Avnet, Inc. Reports Third Quarter Fiscal Year 2014 Results Continued Progress at Electronics Marketing Drives Year-Over-Year Growth in Revenue and EPS Business Wire PHOENIX -- April 24, 2014 Avnet, Inc. (NYSE:AVT) today announced results for the third quarter fiscal year 2014 ended March29, 2014. Q3 Fiscal 2014 Results THIRD QUARTERS ENDED March 29, 2014 March 30, 2013 Change $ in millions, except per share data Sales $6,683.6 $6,298.7 6.1 % GAAP Operating Income 184.8 167.6 10.3 % Adjusted Operating 223.8 203.7 9.9 % Income ^(1) GAAP Net Income 113.9 86.2 32.1 % Adjusted Net Income 144.1 131.5 9.6 % ^(1) GAAP Diluted EPS $0.81 $0.62 30.6 % Adjusted Diluted EPS $1.03 $0.95 8.4 % ^(1) ^(1) A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the ^Non-GAAP Financial Information section in this press release. *Sales for the quarter ended March29, 2014 increased 6.1% year over year to $6.7 billion; organic sales (as defined later in the document) grew 3.7% year over year and 3.5% in constant currency *Gross profit margin of 12.0% increased 61 basis points sequentially and was essentially flat with the year ago quarter *Adjusted operating income of $223.8 million increased 9.9% and adjusted operating income margin of 3.3% increased 12 basis points year over year *Adjusted net income of $144.1 million increased 9.6% and adjusted diluted earnings per share of $1.03 increased 8.4% year over year Rick Hamada, Chief Executive Officer, commented, “Our enterprise level results reflect a third consecutive quarter of year-over-year organic growth led by the performance of our Electronics Marketing (EM) business, which grew revenue 8.8% in its seasonally strong March quarter. This growth was somewhat offset by lower than expected revenue in our Technology Solutions (TS) business, despite the strong performance in the December quarter. TS’ organic revenue declined year over year and, as a result, our organic growth rate at the enterprise level was 3.5% in constant currency. Turning to our bottom line, adjusted operating income increased nearly 10% year over year and operating income margin was up 12 basis points to 3.3%. In line with our general expectations, we experienced strong cash flow from operations for the quarter at $358 million, which continues to bolster our balance sheet and available liquidity. We believe that our combination of resources and strategies continue to position us to build on this current performance with the clear goal of additional progress toward our long-term financial goals as companies continue to invest in technology to accelerate their success.” Avnet Electronics Marketing Results Year-over-Year Growth Rates Q3 FY14 Reported Organic Sales Sales Sales (in millions) EM Total $ 4,133.0 8.8 % 8.0 % Excluding FX ^(1) 8.1 % 7.2 % Americas $ 1,193.6 (9.6 )% (1.1 )% EMEA $ 1,385.8 26.0 % 13.3 % Excluding FX ^(1) 21.7 % 9.4 % Asia $ 1,553.6 12.8 % 11.2 % Q3' FY14 Q3' FY13 Change Operating Income $ 193.4 $ 165.0 17.2 % Operating Income 4.7 % 4.4 % 33 bps Margin ^(1) Year-over-year sales growth rate excluding the impact of changes in foreign currency exchange rates. *Reported sales increased 8.8% year over year to $4.1 billion while organic sales were up 7.2% in constant currency *Operating income margin increased 33 basis points year over year to 4.7% primarily due to improvements in the Americas region *Working capital (defined as receivables plus inventory less accounts payables) declined 3.5% sequentially and was up 8.9% year over year due to the increase in sales and the acquisition of MSC; excluding acquisitions and the impact of currency, working capital increased 7.1% year over year *Return on working capital (ROWC) increased 245 basis points sequentially and 116 basis points year over year due primarily to higher operating income Mr. Hamada added, “EM delivered another quarter of meaningful progress toward their financial targets as both margins and returns expanded year over year for a third consecutive quarter. In the March quarter, organic revenue increased 7.2% year over year in constant dollars, driven by strong growth in the EMEA and Asia regions. On a sequential basis, EM revenue was essentially flat, and below normal seasonality, due to the expected drop off in certain high volume fulfillment engagements in EM Asia, which drove our December quarter above seasonal levels. The seasonal mix shift to the western regions and the related gross profit margin improvement combined to drive operating income up 12.7% sequentially as operating income margin improved 55 