附录99.1

安富利公布2025年第一季度财务业绩

第一季销售额达56亿美元，摊薄后每股收益为0.66美元

调整后每股收益为0.92美元

过去四个季度经营现金流为83800万美元

凤凰城 - 2024年10月30日 – 安富利公司 (纳斯达克: AVT) 今天宣布了截至2024年9月28日的第一季度业绩。

“在第一季度，我们的销售收入和盈利超出了我们的指引范围上限，主要得益于我们亚洲地域板块业务的增长。我们将继续专注于提升法纳尔业务的表现，并致力于改善其营运模式和盈利能力，” 安富利首席执行官Phil Gallagher表示。“尽管市场环境不稳定，我们的团队继续有效运作，我要感谢他们的执行力以及与我们的客户和供应商维持合作伙伴关系。他们的努力使我们能够在市场复苏时抓住盈利增长机会。”

财政第一季度重要财务亮点：

●

销售额为$56亿，较去年同期的$63亿。

●

每股收益为0.66美元，较上一年同期的2.25美元低。

o

调整后每股收益为0.92美元，较上一年同期的1.61美元高。

●

营业利润率为2.5%，较上一年同期的4.0%低。

o

调整后的营业利润率为3.0%。

o

电子元器件的营业利润率为3.8%。

o

Farnell的营业利润率为0.5%。

●

从业务运营中产生了10600万的现金流量。

●

通过回购股份向股东返还了近10000万美元，相当于流通股的2.1%。

●

向股东分红返还了2900万美元。

主要财务指标

（以百万美元为单位，每股数据除外）


首季业绩（按照通用会计准则）
	九月 – 24			九月 – 23			年同比变化		六月 – 24			改变环比
销售额	$	5,604.2		$	6,335.6		(11.6)	%	$	5,563.0		0.7	%
营业收入	$	142.2		$	253.8		(44.0)	%	$	164.2		(13.4)	%
营业收入率		2.5	%		4.0	%	(147)	bps		3.0	%	(41)	bps
摊薄后每股收益（EPS）	$	0.66		$	2.25		(70.7)	%	$	0.91		(27.5)	%
第一季度业绩（非普遍会计准则）⁽¹⁾
	九月 – 24			九月 – 23			年增变化		六月 – 24			改变环比
营业净收入调整后	$	168.9		$	261.7		(35.4)	%	$	193.4		(12.7)	%
经过调整的营业收入率		3.0	%		4.1	%	(112)	bps		3.5	%	(47)	bps
调整后稀释每股收益（EPS）	$	0.92		$	1.61		(42.9)	%	$	1.22		(24.6)	%
业务部门与地理分布
	九月 - 24			九月 - 23			年增变化		六月 - 24			改变环比
电子元器件（EC）销售	$	5,257.1		$	5,914.4		(11.1)	%	$	5,187.8		1.3	%
EC营运利润率		3.8	%		4.6	%	(86)	bps		4.1	%	(30)	bps
Farnell销售	$	347.1		$	421.2		(17.6)	%	$	375.2		(7.5)	%
Farnell营运利润率		0.5	%		4.2	%	(366)	bps		4.0	%	(349)	bps
美洲销售	$	1,329.9		$	1,573.5		(15.5)	%	$	1,353.8		(1.8)	%
欧洲、中东和非洲销售	$	1,668.2		$	2,308.0		(27.7)	%	$	1,920.3		(13.1)	%
亚洲销售	$	2,606.1		$	2,454.1		6.2	%	$	2,288.9		13.9	%

(1)	本新闻稿的「非 GAAP 金融指标与 GAAP 金融指标的调和」部分将非 GAAP 金融指标与 GAAP 金融指标进行了列明。

2024年12月28日结束的第二季度财政2025年度展望


	指导区间	中点
销售额	$54亿– $5.70B	$5.55B
摊薄后每股收益 ⁽¹⁾	$0.80 – $0.90	$0.85

(1)	本新闻稿的“非依据通用会计准则的财务信息”部分中提供了非依据通用会计准则指引与通用会计准则指引的对帐。

上述指引暗示著约2%至下降约4%的连续销售变化。

上述指引还不包括重组、融合和其他费用、外汇收益和亏损以及某些所得税调整。上述指引假设2025财政第一季的利息费用相似，并且调整后的有效税率在21%至25%之间。上述指引假设有8900万平均稀释股份流通以及表格中显示的平均货币兑换率。:


	Q2 Fiscal
	2025	第一季度财政	财政第二季度
	指导方针	2025	2024
欧元指数转美元	$1.09	$1.10	$1.08
英镑兑美元	$1.30	$1.30	$1.24

