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AVNETⓇ Reach Further ™ Avnet Reports Third Quarter Fiscal 2021 Financial Results April 28 , 2021 Sales of $ 4.9 billion , up 14 % year over year with diluted EPS of $ 1.07 Adjusted diluted EPS of $ 0.74 , up 95 % year over year Operating margin expansion across all regions , including Farnell PHOENIX -- ( BUSINESS WIRE ) -- Apr . 28 , 2021-- Avnet , Inc. ( Nasdaq : AVT ) today announced results for its third quarter ended April 3 , 2021 . Fiscal Third Quarter Key Financial Highlights : • Sales of $ 4.9 billion , up from $ 4.7 billion sequentially and compared to $ 4.3 billion in the prior year quarter . Sales exceeded guidance , driven by broad end - market strength . o On a constant currency basis , sales grew 10.7 % year over year and 4.8 % sequentially . • Excluding Texas Instruments from both periods , sales grew 22 % in constant currency year over year . • GAAP diluted earnings per share of $ 1.07 , compared with a GAAP diluted loss per share of $ 1.29 in the prior year quarter . • Non - GAAP adjusted diluted earnings per share of $ 0.74 , compared with $ 0.38 earnings per share in the prior year quarter . • GAAP operating margin was up 447 basis points to 1.8 % compared with negative 2.7 % in the prior year quarter . o Adjusted operating margin of 2.3 % increased 62 basis points from 1.6 % in the prior year quarter . • Farnell operating margins increased sequentially 154 basis points to 6.0 % . • Sales of Texas Instruments ' products were less than $ 2 million compared with $ 400.6 million in the prior year quarter . • As expected , cash used for operations totaled $ 9.9 million in the quarter as strong demand drives investment in working capital . CEO Commentary " In the third quarter , the impact of our back - to - basics strategy resulted in strong execution and performance across all regions , " said Avnet Chief Executive Officer Phil Gallagher . “ As we continue to navigate supply constraints , extended lead times and a shifting operating environment , our deep relationships with our partners and tight management of our backlog will continue to be of utmost importance . Our prioritization of these relationships and focus on execution to date have put Avnet on a more linear growth path . Further , our ability to enhance value through demand creation for our partners has continued to contribute to our success at the center of the technology supply chain . We remain confident in our ability to execute and create value for our customers and suppliers . " Key Financial Metrics ( $ in millions , except per share data ) Third Quarter Results ( GAAP ) Sales Mar - 21 Mar - 20 Change Y / Y Dec - 20 Change Q / Q $ 4,916.7 $ 4,309.8 14.1 % $ 4,668.2 5.3 % 53.2 % Operating Income ( Loss ) 87.7 ( 115.8 ) 175.7 % 57.2 Operating Income ( Loss ) Margin 1.8 % ( 2.7 ) % 447 bps 1.2 % 55 5 Diluted Earnings ( Loss ) Per Share ( EPS ) $ 1.07 $ ( 1.29 ) 182.9 % $ 0.19 bps 463.2 %