basis points to 4.7%. On a year-over-year basis, the growth in revenue, when combined with the expense actions implemented in fiscal 2013 and the first half of fiscal 2014, drove operating income margin up 33 basis points. In addition to the strong financial performance this quarter, EM continues to position for future growth as the integration of MSC, which adds a broad offering of embedded and display solutions supported by in-depth technical expertise, is proceeding as planned. With a book to bill ratio above parity in all three regions, we are confident we can continue to leverage top line growth into improved financial performance as we return EM to our target margin and returns.” Avnet Technology Solutions Results Year-over-Year Growth Rates Q3 FY14 Reported Organic Sales Sales Sales (in millions) TS Total $ 2,550.6 2.0 % (2.5 )% Excluding FX ^(1) 2.6 % (1.9 )% Americas $ 1,373.5 5.6 % (2.9 )% EMEA $ 774.6 (1.1 )% (1.1 )% Excluding FX^(1) (4.9 )% (4.9 )% Asia $ 402.5 (3.8 )% (3.8 )% Q3' FY14 Q3' FY13 Change Operating Income $ 60.9 $ 68.6 (11.3 )% Operating Income 2.4 % 2.7 % (35) bps Margin ^(1) Year-over-year sales growth rate excluding the impact of changes in foreign currency exchange rates. *Reported sales increased 2.0% year over year to $2.6 billion and organic sales decreased 2.5% in reported dollars and 1.9% in constant currency *Operating income margin decreased 35 basis points year over year due primarily to a decline in the Americas region partially offset by an improvement in the EMEA region *ROWC decreased 809 basis points year over year primarily due to lower operating income *At a product level, year-over-year growth in networking and security, as well as services, was partially offset by a decline in servers Mr. Hamada further added, “Despite coming off a stronger than expected Q2 performance, our TS results did not meet our original expectations primarily due to a weaker than expected close to the quarter in our Americas region, and somewhat softer demand experienced by our computing components business in EMEA. Our Americas revenue declined 26.1% sequentially and organic revenue declined 2.9% year over year. In our EMEA region, revenue declined 18.2% sequentially and organic revenue declined 4.9% year over year in constant currency. The revenue shortfall in our higher margin Americas region strongly influenced overall TS profitability as operating income dollars and margins at the global level declined 11.3% and 35 basis points year over year, respectively. We are, however, encouraged by our performance in EMEA this quarter as their ongoing portfolio management and resource allocation actions resulted in a 65 basis points increase in operating margin year over year. We will continue to monitor our current market conditions carefully and adjust our resources as necessary to resume progress toward our long-term goals.” Cash Flow/Dividend *Cash generated from operations was $358.1 million for the quarter and $470.7 million on a trailing twelve month basis *Cash and cash equivalents at the end of the quarter was $960.1 million; net debt (total debt less cash and cash equivalents) was approximately $1.1 billion *Under the $750 million stock repurchase program, the Company repurchased 31.7 thousand shares during the quarter at an aggregate cost of $1.3 million. At the end of the fiscal third quarter, the Company had approximately $223 million remaining in the program *The Company paid a quarterly dividend of $0.15 per share ($20.7 million) or $62.0 million fiscal year to date Kevin Moriarty, Chief Financial Officer, stated, “The team has done an effective job of managing working capital during a period where the linearity of our revenue did not follow historic patterns. After consuming cash last quarter to support the strong December close at TS, our cash flow from operations swung to a positive $358 million as accounts receivable declined 13% sequentially and inventory was down 2%. As a result, net debt declined $307 million sequentially and we ended the quarter with $960 million of cash on the balance sheet. With our strong balance sheet and liquidity, we remain well positioned to invest in growth opportunities while continuing to return cash to shareholders via both our dividend commitment and disciplined share repurchase program.” Outlook for Fourth Quarter of Fiscal 2014 Ending on June 28, 2014 *EM sales are expected to be in the range of $4.05 billion to $4.35 billion and TS sales are expected to be between $2.55 billion to $2.85 billion *Avnet sales are forecasted