of 3.9%, increased 135 basis points year over year. farnell operating income margin of 13.4% increased 764 basis points year over year. returned $98 million to shareholders in dividends during the fiscal year. returned $193 million to shareholders in the fiscal year from share repurchases, representing 4.7% of outstanding shares. key financial metrics ($ in millions, except per share data) fourth quarter results (gaap) jun – 22 jun – 21 change y/y mar – 22 change q/q sales $ 6,372.7 $ 5,226.7 21.9 % $ 6,488.1 (1.8 )% operating income 284.7 118.0 141.3 % 274.4 3.8 % operating income margin 4.5 % 2.3 % 221 bps 4.2 % 24 bps diluted earnings per share (eps) $ 2.51 $ 0.85 195.3 % $ 1.84 36.4 % fourth quarter results (non-gaap)(1) jun – 22 jun – 21 change y/y mar – 22 change q/q sales $ 6,372.7 $ 5,226.7 21.9 % $ 6,488.1 (1.8 )% adjusted operating income 287.6 151.8 89.5 % 303.7 (5.3 )% adjusted operating income margin 4.5 % 2.9 % 161 bps 4.7 % (17 )bps adjusted diluted earnings per share (eps) $ 2.07 $ 1.12 84.8 % $ 2.15 (3.7 )% segment and geographical mix jun – 22 jun – 21 change y/y mar – 22 change q/q electronic components (ec) sales $ 5,930.4 $ 4,785.3 23.9 % $ 6,019.1 (1.5 )% ec operating income margin 4.3 % 3.1 % 122 bps 4.4 % (9 )bps farnell sales $ 442.3 $ 441.4 0.2 % $ 469.0 (5.7 )% farnell operating income margin 14.2 % 8.3 % 597 bps 14.9 % (65 )bps americas sales $ 1,618.4 $ 1,194.4 35.5 % $ 1,627.2 (0.5 )% emea sales 2,064.0 1,737.3 18.8 % 2,185.7 (5.6 )% asia sales 2,690.3 2,295.0 17.2 % 2,675.2 0.6 % 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 2023 ending on october 1, 2022 guidance range midpoint sales $6.20b – $6.50b $6.35b adjusted diluted eps(1) $1.85 – $1.95 $1.90 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 is based upon current market conditions, including a $100 million negative impact on sales at mid-point of guidance from the recent strengthening of the u.s. dollar as compared to the fourth quarter. this guidance implies a sequential growth rate range of down 1% to up 4% in constant currency, and assumes a typical seasonal shift in sales to asia from the western regions. the above guidance also excludes amortization of intangibles and certain income tax adjustments. the above guidance assumes an effective tax rate of between 21% and 25%. the above guidance assumes 96 million average diluted shares outstanding and average currency exchange rates as shown in the table below: q1 fiscal 2023 q4 fiscal q1 fiscal guidance 2022 2022 euro to u.s. dollar $1.02 $1.06 $1.18 gbp to u.s. dollar $1.20 $1.26 $1.38 today’s conference call and webcast details avnet will host a quarterly webcast and teleconference today at 1:30 p.m. pt and 4:30 p.m. et to discuss its financial results and provide a corporate update. the webcast can be accessed via avnet’s investor relations web page at: https://ir.avnet.com. those who would still like to participate in the live call can dial 877-407-8112 or 201-689-8840. a replay of the conference call will be available for 90 days, through november 8, 2022 at 5:00 p.m. et, and can be accessed by dialing: 877-660-6853 or 201-612-7415 and using conference id: 13730217. 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 3, 2021 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, including covid-19; 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 the ability to repatriate 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 crisis, 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 or 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 affecting the company’s businesses. 