(Source: Datamonitor)
Avnet, Inc. has reported a net income of $238.8 million, or $1.54 per diluted share, for the fourth quarter ended July 2, 2011, compared to $141.12 million, or $0.92 per diluted share, for the fourth quarter ended July 3, 2010. The company has also provided its outlook for first quarter of fiscal 2012.
Sales for the fourth quarter of fiscal 2011 were $6.91 billion, compared to $5.21 billion, for the same quarter of fiscal 2010.
Net income for fiscal 2011 was $669.1 million, or $4.34 per diluted share, compared to $410.4 million, or $2.68 per diluted share, for the corresponding period of fiscal 2010. Sales for fiscal 2011 were $26.53 billion, compared to $19.16 billion, for the same period of fiscal 2010.
Avnet said that for first quarter of fiscal 2012 ending on October 1, 2011 EM sales are expected to be in the range of $3.75 billion to $4.05 billion and TS sales are expected to be between $2.50 billion and $2.80 billion; consolidated sales are forecasted to be between $6.25 billion and $6.85 billion; adjusted diluted earnings per share ("EPS") is expected to be in the range of $0.90 to $0.98 per share; the EPS guidance assumes no share repurchases, a typical sequential SG&A increase for stock based compensation and a tax rate of 29% to 31%.
Rick Hamada, CEO, commented, "We began our fiscal year with three significant value-creating acquisitions that expanded our global footprint in higher growth markets and increased our customer base and franchised supplier line card. These investments, combined with double-digit, year-over-year organic growth, added over $7 billion to our top-line.
"Adjusted operating income grew 1.4 times faster than revenue to over $1 billion, driven by operating leverage and acquisition synergies. As a result, return on capital employed (ROCE) improved 76 basis points year over year to 15.4%, which is within our target range of 14%-16% for the full fiscal year."
A service of YellowBrix, Inc.