to be between $6.6 billion and $7.2 billion *Adjusted diluted earnings per share (“EPS”) is expected to be in the range of $1.04 to $1.14 per share *The EPS guidance assumes 140.6 million average diluted shares outstanding and a tax rate of 27% to 31% The above EPS guidance excludes the amortization of intangibles and any potential restructuring charges or any charges related to acquisitions and post-closing integration activities. In addition, the above guidance assumes that the average U.S. Dollar to Euro currency exchange rate for the fourth quarter of fiscal 2014 is $1.38 to €1.00. This compares with an average exchange rate of $1.31 to €1.00 in the fourth quarter of fiscal 2013 and $1.37 to €1.00 in the third quarter of fiscal 2014. Forward-Looking Statements This document contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management’s current expectations and are subject to uncertainty and changes in facts and circumstances. The forward-looking statements herein include statements addressing future financial and operating results of Avnet and may include words such as “will,” “anticipate,” “estimate,” “forecast,” “expect,” “feel,” “believe,” and “should,” and other words and terms of similar meaning in connection with any discussions of future operating or financial performance, business prospects or market conditions. Actual results may vary materially from the expectations contained in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the Company’s ability to retain and grow market share and to generate additional cash flow, risks associated with any acquisition activities and the successful integration of acquired companies, declines in sales, changes in business conditions and the economy in general, changes in market demand and pricing pressures, any material changes in the allocation of product or product rebates by suppliers, and other competitive and/or regulatory factors affecting the businesses of Avnet generally. More detailed information about these and other factors is set forth in Avnet’s filings with the Securities and Exchange Commission, including the Company’s reports on Form 10-K, Form 10-Q and Form 8-K. Except as required by law, Avnet is under no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. 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 in this document certain non-GAAP financial information including adjusted operating income, adjusted net income and adjusted diluted earnings per share, as well as sales adjusted for the impact of acquisitions and other items (as defined in the Organic Sales section of this document). Management believes organic sales is a useful measure for evaluating current period performance as compared with prior periods and for understanding underlying trends. Management believes that operating income adjusted for (i) restructuring, integration and other expenses, and (ii) amortization of acquired intangible assets and other, is a useful measure to help investors better assess and understand the Company’s operating performance, especially 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 some cases, for measuring performance for compensation purposes. Management believes net income and diluted EPS adjusted for (i) the impact of the items described above, (ii) certain items impacting income tax expense and (iii) the gain on legal settlement, bargain purchase and other is useful to investors because it provides a measure of the Company’s net profitability on a more comparable basis to historical periods and provides a more meaningful basis for forecasting future performance. Additionally, because of management’s focus on generating shareholder value, of which net profitability is a primary driver, management believes net income and diluted EPS excluding the impact of these items provides an important measure of the Company’s net results for the investing public. Other metrics management monitors in its assessment of business performance include return on working capital (ROWC), return on capital employed (ROCE) and working capital velocity (WC velocity). *ROWC is defined as annualized adjusted operating income (as defined above) divided by the sum of the monthly average balances of receivables and inventory less accounts payable. *ROCE is defined as annualized, tax effected adjusted operating income (as defined above) divided by the monthly average balances of interest-bearing debt and equity (including the impact of adjustments to operating income discussed above) less cash and cash equivalents. *WC velocity is defined as annualized sales divided by the sum of the monthly average balances of receivable and inventory less accounts payable. 