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 an entire 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 july 2, july 3, july 2, july 3, 2022 2021 2022 2021 (thousands, except per share data) sales $ 6,372,653 $ 5,226,734 $ 24,310,708 $ 19,534,679 cost of sales 5,593,022 4,581,787 21,345,317 17,294,049 gross profit 779,631 644,947 2,965,391 2,240,630 selling, general and administrative expenses 494,943 498,497 1,994,847 1,874,831 russian-ukraine conflict related expenses — — 26,261 — restructuring, integration and other expenses — 28,449 5,272 84,391 operating income 284,688 118,001 939,011 281,408 other expense, net (6,160 ) (2,955 ) (5,302 ) (19,006 ) interest and other financing expenses, net (29,987 ) (23,345 ) (100,375 ) (89,473 ) income before taxes 248,541 91,701 833,334 172,929 income tax expense (benefit) 1,718 6,346 140,955 (20,185 ) net income $ 246,823 $ 85,355 $ 692,379 $ 193,114 earnings per share: basic $ 2.54 $ 0.86 $ 7.02 $ 1.95 diluted $ 2.51 $ 0.85 $ 6.94 $ 1.93 shares used to compute earnings per share: basic 97,309 99,655 98,662 99,258 diluted 98,387 100,630 99,819 100,168 cash dividends paid per common share $ 0.26 $ 0.22 $ 1.00 $ 0.85 avnet, inc. condensed consolidated balance sheets (unaudited) july 2, july 3, 2022 2021 (thousands) assets current assets: cash and cash equivalents $ 153,693 $ 199,691 receivables 4,301,002 3,576,130 inventories 4,244,148 3,236,837 prepaid and other current assets 177,783 150,763 total current assets 8,876,626 7,163,421 property, plant and equipment, net 315,204 368,452 goodwill 758,833 838,105 intangible assets, net 12,651 28,539 operating lease assets 227,138 265,988 other assets 198,080 260,917 total assets $ 10,388,532 $ 8,925,422 liabilities and shareholders’ equity current liabilities: short-term debt $ 174,422 $ 23,078 accounts payable 3,431,683 2,401,357 accrued expenses and other 591,020 572,457 short-term operating lease liabilities 54,529 58,346 total current liabilities 4,251,654 3,055,238 long-term debt 1,437,400 1,191,329 long-term operating lease liabilities 199,418 239,838 other liabilities 307,300 354,833 total liabilities 6,195,772 4,841,238 shareholders’ equity 4,192,760 4,084,184 total liabilities and shareholders’ equity $ 10,388,532 $ 8,925,422 avnet, inc. consolidated statements of cash flows (unaudited) years ended july 2, 2022 july 3, 2021 (thousands) cash flows from operating activities: net income $ 692,379 $ 193,114 non-cash and other reconciling items: depreciation 87,367 90,884 amortization 14,959 41,033 amortization of operating lease assets 52,881 56,782 deferred income taxes (52,513 ) 14,650 stock-based compensation 36,738 29,339 impairments — 15,166 other, net 34,116 22,512 changes in (net of effects from businesses acquired and divested): receivables (1,132,039 ) (615,353 ) inventories (1,218,871 ) (409,075 ) accounts payable 1,131,225 620,973 accrued expenses and other, net 134,448 30,924 net cash flows (used) provided by operating activities (219,310 ) 90,949 cash flows from financing activities: issuance of notes, net of discounts 299,973 297,660 repayments of public notes (354,336 ) (305,077 ) borrowings under accounts receivable securitization, net 274,900 22,900 repayments under senior unsecured credit facility, net — (231,680 ) borrowings (repayments) under bank credit facilities and other debt, net 235,047 (2,789 ) repurchases of common stock (184,382 ) — dividends paid on common stock (98,490 ) (84,309 ) other, net (16,653 ) (10,718 ) net cash flows provided (used) for financing activities 156,059 (314,013 ) cash flows from investing activities: purchases of property, plant and equipment (48,900 ) (50,363 ) acquisitions of assets and businesses — (18,381 ) proceeds from liquidation of company owned life insurance policies 90,384 — other, net 9,815 7,548 net cash flows provided (used) for investing activities 51,299 (61,196 ) effect of currency exchange rate changes on cash and cash equivalents (34,046 ) 6,913 cash and cash equivalents: — decrease (45,998 ) (277,347 ) — at beginning of period 199,691 477,038 — at end of period $ 153,693 $ 199,691 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 operating expenses, (iii) adjusted other income (expense), (iv) adjusted income before income taxes, (v) adjusted income tax expense (benefit), (vi) adjusted diluted earnings per share, and (vii) sales adjusted for the impact of significant acquisitions and other items (as defined in the organic sales section of this document). 