Avnet, Inc.’s fiscal year 2014 results demonstrated a return to year-over-year growth, which helped drive meaningful improvements in Avnet’s financial and operational performance. Avnet added over $2 billion to its top line, expanded margins and returns, and grew adjusted earnings per share at twice the rate of revenue. Avnet, Inc.’s fiscal year 2014 sales of $27.5 billion represented an 8.0 percent increase in reported revenue year-over-year.
Avnet experienced a strong close to its fiscal year 2014. For its fourth quarter, both revenue and earnings per share were at the high end of expectations, and margins and returns improved sequentially. Avnet, Inc.’s fourth quarter fiscal year sales of $7.0 billion represented a 6.9 percent increase in reported revenue year-over-year.
From an Avnet Electronics Marketing (EM) perspective, the operating group reported sales of $4.3 billion in fourth quarter fiscal year 2014, an increase of 8.8 percent year-over-year. Avnet EM delivered a fourth consecutive quarter of year-over-year organic growth and operating margin expansion. Avnet EM’s organic sales grew by 6.7 percent year-over-year in constant currency, and sequential organic sales growth of 4.4 percent in constant currency was above the high end of normal seasonality primarily due to better than expected growth in the Asia region. Book to bill continues to be above parity.
Avnet enters its fiscal 2015 poised to build on this performance and drive further improvements in both margins and returns as it continues to execute on its profitable growth initiatives. Avnet EM’s sales for the first quarter of fiscal year 2015 are estimated to be between $4.1 billion and $4.4 billion.
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