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. Third Quarter Fiscal 2014 Third Quarter Fiscal 2014 Income Operating Before Net Income Diluted Income Income EPS Taxes $ in thousands, except per share amounts GAAP results $ 184,843 $ 164,993 $ 113,851 $ 0.81 Restructuring, integration and 26,083 26,083 19,275 0.14 other expenses Gain on legal settlement, bargain — (2,965 ) (1,811 ) (0.01 ) purchase and other Amortization of intangible 12,868 12,868 9,043 0.06 assets and other Income tax — — 3,744 0.03 adjustments Total 38,951 35,986 30,251 0.22 adjustments Adjusted $ 223,794 $ 200,979 $ 144,102 $ 1.03 results Items impacting the third quarter of fiscal 2014 consisted of the following: *Restructuring, integration and other expenses of $26.1 million before tax consisted of $15.4 million for severance, $3.9 million for facility exit and asset impairment related costs, $2.3 million for other restructuring costs, $3.9 million for integration-related costs, and an expense of $0.6 million to adjust prior restructuring liabilities. Restructuring, integration and other expenses after tax was $19.3 million; *Gain on legal settlement of $3.0 million before tax and $1.8 million after tax related to a settlement payment received during the third quarter; *Amortization expense and other substantially all of which related to acquired intangible assets of $12.9 million before tax and $9.0 million after tax; and *Income tax adjustments of $3.7 million primarily related to certain items impacting the effective income tax rate in the third quarter of fiscal 2014. Second Quarter Fiscal 2014 Second Quarter Fiscal 2014 Income Operating Before Net Income Diluted Income Income EPS Taxes $ in thousands, except per share amounts GAAP results $ 221,572 $ 188,552 $ 124,864 $ 0.89 Restructuring, integration and 28,442 28,442 21,746 0.15 other expenses Amortization of intangible 13,194 13,194 9,125 0.07 assets and other Income tax — — 8,158 0.06 adjustments Total 41,636 41,636 39,029 0.28 adjustments Adjusted results $ 263,208 $ 230,188 $ 163,893 $ 1.17 Items impacting the second quarter of fiscal 2014 consisted of the following: *Restructuring, integration and other expenses of $28.4 million before tax consisted of $19.3 million for severance, $1.4 million for facility exit and asset impairment related costs, $0.5 million for other restructuring expenses, $1.5 million for other costs, $4.3 million for integration-related costs, and an expense of $1.4 million to adjust prior restructuring liabilities. Restructuring, integration and other expenses after tax was $21.7 million; *Amortization expense and other substantially all of which related to acquired intangible assets of $13.2 million before tax and $9.1 million after tax; and *Income tax adjustments of $8.2 million primarily related to certain items impacting the effective income tax rate in the second quarter of fiscal 2014. Third Quarter Fiscal 2013 Third Quarter Fiscal 2013 Income Operating Before Net Income Diluted Income Income EPS Taxes $ in thousands, except per share amounts GAAP results $ 167,610 $ 144,375 $ 86,196 $ 0.62 Restructuring, integration and 27,341 27,341 25,786 0.18 other expenses Amortization of intangible 8,746 8,746 6,122 0.05 assets and other Income tax — — 13,371 0.10 adjustments Total 36,087 36,087 45,279 0.33 adjustments Adjusted results $ 203,697 $ 180,462 $ 131,475 $ 0.95 Items impacting the third quarter of fiscal 2013 consisted of the following: *Restructuring, integration and other expenses of $27.3 million before tax consisted of restructuring costs of $23.8 million, integration costs of $14.9 million, other costs aggregating to a net benefit of $10.8 million and a net benefit for changes in estimates for prior restructuring liabilities of $0.6 million; *Amortization expense related to acquired intangible assets of $8.7 million before tax and $6.1 million after tax; and *Income tax adjustments of $13.4 million primarily related to increases to valuation allowances and reserves. Organic Sales Organic sales is defined as reported sales adjusted for (i) the impact of acquisitions and divestitures by adjusting Avnet’s prior periods to include the sales of acquired businesses and exclude the sales of divested businesses as if the acquisitions and divestitures had occurred at the beginning of the earliest period presented and (ii)the impact of the transfer of a portion of certain operations