Transformation delivered cash flow from operations of $236 million, the highest in five years

PHOENIX - Media OutReach - 21 AUGUST 2018 - Avnet, Inc. (Nasdaq: AVT) announced results for the fourth quarter and fiscal year ended June 30, 2018.

Fourth Quarter Key Financial Highlights

Sales of $5.06 billion increased 9.8% year over year

o  Sales grew 6.7% year over year in constant currency

GAAP operating income margin of 2.5%

o  Non-GAAP adjusted operating income margin improved year over year to 3.7%

GAAP diluted EPS from continuing operations of $0.49

o  Non-GAAP diluted EPS of $0.99 increased 18% year over year

Delivered the strongest adjusted operating income dollars and margin performance in five quarters

Net working capital days improved sequentially by 7 days, from 93 to 86, and improved 14 days from the second quarter

Cash flow from operations reached $236 million

CEO Commentary

"We closed fiscal 2018 with great momentum in revenue growth, earnings and cash flow generation," said Bill Amelio, Chief Executive Officer, Avnet. "Avnet's unique ecosystem gives our customers access to an unparalleled suite of capabilities. We can now guide our enterprise and startup customers alike from idea to product and product to market. We do this by reducing complexity and delivering solutions that get products to market quickly and cost effectively. Our ecosystem is foundational, and when coupled with our ongoing transformation initiatives, we see a very exciting road ahead."

CFO Commentary

"Our transformation efforts are contributing meaningfully toward our goals of growing Avnet's higher margin businesses, reducing our expenses and optimizing working capital. This progress culminated in $236 million of cash flow from operations in the fourth quarter, Avnet's best operating cash flow performance in five years," stated Tom Liguori, Chief Financial Officer, Avnet. "Our focus on optimizing operating expenses resulted in an additional $37 million of savings being implemented at the end of the fourth quarter to further streamline expenses as we enter fiscal year 2019."

For the full press release, please visit: https://news.avnet.com/press-release/avnet/avnet-reports-fiscal-fourth-quarter-and-2018-financial-results

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