今日的电话会议和网络广播详情

安富利将于今天早上9:00（太平洋时间）/ 中午（东部时间）举行电话会议和网络广播，以讨论其财务业绩，提供业务更新并回答问题。

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现场电话会议：877-407-8112（国内）或201-689-8840（国际）

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可以通过安富利投资者关系网站查看附带幻灯片的现场网络广播 https://ir.avnet.com

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在电话结束后，网上网络研讨会的音频重播将提供，并存档于网站上一年。

前瞻性陈述

本文件包含根据1933年证券法第27条和1934年证券交易法第21E条的修改，关于公司财务状况、营业结果和业务的前瞻性陈述。您可以通过寻找“相信”、“预计”、“计划”、“期望”、“预期”、“应该”、“将”、“可能”、“估计”或类似表达来找到这些陈述。这些前瞻性陈述受到大量假设、风险和不确定性的影响。以下重要因素，除了在公司截至2024年6月29日的年报10-K和随后的季度报告10-Q以及当前报告8-K的其他地方讨论的因素外，可能影响公司未来营业结果，并可能导致这些结果或其他结果与前瞻性陈述中所表达或暗示的结果有明显差异: 地缘政治事件和军事冲突; 大流行和其他与健康有关的危机; 电子元器件经销商之间的竞争压力; 半导体行业的行业周期; 与主要供应商的关系以及供应商产品的分配; 应收账款违约; 与公司的国际销售和业务有关的风险，包括有关汇款现金、外汇波动、通货膨胀、关税和税收、制裁和贸易限制以及国际和美国法律的遵循的风险; 与收购、出售和投资有关的风险; 影响公司供应链、分销中心运营、运输成本、第三方服务提供商、客户和供应商的不利影响，包括由军事冲突、恐怖袭击、自然和与天气有关的灾害、大流行和与健康有关的危机、仓库现代化以及搬迁努力引起的问题; 与网络安全攻击、其他隐私和安全事件以及信息系统故障有关的风险，包括现有或未来的实施、整合和升级相关问题; 影响公司运营和财务表现（国内、国外和全球）以及间接影响公司信用评级、债务监管理、流动性和融资渠道的一般经济和业务条件; 员工保留和招聘方面的限制; 以及立法或监管变化。

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 more than a 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)

Investor Relations Contact

InvestorRelations@Avnet.com

Media Relations Contact

Jeanne Forbis, 480-643-7499

Jeanne.Forbis@Avnet.com

AVNET, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands, except per share data)
Sales	$	5,604,152	$	6,335,648
Cost of sales		4,996,785		5,587,542
Gross profit		607,367		748,106
Selling, general and administrative expenses		438,791		487,286
Restructuring, integration, and other expenses		26,351		7,051
Operating income		142,225		253,769
Other (expense) income, net		(3,043)		5,960
Interest and other financing expenses, net		(64,444)		(70,796)
Gain on legal settlements and other		—		86,499
Income before taxes		74,738		275,432
Income tax expense		15,782		66,164
Net income	$	58,956	$	209,268

Earnings per share:
Basic	$	0.67	$	2.29
Diluted	$	0.66	$	2.25

Shares used to compute earnings per share:
Basic		88,092		91,495
Diluted		89,392		93,178
Cash dividends paid per common share	$	0.33	$	0.31

AVNET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	September 28,		June 29,
	2024		2024

	(Thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	267,521	$	310,941
Receivables		4,575,854		4,391,187
Inventories		5,614,102		5,468,730
Prepaid and other current assets		221,767		199,694
Total current assets		10,679,244		10,370,552
Property, plant and equipment, net		584,119		568,169
Goodwill		818,858		780,984
Operating lease assets		211,736		208,971
Other assets		303,607		280,471
Total assets	$	12,597,564	$	12,209,147

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	524,055	$	492,711
Accounts payable		3,588,033		3,345,510
Accrued expenses and other		580,257		573,055
Short-term operating lease liabilities		55,538		53,993
Total current liabilities		4,747,883		4,465,269
Long-term debt		2,430,730		2,406,629
Long-term operating lease liabilities		175,330		173,886
Other liabilities		205,886		237,859
Total liabilities		7,559,829		7,283,643
Shareholders’ equity		5,037,735		4,925,504
Total liabilities and shareholders’ equity	$	12,597,564	$	12,209,147

AVNET, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands)
Cash flows from operating activities:
Net income	$	58,956	$	209,268

Non-cash and other reconciling items:
Depreciation and amortization		19,883		21,517
Amortization of operating lease assets		13,926		13,271
Deferred income taxes		(17,572)		5,575
Stock-based compensation		10,987		9,355
Other, net		19,337		(20,171)
Changes in (net of effects from businesses acquired and divested):
Receivables		(94,393)		30,190
Inventories		(29,230)		(371,604)
Accounts payable		213,610		111,489
Accrued expenses and other, net		(89,179)		(50,184)
Net cash flows provided by (used for) operating activities		106,325		(41,294)