between the EM and TS operating groups, which did not have an impact to Avnet on a consolidated basis but did impact the organic sales for the TS and EM operating groups. Sales taking into account the combination of these adjustments are referred to as “organic sales.” Sales Acquisition / Organic as Reported Divestiture Sales Sales (in thousands) Q1 Fiscal 2014 $ 6,345,475 $ 119,950 $ 6,465,425 Q2 Fiscal 2014 7,421,854 — 7,421,854 Q3 Fiscal 2014 6,683,616 — 6,683,616 Fiscal year to date $ 20,450,945 $ 119,950 $ 20,570,895 2014 Q1 Fiscal 2013 $ 5,870,057 $ 362,053 $ 6,232,110 Q2 Fiscal 2013 6,699,465 162,481 6,861,946 Q3 Fiscal 2013 6,298,699 143,992 6,442,691 Q4 Fiscal 2013 6,590,703 124,741 6,715,444 Fiscal year 2013 $ 25,458,924 $ 793,267 $ 26,252,191 “Acquisition/Divestiture Sales” as presented in the preceding table includes the effects of the acquisitions and divestitures included below: Fiscal 2014 MSC Investoren GmbH, in October 2013 in the EM EMEA region Seamless Technologies, Inc., in July 2013 in the TS Americas region Nisko Semiconductors Ltd., in July 2013 in the EM EMEA region Fiscal 2013 RTI Holdings, in April 2013 in the EM Asia Region Divestiture in March 2013 of a small business in the EM Americas region TSSLink, Inc., in January 2013 in the TS Americas region Universal Semiconductor, Inc., in January 2013 in the EM Americas region Genilogix, in November 2012 in the TS Americas region Divestiture in December 2012 of a small business in the TS Asia region Brightstar Partners, Inc., in November 2012 in the TS Americas region Magirus AG, in October 2012 in the TS EMEA region Tekdata Interconnections, Limited, in October 2012 in the EM EMEA region Internix, Inc., in August 2012 in the EM Asia region C.R.G. Electronics, Ltd., in August 2012 in the EM EMEA region Pepperweed Consulting, in August 2012 in the TS Americas region ROWC, ROCE and WC Velocity The following table (in thousands) presents the calculation for ROWC, ROCE and WC velocity. Q3 FY14 Q3 FY13 Sales $ 6,683,616 $ 6,298,699 Sales, annualized (a) $ 26,734,464 $ 25,194,796 Adjusted operating $ 223,794 $ 203,697 income (1) Adjusted annualized (b) $ 895,176 $ 814,788 operating income Adjusted effective tax 28.2 % 27.5 % rate (2) Adjusted annualized operating income, after (c) $ 642,736 $ 590,884 tax Average monthly working capital Accounts receivable $ 5,165,610 $ 4,806,901 Inventory $ 2,592,568 $ 2,328,051 Accounts payable $ (3,250,104 ) $ (3,233,582 ) Average working capital (d) $ 4,508,074 $ 3,901,370 Average monthly total (e) $ 6,034,183 $ 5,376,597 capital ROWC = (b) / (d) 19.9 % 20.9 % WC Velocity = (a) / (d) 5.9 6.5 ROCE = (c) / (e) 10.7 % 11.0 % (1) See reconciliation to GAAP amounts in the preceding tables in this Non-GAAP Financial Information section. (2) Adjusted effective tax rate for each quarterly period in a fiscal year is based upon the currently anticipated annual effective tax rate, excluding the tax effect of the items described above in the reconciliation to GAAP amounts in this Non-GAAP Financial Information Section. Teleconference Webcast and Upcoming Events Avnet will host a Webcast of its quarterly teleconference today at 2:00 p.m. Eastern Time. The live Webcast event, as well as other financial information including financial statement reconciliations of GAAP and non-GAAP financial measures, will be available through www.ir.avnet.com. Please log onto the site 15 minutes prior to the start of the event to register or download any necessary software. An archive copy of the presentation will also be available after the Webcast. For a listing of Avnet’s upcoming events and other information, please visit Avnet’s investor relations website at www.ir.avnet.com. About Avnet Avnet, Inc. (NYSE:AVT), a Fortune 500 company, is one of the largest distributors of electronic components, computer products and embedded technology serving customers globally. Avnet accelerates its partners' success by connecting the world's leading technology suppliers with a broad base of customers by providing cost-effective, value-added services and solutions. For the fiscal year ended June 29, 2013, Avnet generated sales of $25.5 billion. For more information, visit www.avnet.com. (AVT_IR) AVNET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (THOUSANDS EXCEPT PER SHARE DATA) (UNAUDITED) Third Quarters Ended Nine Months Ended March 29, March 30, March 29, March 30, 2014 2013 2014 2013 Sales $ 6,683,616 $ 6,298,699 $ 20,450,945 $ 18,868,221 Cost of sales 5,878,704 5,542,676 18,062,230 16,659,358 Gross profit 804,912 