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AVNET Reach Further ™ Avnet Reports Second Quarter Fiscal 2021 Financial Results January 27 , 2021 $ 4.7 billion in sales , $ 0.19 EPS and $ 0.48 adjusted EPS exceeded guidance Third consecutive quarter of operating margin improvement PHOENIX -- ( BUSINESS WIRE ) -- Jan . 27 , 2021-- Avnet , Inc. ( Nasdaq : AVT ) today announced results for its second quarter ended January 2 , 2021 . Fiscal Second Quarter Key Financial Highlights : • Sales of $ 4.7 billion up from $ 4.5 billion in the prior year quarter , supported by record sales in Asia of $ 2.2 billion , up 16 % year over year . • On constant currency basis , organic sales increased 4.8 % after adjusting for 14 weeks of activity in the prior quarter . • GAAP diluted earnings per share of $ 0.19 , compared with a GAAP diluted loss per share of $ 0.19 in the prior quarter , a 200 % increase . • Non - GAAP adjusted diluted earnings per share of $ 0.48 , compared with $ 0.36 in the prior quarter , a 33 % increase . • Farnell operating margins increased sequentially 97 basis points to 4.5 % . • GAAP operating income margin of 1.2 % , compared with 0.4 % the prior quarter , and an adjusted operating income margin of 1.7 % , compared with 1.4 % in the prior quarter . • Achieved net working capital of 75 days , generating $ 85 million of cash flow from operations . • Sales of Texas Instruments ( TI ) products were $ 50 million compared with $ 399 million in the prior year . • When excluding TI , organic sales grew 9.3 % year over year on a constant currency basis . CEO Commentary " Improvements in our Farnell , EMEA and Americas businesses , complemented by a record revenue quarter in Asia , reflect our continued progress in driving operational efficiencies and enhancing key business lines through strategic investments . We've seen tangible results from this back to the basics strategy over the past two quarters with increased sales , improving returns on capital and a stronger balance sheet . As a result , we are better positioned today to manage our backlog and working capital to navigate uncertainties resulting from COVID - 19 , " said Avnet Chief Executive Officer Phil Gallagher . " I am incredibly proud of our team's resilience amidst the challenges this past year . They've delivered significant value in providing uninterrupted service at a global scale and in working collaboratively with our customers and suppliers to manage forecasts , navigate current market dynamics and mitigate supply chain risk . " Key Financial Metrics ( $ in millions , except per share data ) Second Quarter Results ( GAAP ) Sales Dec - 20 Dec - 19 Change Y / Y Sep - 20 Change Q / Q $ 4,668.2 $ 4,534.8 2.9 % $ 4,723.1 ( 1.2 ) % Operating Income 57.2 46.5 23.1 % 18.5 209.3 % Operating Income Margin 1.2 % 1.0 % 21 bps 0.4 % 84 bps Diluted Earnings ( Loss ) Per Share ( EPS ) $ 0.19 $ 0.05 280.0 % $ ( 0.19 ) 200.0 % Second Quarter Results ( Non - GAAP ) ( 1 )