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 organic sales and sales in constant currency are useful measures 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 and operating expenses adjusted for restructuring, integration and other expenses, russian-ukraine conflict related expenses and amortization of acquired intangible assets and other, are useful measures 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 and operating expenses 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, russian-ukraine conflict related expenses and amortization of acquired intangible assets and other. additional non-gaap metrics management uses is adjusted operating income margin, which is defined as adjusted operating income (as defined above) divided by sales. management also believes income tax expense (benefit), net income and diluted earnings (loss) per share adjusted for the impact of the items described above and certain items impacting other income (expense) and 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 the adjusted interim effective tax rate based upon the expected annual 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 (loss) and diluted earnings (loss) per share excluding the impact of these items provides an important measure of the company’s net profitability for the investing public. 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 july 2, april 2, january 1, october 2, 2022* 2022* 2022* 2022* 2021* ($ in thousands, except per share amounts) gaap selling, general and administrative expenses $ 1,994,847 $ 494,943 $ 512,364 $ 501,363 $ 486,178 amortization of intangible assets and other (15,038 ) (2,929 ) (3,074 ) (3,796 ) (5,239 ) adjusted operating expenses 1,979,809 492,014 509,290 497,567 480,939 gaap operating income $ 939,011 $ 284,688 $ 274,408 $ 211,672 $ 168,243 restructuring, integration and other expenses 5,272 - - - 5,272 russian-ukraine conflict related expenses 26,261 - 26,261 - - amortization of intangible assets and other 15,038 2,929 3,074 3,796 5,239 adjusted operating income 985,582 287,617 303,743 215,468 178,754 gaap income before income taxes $ 833,334 $ 248,541 $ 248,025 $ 191,779 $ 144,990 restructuring, integration and other expenses 5,272 - - - 5,272 russian-ukraine conflict related expenses 26,261 - 26,261 - - amortization of intangible assets and other 15,038 2,929 3,074 3,796 5,239 other expenses 4,935 4,494 - - 441 adjusted income before income taxes 884,840 255,964 277,360 195,575 155,942 gaap income tax expense $ 140,955 $ 1,718 $ 64,608 $ 40,958 $ 33,672 restructuring, integration and other expenses 1,012 - - - 1,012 russian-ukraine conflict related expenses 6,836 - 6,836 - - amortization of intangible assets and other 3,080 711 667 704 998 other expenses 1,092 956 - - 136 income tax benefit (expense) items, net 40,376 49,142 (8,613 ) 2,917 (3,070 ) adjusted income tax expense 193,351 52,527 63,498 44,579 32,748 gaap net income $ 692,379 $ 246,823 $ 183,417 $ 150,821 $ 111,318 restructuring, integration and other expenses (net of tax) 4,260 - - - 4,260 russian-ukraine conflict related expenses (net of tax) 19,425 - 19,425 - - amortization of intangible assets and other (net of tax) 11,958 2,218 2,407 3,092 4,241 other expenses (net of tax) 3,843 3,538 - - 305 income tax (benefit) expense items, net (40,376 ) (49,142 ) 8,613 (2,917 ) 3,070 adjusted net income 691,489 203,437 213,862 150,996 123,194 gaap diluted earnings per share $ 6.94 $ 2.51 $ 1.84 $ 1.50 $ 1.10 restructuring, integration and other expenses (net of tax) 0.04 - - - 0.04 russian-ukraine conflict related expenses (net of tax) 0.19 - 0.20 - - amortization of intangible assets and other (net of tax) 0.12 0.02 0.02 0.03 0.04 other expenses (net of tax) 0.04 0.04 - - 0.00 income tax (benefit) expense items, net (0.40 ) (0.50 ) 0.09 (0.03 ) 0.03 adjusted diluted eps 6.93 2.07 2.15 1.51 1.22 ______________________ * may not foot/cross due to rounding and differences in average diluted shares between quarterly periods