Phoenix, AZ - Avnet, Inc. announced that its Board of Directors has approved the initiation of a quarterly cash dividend. An initial quarterly cash dividend of $0.15 per common share will be paid on September 20, 2013 to shareholders of record as of the close of business on September 10, 2013.
Rick Hamada, Avnet Chief Executive Officer, commented, “Given our confidence in and commitment to long-term shareholder value creation, we believe now is an appropriate time to incorporate a more consistent element of returning capital to shareholders in the form of a dividend. Our focus on value-based management and success in growing the Company has resulted in a cash flow from operations profile which, when combined with our strong balance sheet, provides us the financial flexibility to prioritize this commitment into our longer-term capital allocation strategy. Going forward, we will maintain our disciplined approach to profitable growth that continues to emphasize organic growth, value-creating acquisitions and share repurchases when appropriate.”
The Board of Directors anticipates declaring this dividend in future quarters on a regular basis; however, future declarations of dividends are subject to Board approval and may be adjusted as business needs or market conditions change.