Avnet posts record revenue and operating income

August 10, 2007

Avnet, Inc. reported record revenue of $4.24 billion for fourth quarter fiscal 2007, ending June 30, 2007, a 17.3% increase over fourth quarter fiscal 2006.

Company CEO, Roy Vallee, said "Our fourth quarter results continued to demonstrate the operating leverage in our business model as strong execution in both operating groups resulted in record setting performances. Record revenue and operating income combined with strong asset velocity drove return on capital employed above our 12.5% target. I am very pleased with our fourth quarter results and the consistent improvement in our key financial metrics."

Mr. Vallee further commented, "Fiscal 2007 was another example of the impact that our value based management initiatives have had on our business operations as operating income grew more than three times faster than revenue. While growth in our end markets slowed this year, our global team stayed focused and executed well on the things we can control. As a result, we were able to deliver consistent improvement in our financial metrics over each of the past four quarters. I would like to congratulate and thank Avnet employees around the world for achieving all of our key financial targets including operating margin, working capital velocity and return metrics simultaneously."

Source: Avnet