Cash flows from financing activities:
Borrowings (repayments) under accounts receivable securitization, net		27,900		(92,100)
(Repayments) borrowings under senior unsecured credit facility, net		(11,353)		243,613
Repayments under bank credit facilities and other debt, net		(824)		(133)
Repurchases of common stock		(99,995)		(24,324)
Dividends paid on common stock		(28,861)		(28,320)
Other, net		3,766		1,414
Net cash flows (used for) provided by financing activities		(109,367)		100,150

Cash flows from investing activities:
Purchases of property, plant and equipment		(31,776)		(76,089)
Other, net		330		300
Net cash flows used for investing activities		(31,446)		(75,789)

Effect of currency exchange rate changes on cash and cash equivalents		(8,932)		7,382
Cash and cash equivalents:
— decrease		(43,420)		(9,551)
— at beginning of period		310,941		288,230
— at end of period	$	267,521	$	278,679

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 other income (expense), (iii) adjusted income before income taxes, (iv) adjusted income tax expense (benefit), and (v) adjusted diluted earnings per share.

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 sales in constant currency is a useful measure 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 adjusted for restructuring, integration and other expenses, and amortization of acquired intangible assets, is a useful measure 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 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, and amortization of acquired intangible assets and other.

Management also believes income tax expense (benefit), net income and diluted earnings per share adjusted for the impact of the items described above, gain on legal settlements and other, foreign currency gains and losses and certain items impacting 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 effective tax rate based upon the expected long-term 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 and diluted earnings per share excluding the impact of these items provides an important measure of the Company’s net profitability for the investing public.

Additional non-GAAP metrics management uses are adjusted operating income margin, which is defined as adjusted operating income divided by sales and the adjusted effective income tax rate, which is defined as adjusted income tax expense divided by adjusted income before income taxes.

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.


	Fiscal 2025
	First Quarter
	September 28, 2024
	($ in thousands, except per share amounts)
GAAP operating income	$	142,225
Restructuring, integration, and other expenses		26,351
Amortization of intangible assets		368
Adjusted operating income		168,944

GAAP other expense, net	$	(3,043)
Foreign currency loss		4,783
Adjusted other income, net		1,740

GAAP income before income taxes	$	74,738
Restructuring, integration, and other expenses		26,351
Amortization of intangible assets		368
Foreign currency loss		4,783
Adjusted income before income taxes		106,240

GAAP income tax expense	$	15,782
Restructuring, integration, and other expenses		6,657
Amortization of intangible assets		87
Foreign currency loss		1,612
Income tax expense items, net		298
Adjusted income tax expense		24,436

GAAP net income	$	58,956
Restructuring, integration, and other expenses (net of tax)		19,694
Amortization of intangible assets (net of tax)		281
Foreign currency loss (net of tax)		3,171
Income tax expense items, net		(298)
Adjusted net income		81,804

GAAP diluted earnings per share	$	0.66
Restructuring, integration, and other expenses (net of tax)		0.22
Amortization of intangible assets (net of tax)		0.00
Foreign currency loss (net of tax)		0.04
Income tax expense items, net		(0.00)
Adjusted diluted EPS		0.92


			Quarters Ended
	Fiscal Year		June 29,		March 30,		December 30,		September 30,
	2024*		2024*		2024*		2023		2023

	($ in thousands, except per share amounts)
GAAP operating income	$	844,367	$	164,189	$	190,151	$	236,257	$	253,769
Restructuring, integration, and other expenses		52,550		28,417		11,847		5,235		7,051
Amortization of intangible assets		3,130		828		712		712		878
Adjusted operating income		900,047		193,434		202,710		242,204		261,698

GAAP other (expense) income, net	$	(15,736)	$	1,409	$	(14,707)	$	(8,397)	$	5,960
Foreign currency loss (gain) and other, net		27,730		680		17,850		9,200		—
Adjusted other (expense) income, net		11,994		2,089		3,143		803		5,960

GAAP income before income taxes	$	632,263	$	101,324	$	101,948	$	153,558	$	275,432
Restructuring, integration, and other expenses		52,550		28,417		11,847		5,235		7,051
Amortization of intangible assets		3,130		828		712		712		878
Foreign currency loss (gain) and other, net		27,730		680		17,850		9,200		—
Gain on legal settlements and other		(86,499)		—		—		—		(86,499)
Adjusted income before income taxes		629,174		131,249		132,357		168,705		196,862