756,023 2,388,715 2,208,863 Selling, general and 593,986 561,072 1,736,689 1,656,052 administrative expenses Restructuring, integration 26,083 27,341 66,624 89,655 and other expenses Operating 184,843 167,610 585,402 463,156 income Other income 2,511 4,106 (1,488 ) 6,649 (expense), net Interest (25,326 ) (27,341 ) (80,529 ) (79,029 ) expense Gain on legal settlement, bargain 2,965 — 22,102 31,350 purchase and other Income before 164,993 144,375 525,487 422,126 income taxes Income tax 51,142 58,179 166,148 98,144 provision Net income $ 113,851 $ 86,196 $ 359,339 $ 323,982 Earnings per share: Basic $ 0.82 $ 0.63 $ 2.61 $ 2.34 Diluted $ 0.81 $ 0.62 $ 2.57 $ 2.31 Shares used to compute earnings per share: Basic 138,418 137,102 137,845 138,215 Diluted 140,179 139,015 140,015 140,316 Cash dividends paid per $ 0.15 $ — $ 0.45 $ — common share AVNET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (THOUSANDS) (UNAUDITED) March 29, 2014 June 29, 2013 Assets: Current assets: Cash and cash equivalents $ 960,149 $ 1,009,343 Receivables, net 4,983,890 4,868,973 Inventories 2,510,352 2,264,341 Prepaid and other current assets 199,054 214,221 Total current assets 8,653,445 8,356,878 Property, plant and equipment, net 522,321 492,606 Goodwill 1,344,389 1,261,288 Intangible assets, net 197,829 172,212 Other assets 182,796 191,696 Total assets $ 10,900,780 $ 10,474,680 Liabilities and Shareholders' Equity: Current liabilities: Short-term debt $ 848,388 $ 838,190 Accounts payable 3,207,036 3,278,152 Accrued expenses and other 709,130 705,102 Total current liabilities 4,764,554 4,821,444 Long-term debt 1,221,977 1,206,993 Other long-term liabilities 178,382 157,118 Total liabilities 6,164,913 6,185,555 Shareholders’ equity 4,735,867 4,289,125 Total liabilities and shareholders’ $ 10,900,780 $ 10,474,680 equity AVNET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (THOUSANDS) (UNAUDITED) Nine Months Ended March 29, 2014 March 30, 2013 Cash flows from operating activities: Net income $ 359,339 $ 323,982 Non-cash and other reconciling items: Depreciation 67,392 65,284 Amortization 33,081 23,844 Deferred income taxes 20,850 9,037 Stock-based compensation 33,896 35,923 Gain on bargain purchase — (31,350 ) Other, net 54,824 57,800 Changes in (net of effects from businesses acquired): Receivables (55,853 ) (2,897 ) Inventories (114,258 ) 192,244 Accounts payable (148,825 ) (175,909 ) Accrued expenses and other, net (46,541 ) (68,544 ) Net cash flows provided by operating 203,905 429,414 activities Cash flows from financing activities: Issuance of notes in public offering, — 349,258 net of issuance cost Repayment of notes (300,000 ) — Borrowings (repayments) under accounts 230,000 (259,000 ) receivable securitization program, net Borrowings (repayments) of bank and 56,658 (191,775 ) other debt, net Repurchases of common stock (1,252 ) (207,192 ) Dividends paid on common stock (62,009 ) — Other, net 10,390 4,499 Net cash flows used by financing (66,213 ) (304,210 ) activities Cash flows from investing activities: Purchases of property, plant and (81,232 ) (75,415 ) equipment Acquisitions of businesses, net of (116,882 ) (244,062 ) cash acquired Cash proceeds from divestitures, net — 3,613 of cash divested Other, net 4,058 289 Net cash flows used by investing (194,056 ) (315,575 ) activities Effect of exchange rate changes on 7,170 4,431 cash and cash equivalents Cash and cash equivalents: — (decrease) (49,194 ) (185,940 ) — at beginning of period 1,009,343 1,006,864 — at end of period $ 960,149 $ 820,924 AVNET, INC. SEGMENT INFORMATION (MILLIONS) (UNAUDITED) Third Quarters Ended Nine Months Ended March 29, March 30, March 29, March 30, 2014 2013* 2014 2013* Sales: Electronics $ 4,133.0 $ 3,797.2 $ 12,225.9 $ 11,123.8 Marketing Technology 2,550.6 2,501.5 8,225.0 7,744.4 Solutions Consolidated $ 6,683.6 $ 6,298.7 $ 20,450.9 $ 18,868.2 Sales Operating Income: Electronics $ 193.4 $ 165.0 $ 540.9 $ 457.1 Marketing Technology 60.9 68.6 243.7 220.4 Solutions Corporate (30.5 ) (29.9 ) (98.1 ) (100.9 ) 223.8 203.7 686.5 576.7 Restructuring, integration (26.1 ) (27.3 ) (66.6 ) (89.7 ) and other expenses Amortization of intangible (12.9 ) (8.7 ) (34.5 ) (23.8 ) assets and other Consolidated Operating $ 184.8 $ 167.6 $ 585.4 $ 463.2 Income * Sub-totals and totals may not foot due to rounding Contact: Investor Relations Contact: Avnet, Inc. Vincent Keenan Investor Relations 480-643-7053 email@example.com
Avnet, Inc. Reports Third Quarter Fiscal Year 2014 Results
Press spacebar to pause and continue. Press esc to stop.