附錄99.1

安富利公佈2025年第一季度財務業績

第一季銷售額達56億美元，攤薄後每股收益為0.66美元

調整後每股收益為0.92美元

過去四個季度經營現金流為83800萬美元

鳳凰城 - 2024年10月30日 – 安富利公司 (納斯達克: AVT) 今天宣佈了截至2024年9月28日的第一季度業績。

“在第一季度，我們的銷售收入和盈利超出了我們的指引範圍上限，主要得益於我們亞洲地域板塊業務的增長。我們將繼續專注於提升法納爾業務的表現，並致力於改善其營運模式和盈利能力，” 安富利首席執行官Phil Gallagher表示。“儘管市場環境不穩定，我們的團隊繼續有效運作，我要感謝他們的執行力以及與我們的客戶和供應商維持合作夥伴關係。他們的努力使我們能夠在市場復甦時抓住盈利增長機會。”

財政第一季度重要財務亮點：

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銷售額為$56億，較去年同期的$63億。

●

每股收益為0.66美元，較上一年同期的2.25美元低。

o

調整後每股收益為0.92美元，較上一年同期的1.61美元高。

●

營業利潤率為2.5%，較上一年同期的4.0%低。

o

調整後的營業利潤率為3.0%。

o

電子元器件的營業利潤率為3.8%。

o

Farnell的營業利潤率為0.5%。

●

從業務運營中產生了10600萬的現金流量。

●

通過回購股份向股東返還了近10000萬美元，相當於流通股的2.1%。

●

向股東分紅返還了2900萬美元。

主要財務指標

（以百萬美元為單位，每股數據除外）


首季業績（按照通用會計準則）
	九月 – 24			九月 – 23			年同比變化		六月 – 24			改變環比
銷售額	$	5,604.2		$	6,335.6		(11.6)	%	$	5,563.0		0.7	%
營業收入	$	142.2		$	253.8		(44.0)	%	$	164.2		(13.4)	%
營業收入率		2.5	%		4.0	%	(147)	bps		3.0	%	(41)	bps
攤薄後每股收益（EPS）	$	0.66		$	2.25		(70.7)	%	$	0.91		(27.5)	%
第一季度業績（非普遍會計準則）⁽¹⁾
	九月 – 24			九月 – 23			年增變化		六月 – 24			改變環比
營業淨收入調整後	$	168.9		$	261.7		(35.4)	%	$	193.4		(12.7)	%
經過調整的營業收入率		3.0	%		4.1	%	(112)	bps		3.5	%	(47)	bps
調整後稀釋每股收益（EPS）	$	0.92		$	1.61		(42.9)	%	$	1.22		(24.6)	%
業務部門與地理分布
	九月 - 24			九月 - 23			年增變化		六月 - 24			改變環比
電子元器件（EC）銷售	$	5,257.1		$	5,914.4		(11.1)	%	$	5,187.8		1.3	%
EC營運利潤率		3.8	%		4.6	%	(86)	bps		4.1	%	(30)	bps
Farnell銷售	$	347.1		$	421.2		(17.6)	%	$	375.2		(7.5)	%
Farnell營運利潤率		0.5	%		4.2	%	(366)	bps		4.0	%	(349)	bps
美洲銷售	$	1,329.9		$	1,573.5		(15.5)	%	$	1,353.8		(1.8)	%
歐洲、中東和非洲銷售	$	1,668.2		$	2,308.0		(27.7)	%	$	1,920.3		(13.1)	%
亞洲銷售	$	2,606.1		$	2,454.1		6.2	%	$	2,288.9		13.9	%

(1)	本新聞稿的「非 GAAP 金融指標與 GAAP 金融指標的調和」部分將非 GAAP 金融指標與 GAAP 金融指標進行了列明。

2024年12月28日結束的第二季度財政2025年度展望


	指導區間	中點
銷售額	$54億– $5.70B	$5.55B
攤薄後每股收益 ⁽¹⁾	$0.80 – $0.90	$0.85

(1)	本新聞稿的“非依據通用會計準則的財務信息”部分中提供了非依據通用會計準則指引與通用會計準則指引的對帳。

上述指引暗示著約2%至下降約4%的連續銷售變化。

上述指引還不包括重組、融合和其他費用、外匯收益和虧損以及某些所得稅調整。上述指引假設2025財政第一季的利息費用相似，並且調整後的有效稅率在21%至25%之間。上述指引假設有8900萬平均稀釋股份流通以及表格中顯示的平均貨幣兌換率。:


	Q2 Fiscal
	2025	第一季度財政	財政第二季度
	指導方針	2025	2024
歐元指數轉美元	$1.09	$1.10	$1.08
英鎊兌美元	$1.30	$1.30	$1.24

今日的电话会议和网络广播详情

安富利將於今天早上9:00（太平洋時間）/ 中午（東部時間）舉行电话会议和网络广播，以討論其財務業績，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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在電話結束後，網上網絡研討會的音頻重播將提供，並存檔於網站上一年。

前瞻性陳述

本文件包含根據1933年證券法第27條和1934年證券交易法第21E條的修改，關於公司財務狀況、營業結果和業務的前瞻性陳述。您可以通過尋找“相信”、“預計”、“計劃”、“期望”、“預期”、“應該”、“將”、“可能”、“估計”或類似表達來找到這些陳述。這些前瞻性陳述受到大量假設、風險和不確定性的影響。以下重要因素，除了在公司截至2024年6月29日的年報10-K和隨後的季度報告10-Q以及當前報告8-K的其他地方討論的因素外，可能影響公司未來營業結果，並可能導致這些結果或其他結果與前瞻性陳述中所表達或暗示的結果有明顯差異: 地緣政治事件和軍事衝突; 大流行和其他與健康有關的危機; 電子元器件經銷商之間的競爭壓力; 半導體行業的行業周期; 与主要供應商的關係以及供應商產品的分配; 應收賬款違約; 與公司的國際銷售和業務有關的風險，包括有關匯款現金、外匯波動、通貨膨脹、關稅和稅收、制裁和貿易限制以及國際和美國法律的遵循的風險; 與收購、出售和投資有關的風險; 影響公司供應鏈、分銷中心運營、運輸成本、第三方服務提供商、客戶和供應商的不利影響，包括由軍事衝突、恐怖襲擊、自然和與天氣有關的災害、大流行和與健康有關的危機、倉庫現代化以及搬遷努力引起的問題; 與網絡安全攻擊、其他隱私和安全事件以及信息系統故障有關的風險，包括現有或未來的實施、整合和升級相關問題; 影響公司運營和財務表現（國內、國外和全球）以及間接影響公司信用評級、債務監管理、流動性和融資渠道的一般經濟和業務條件; 員工保留和招聘方面的限制; 以及立法或監管變化。

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