Avnet, Inc. (AVT) stock soared 7.53% in the after-hours trading session at the price of $40.13 after reporting its financial results for the first quarter of fiscal 2022. AVT is a leading solution provider and technology distributor that has served its customers for one century. It supports the clients’ evolving needs from idea to design and prototype to production.
AVT First Quarter Fiscal 2022 Earnings Report
On 28th October 2021, AVT published its financial results for the first fiscal quarter ended 2nd October 2021 and provided corporate updates.
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Chief Executive Officer of AVT, Avnet Phil Gallagher, commented that they are happy to start their fiscal 2022 with a robust first quarter after building upon substantial production in fiscal 2021. They have achieved record sales in their Farnell businesses and Electronic Components during the quarter. AVT is working to strengthen its position by expediting the growth of its higher-margin Farnell business. Moving ahead, they anticipate benefiting from continued operating improvements in the business and strong market demand to deliver results, he concluded.
Fiscal Q1 Financial Highlights
AVT reported sales of $5.6 billion for the first fiscal quarter ended 2nd October 2021. The net sales were $5.2 billion for the same quarter of fiscal 2021. On a year-over-year basis, organic sales grew by 33.7%. Diluted earnings per share were $1.10 for the first quarter of fiscal 2022. Earnings per share (diluted) were $0.85 for the first quarter of fiscal 2021. AVT has returned $23.9 million in dividends to shareholders through its share repurchase program.
AVT Appointed Ernest Maddock
Previously on 25th August 2021, AVT announced the appointment of Ernest Maddock to its board of directors. The appointment became effective immediately. Mr. Ernest will serve both the Audit and Finance Committees. He brought comprehensive industrial knowledge and financial experience to the company.
Mr. Maddock has served as Chief Financial Officer and advisor at Micron Technology and retired in 2018. Previously, he has worked as CFO at LAM Research Corporation and Riverbed Technology. During his 40-year career, Mr. Ernest held several financial and accounting positions. He got his bachelor’s degree in industrial management from Georgia Institute of Technology.