compared to the fiscal year to date quarters ended fiscal year july 3, april 3, january 2, october 3, 2021* 2021 2021 2021 2020 ($ in thousands, except per share amounts) gaap selling, general and administrative expenses $ 1,874,831 $ 498,497 $ 463,092 $ 442,084 $ 471,158 amortization of intangible assets and other (41,245 ) (5,370 ) (5,283 ) (10,417 ) (20,175 ) adjusted operating expenses 1,833,586 493,127 457,809 431,667 450,983 gaap operating income $ 281,408 $ 118,001 $ 87,684 $ 57,221 $ 18,502 restructuring, integration and other expenses 84,391 28,449 17,574 11,948 26,420 amortization of intangible assets and other 41,245 5,370 5,283 10,417 20,175 adjusted operating income 407,044 151,820 110,541 79,586 65,097 gaap income (loss) before income taxes $ 172,929 $ 91,701 $ 70,121 $ 34,403 $ (23,297 ) restructuring, integration and other expenses 84,391 28,449 17,574 11,948 26,420 amortization of intangible assets and other 41,245 5,370 5,283 10,417 20,175 other expenses - equity investment impairments and other 20,413 5,139 - 51 15,223 adjusted income before income taxes 318,978 130,659 92,978 56,819 38,521 gaap income tax expense (benefit) $ (20,185 ) $ 6,346 $ (37,363 ) $ 15,240 $ (4,408 ) restructuring, integration and other expenses 17,468 6,172 4,118 2,577 4,601 amortization of intangible assets and other 9,099 1,025 1,008 2,037 5,029 other expenses - equity investment impairments and other 90 38 - 26 26 income tax benefit (expense) items, net 41,275 4,091 50,682 (10,788 ) (2,710 ) adjusted income tax expense 47,747 17,672 18,445 9,092 2,538 gaap net income (loss) $ 193,114 $ 85,355 $ 107,484 $ 19,163 $ (18,889 ) restructuring, integration and other expenses (net of tax) 66,923 22,277 13,456 9,371 21,819 amortization of intangible assets and other (net of tax) 32,146 4,345 4,275 8,380 15,146 other expenses - equity investment impairments and other (net of tax) 20,323 5,101 - 25 15,197 income tax (benefit) expense items, net (41,275 ) (4,091 ) (50,682 ) 10,788 2,710 adjusted net income 271,231 112,987 74,533 47,727 35,983 gaap diluted earnings (loss) per share $ 1.93 $ 0.85 $ 1.07 $ 0.19 $ (0.19 ) restructuring, integration and other expenses (net of tax) 0.67 0.22 0.13 0.09 0.22 amortization of intangible assets and other (net of tax) 0.32 0.04 0.04 0.09 0.15 other expenses - equity investment impairments and other (net of tax) 0.20 0.05 - 0.00 0.15 income tax (benefit) expense items, net (0.41 ) (0.04 ) (0.50 ) 0.11 0.03 adjusted diluted eps 2.71 1.12 0.74 0.48 0.36 ______________________ * may not foot/cross due to rounding and differences in average diluted shares between quarterly periods compared to the fiscal year to date. organic sales organic sales is defined as sales adjusted for the impact of significant acquisitions, divestitures and other items by adjusting avnet’s prior and current periods (if necessary) to include the sales of acquired businesses and exclude the sales of divested businesses as if the acquisitions and divestitures had occurred at the beginning of the earliest period presented. additionally, fiscal 2021 sales are adjusted for the estimated impact of the extra week of sales in the first quarter of fiscal 2021 due to the 14-week fiscal first quarter and the 53-week fiscal year. organic sales in constant currency is defined as organic sales (as defined above) excluding the impact of changes in foreign currency exchange rates. as a result of declining sales due to the termination of the ti distribution agreement in december 2020, organic sales growth rates have also been adjusted to exclude sales of ti products. reported sales were the same as organic sales for the fourth quarter and full year of fiscal 2022. reported sales were the same as organic sales for the fourth quarter of fiscal 2021. the following table presents the reconciliation of reported sales to organic sales for fiscal 2021. year ended sales as reported q4-fiscal 2021 estimated extra week in fiscal 2021(2) ti sales q4-fiscal 2021(1) organic sales adj for ti q4-fiscal 2021(1) (in