Phoenix’s Avnet, Inc. Jumps in Fortune 500 List & Reports 4Q & Fiscal Year Results

With the recent update by FORTUNE magazine, Avnet, Inc. (NYSE: AVT) the global technology distributors headquartered right here in Phoenix, is now No. 108 on the top 500 Largest Companies List. They have also topped the 2012 FORTUNE 500 List of Companies Headquartered in Arizona. Additionally, Avnet claimed the No. 1 spot on “FORTUNES’s Most Admired” list in the Wholesaler: Electronics category for the fourth year in a row.
So how did they manage to get all of these accolades? Simple. They recorded $26.5 billion in sales for the 2011 fiscal year.
However, this year is shaping up a little differently. Here are the key points:

  • Sales: Decreased to $25.7 billion (-3.1% change from last year)
  • Adjusted operating income of $958 million
  • Adjusted diluted earnings per share of $4.06 (-6.0% year over year)
  • Cash flow from operations increased 90% (year over year) to $529 million

Major Announcement: Avnet confirms additional $250 million in share repurchase authorization
Here is a response to the recent results by CEO, Rick Hamada:

Our fiscal 2012 results reflect the impact of both a components supply chain correction that occurred in the earlier part of the year followed by slowing global economic growth during the latter part of the year . . . [However] we generated $958 million of adjusted operating income and $529 million of cash flow from operations. Supported by this strong cash flow, we invested $318 million in our stock repurchase program and another $313 million in value-creating M&A that strengthened our competitive position in key markets.

Official FORTUNE 500 List
Avnet Press Release (FORTUNE 500)
Avnet Press Release (Fiscal Year 2012)

More About Avnet, Inc.

Founded: 1921
# of Employees: ~ 17,000
Founder: Charles Avnet
Twitter: @AvnetOnDemand
Phone: (480) 643 – 2000
Headquarters: 2211 S 47th St, Phoenix, AZ 85034