GAAP income tax expense	$	133,564	$	18,659	$	13,114	$	35,627	$	66,164
Restructuring, integration, and other expenses		13,000		7,251		2,772		1,274		1,703
Amortization of intangible assets		700		185		156		156		203
Foreign currency loss (gain) and other, net		7,373		88		5,251		2,034		—
Gain on legal settlements and other		(20,434)		—		—		—		(20,434)
Income tax expense items, net		4,992		(6,489)		10,472		1,399		(390)
Adjusted income tax expense		139,195		19,694		31,765		40,490		47,246

GAAP net income	$	498,699	$	82,665	$	88,834	$	117,931	$	209,268
Restructuring, integration, and other expenses (net of tax)		39,550		21,166		9,075		3,961		5,348
Amortization of intangible assets (net of tax)		2,430		643		556		556		675
Foreign currency loss (gain) and other, net (net of tax)		20,357		592		12,599		7,166		—
Gain on legal settlements and other (net of tax)		(66,065)		—		—		—		(66,065)
Income tax expense items, net		(4,992)		6,489		(10,472)		(1,399)		390
Adjusted net income		489,979		111,555		100,592		128,215		149,616

GAAP diluted earnings per share	$	5.43	$	0.91	$	0.97	$	1.28	$	2.25
Restructuring, integration, and other expenses (net of tax)		0.43		0.23		0.10		0.04		0.06
Amortization of intangible assets (net of tax)		0.03		0.01		0.01		0.01		0.01
Foreign currency loss (gain) and other, net (net of tax)		0.22		0.01		0.14		0.08		—
Gain on legal settlements and other (net of tax)		(0.72)		—		—		—		(0.71)
Income tax expense items, net		(0.05)		0.07		(0.11)		(0.01)		0.00
Adjusted diluted EPS		5.34		1.22		1.10		1.40		1.61

^* May not foot/cross foot due to rounding.

Sales in Constant Currency

The following table presents the percentage change in sales and the percentage change in sales in constant currency for the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024.


	Quarter Ended
	September 28, 2024
			Sales
			Year-Year %
	Sales		Change in
	Year-Year		Constant
	% Change		Currency
Avnet	(11.6)	%	(11.7)	%
Avnet by region
Americas	(15.5)	%	(15.5)	%
EMEA	(27.7)	%	(28.4)	%
Asia	6.2	%	6.4	%
Avnet by segment
EC	(11.1)	%	(11.2)	%
Farnell	(17.6)	%	(18.2)	%

Historical Segment Financial Information


	Fiscal 2025
	First Quarter
	September 28, 2024
	(in millions)
Sales:
Electronic Components	$	5,257.1
Farnell		347.1
Avnet sales	$	5,604.2

Operating income:
Electronic Components	$	197.4
Farnell		1.9
		199.3
Corporate expenses		(30.3)
Restructuring, integration, and other expenses		(26.4)
Amortization of acquired intangible assets		(0.4)
Avnet operating income	$	142.2

Sales by geographic area:
Americas	$	1,329.9
EMEA		1,668.2
Asia		2,606.1
Avnet sales	$	5,604.2


			Quarters Ended
	Fiscal		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
	Year		June 29,		March 30,		December 30,		September 30,
	2024*		2024		2024		2023		2023

	($ in millions)
Sales:
Electronic Components	$	22,160.0	$	5,187.8	$	5,245.8	$	5,812.1	$	5,914.4
Farnell		1,597.1		375.2		407.8		392.8		421.2
Avnet sales	$	23,757.1	$	5,563.0	$	5,653.6	$	6,204.9	$	6,335.6

Operating income:
Electronic Components	$	947.6	$	210.1	$	216.9	$	247.9	$	272.8
Farnell		64.8		15.1		16.3		15.7		17.7
		1,012.4		225.2		233.2		263.6		290.5
Corporate expenses		(112.3)		(31.8)		(30.5)		(21.4)		(28.7)
Restructuring, integration, and other expenses		(52.6)		(28.4)		(11.8)		(5.2)		(7.1)
Amortization of acquired intangible assets		(3.1)		(0.8)		(0.7)		(0.7)		(0.9)
Avnet operating income	$	844.4	$	164.2	$	190.2	$	236.3	$	253.8

Sales by geographic area:
Americas	$	5,919.2	$	1,353.8	$	1,403.4	$	1,588.5	$	1,573.5
EMEA		8,395.0		1,920.3		2,053.1		2,113.6		2,308.0
Asia		9,442.9		2,288.9		2,197.1		2,502.8		2,454.1
Avnet sales	$	23,757.1	$	5,563.0	$	5,653.6	$	6,204.9	$	6,335.6

* May not foot/cross foot 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 second quarter of fiscal 2025.


	Low End of		High End of
	Guidance Range		Guidance Range

Adjusted diluted earnings per share guidance	$	0.80	$	0.90
Restructuring, integration, and other expenses (net of tax)		(0.10)		(0.05)
GAAP diluted earnings per share guidance	$	0.70	$	0.85