millions) avnet $ 19,534.7 $ 306.0 $ 292.2 $ 18,936.5 avnet by region americas $ 4,662.5 $ 77.0 $ 82.9 $ 4,502.6 emea 6,149.9 97.0 124.2 5,928.7 asia 8,722.3 132.0 85.1 8,505.2 avnet by segment ec $ 18,030.5 $ 284.0 $ 292.2 $ 17,454.3 farnell 1,504.2 22.0 — 1,482.2 ______________________ sales adjusted for the impact of the termination of the ti distribution agreement. the impact of the additional week of sales in the first quarter of fiscal 2021 is estimated. the following table presents reported and organic sales growth rates for the fourth quarter and full year of fiscal 2022 compared to fiscal 2021. quarter ended year ended sales as reported and organic year-year % change sales as reported and organic year-year % change in constant currency sales as reported year-year % change sales as reported year-year % change in constant currency organic sales year-year % change organic sales year-year % change in constant currency organic sales adj for ti year-year % change in constant currency(1) avnet 21.9 % 28.2 % 24.5 % 27.2 % 26.4 % 29.2 % 31.2 % avnet by region americas 35.5 % 35.5 % 26.5 % 26.5 % 28.6 % 28.6 % 31.0 % emea 18.8 34.0 27.5 34.6 29.5 36.8 39.6 asia 17.2 19.7 21.3 22.4 23.1 24.3 25.5 avnet by segment ec 23.9 % 30.1 % 24.8 % 27.6 % 26.8 % 29.6 % 31.8 % farnell 0.2 6.8 20.2 22.2 21.9 24.0 24.0 ______________________ sales growth rates excluding the impact of the termination of the ti distribution agreement. historical segment financial information fiscal year 2022 quarters ended third quarter third quarter second quarter first quarter fiscal year july 2, april 2, january 1, october 2, 2022* 2022* 2022 2022 2021 (in millions) sales: electronic components $ 22,503.3 $ 5,930.4 $ 6,019.1 $ 5,424.3 $ 5,129.5 farnell 1,807.4 442.3 469.0 440.9 455.2 avnet sales $ 24,310.7 $ 6,372.7 $ 6,488.1 $ 5,865.2 $ 5,584.7 operating income: electronic components $ 872.0 $ 255.6 $ 265.0 $ 188.9 $ 162.4 farnell 242.5 62.9 69.8 60.2 49.6 1,114.5 318.5 334.8 249.1 212.0 corporate expenses (128.9 ) (30.9 ) (31.1 ) (33.6 ) (33.3 ) restructuring, integration and other expenses (5.3 ) - - - (5.3 ) russian-ukraine conflict related expenses (26.3 ) - (26.3 ) - - amortization of acquired intangible assets and other (15.0 ) (2.9 ) (3.1 ) (3.8 ) (5.2 ) avnet operating income $ 939.0 $ 284.7 $ 274.4 $ 211.7 $ 168.2 sales by geographic area: americas $ 5,896.0 $ 1,618.4 $ 1,627.2 $ 1,391.5 $ 1,258.8 emea 7,838.1 2,064.0 2,185.7 1,840.8 1,747.6 asia 10,576.6 2,690.3 2,675.2 2,632.9 2,578.3 avnet sales $ 24,310.7 $ 6,372.7 $ 6,488.1 $ 5,865.2 $ 5,584.7 ______________________ * may not foot/cross due to rounding. fiscal year 2021 quarters ended fourth quarter third quarter second quarter first quarter fiscal year july 3, april 3, january 2, october 3, 2021* 2021 2021 2021 2020 (in millions) sales: electronic components $ 18,030.5 $ 4,785.3 $ 4,520.6 $ 4,342.4 $ 4,382.2 farnell 1,504.2 441.4 396.1 325.8 340.9 avnet $ 19,534.7 $ 5,226.7 $ 4,916.7 $ 4,668.2 $ 4,723.1 operating income: electronic components $ 454.8 $ 147.8 $ 118.6 $ 103.9 $ 84.4 farnell 86.9 36.5 23.9 14.6 12.0 541.7 184.3 142.5 118.5 96.4 corporate expenses (134.7 ) (32.5 ) (31.9 ) (39.0 ) (31.3 ) restructuring, integration and other expenses (84.4 ) (28.4 ) (17.6 ) (11.9 ) (26.4 ) amortization of acquired intangible assets and other (41.2 ) (5.4 ) (5.3 ) (10.4 ) (20.2 ) avnet operating income $ 281.4 $ 118.0 $ 87.7 $ 57.2 $ 18.5 sales by geographic area: americas $ 4,662.5 $ 1,194.4 $ 1,161.0 $ 1,101.5 $ 1,205.7 emea 6,149.9 1,737.3 1,585.6 1,346.3 1,480.7 asia 8,722.3 2,295.0 2,170.1 2,220.4 2,036.7 avnet $ 19,534.7 $ 5,226.7 $ 4,916.7 $ 4,668.2 $ 4,723.1 ______________________ * may not foot/cross 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 2023. low end of high end of guidance range guidance range adjusted diluted earnings per share guidance $ 1.80 $ 1.90 amortization of intangibles and other (net of tax) (0.02 ) (0.02 ) income tax expense adjustments (0.03 ) 0.03 gaap diluted earnings per share guidance $ 1.75 $ 1.91
