Avnet reports Q1 FY2022 sales $5.6B (+18.2% YoY), adj. EPS $1.22, EC and Farnell margins rise

AVNET INC

2022-Q1 EPS reported $1.10 revenue$5,584,695,000

Sales $5.6B, up 18.2% YoY; organic sales up 33.7% YoY adjusting for TI sales and extra week.
GAAP diluted EPS $1.10; adjusted diluted EPS $1.22 vs $1.12 prior quarter.
Electronic Components operating margin 3.2% (up 8 bps Q/Q); Farnell margin 10.9% (up 263 bps Q/Q).
Returned $23.9M to shareholders via dividends and reinitiated share repurchase program.
Management expects strong demand into calendar 2022; Q2 results projected in line with Q1.

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