Avnet, Inc. reports second quarter fiscal year 2011 results

Feb. 15, 2011 - PRLog -- Avnet, Inc.  recently announced the results for the second quarter fiscal year 2011 which ended on January 1, 2011. Avnet achieved a fourth consecutive quarter of double-digit year over year revenue growth. Record Avnet Inc. revenue of $6.8 billion USD increased 40% year over year, with organic growth up 14%. GAAP diluted earnings per share increased 33.8% year over year to $0.91.

Avnet Technology Solutions’ revenue of $3.21 billion USD grew 38% year over year and 25% sequentially. This resulted in a fifth consecutive quarter of strong year-over-year growth. Organic revenue grew 7% year over year in constant dollars.

Roy Vallee, Chairman and Chief Executive Officer, Avnet, Inc. commented, "The December quarter capped an excellent calendar year as we continued to leverage the technology driven economic recovery and delivered a fourth consecutive quarter of double-digit year-over-year organic revenue growth. Reported revenue grew 40% year over year to a record $6.8 billion and adjusted operating income grew nearly 1.5 times faster than revenue. The operating leverage in our model drove adjusted operating income margin up both sequentially and year over year, with return on capital employed (ROCE) within our target range of 14% - 16% for the fifth consecutive quarter. Both operating groups delivered ROCE above 15% in the December quarter even as we continued to invest in organic growth initiatives and value-creating M&A in all three regions. With technology markets pointing towards continued growth, we are optimistic that we can continue to grow revenue and EPS and deliver increased shareholder value going forward."

Regional revenue for Avnet Technology Solutions is mentioned below:
Americas: $1.82 billion USD, up 30% year over year on a reported basis
EMEA: $1.04 billion USD, up 55% year over year (or 66% excluding the impact of foreign currency exchange rates) on a reported basis
Asia: $339.6 million USD, up 39% year over year on a reported basis

Year over year growth at Avnet Technology Solutions was driven mostly by hardware refresh investments, including spending on industry standard servers, storage and networking products.

Avnet Technology Solutions expects to continue to improve its financial performance by leveraging its market position in mature markets, expanding its profitability, presence and supplier base in higher growth markets, and fully realizing the balance of expected synergy cost savings from the recent acquisitions of Bell Microproducts and Tallard Technologies.

For more details, see the press release attached or visit http://ir.avnet.com/.

About Avnet, Inc.
Avnet, Inc. , a Fortune 500 company, is one of the largest distributors of electronic components, computer products and embedded technology in the world. Avnet accelerates its partners’ success by connecting the world’s leading technology suppliers with a broad base of more than 100,000 customers and providing cost-effective, value-added services and solutions. For the fiscal year ended July 3, 2010, Avnet generated revenue of $19.16 billion. For more information, visit www.avnet.com.

About Avnet Technology Solutions
As a global solutions distributor, Avnet Technology Solutions collaborates with its customers and suppliers to create and deliver effective solutions that address the business challenges of their end-user customers locally and around the world. For fiscal year 2010, the group served customers in more than 30 countries and generated US $8.19 billion in annual revenue. Avnet Technology Solutions is an operating group of Avnet, Inc. Visit: www.ts.avnet.com/emea/