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AVNETⓇ Reach Further ™ Avnet Reports First Quarter Fiscal 2022 Financial Results October 28 , 2021 First quarter sales of $ 5.6 billion , up 18.2 % year over year with diluted EPS of $ 1.10 First quarter adjusted diluted EPS of $ 1.22 Electronic Components and Farnell operating margins increased to 3.2 % and 10.9 % , respectively PHOENIX -- ( BUSINESS WIRE ) -- Oct . 28 , 2021-- Avnet , Inc. ( Nasdaq : AVT ) today announced results for its first quarter ended October 2 , 2021 . Commenting on the Company's financial results , Avnet Chief Executive Officer Phil Gallagher stated , " Building upon our solid performance in fiscal 2021 , we were pleased to start off fiscal 2022 with a strong first quarter . We delivered another consecutive quarter of record sales in both our Electronic Components and Farnell businesses and reached our respective short - term operating margin targets of 3 % and 10 % . We are continuing to strengthen Avnet's position through driving execution and accelerating the growth of our higher margin Farnell business , while also working closely with our supplier partners to balance supply and demand across the supply chain . We expect the current market environment to extend well into calendar year 2022 and will continue to help our customers navigate component availability challenges by serving as a vital link at the center of the technology supply chain . As we look ahead to the next quarter , we expect to benefit from continued operating improvements to our business and strong market demand to deliver results in line with our fiscal first quarter performance . " Fiscal First Quarter Key Financial Highlights : • Sales of $ 5.6 billion , up from $ 5.2 billion in the prior quarter and exceeding guidance . • On a constant currency basis , sales grew 17.5 % year over year and 7.6 % sequentially . o Organic sales increased by 33.7 % on a year over year basis , after adjusting for the impact of TI sales and the extra week of sales in the first quarter of FY21 . • GAAP diluted earnings per share of $ 1.10 , compared with a GAAP diluted earnings per share of $ 0.85 in the prior quarter . • Non - GAAP adjusted diluted earnings per share of $ 1.22 , compared with $ 1.12 in the prior quarter . • Farnell operating margins increased sequentially 263 basis points to 10.9 % . • Electronic Components operating margins increased sequentially 8 basis points to 3.2 % . • Returned $ 23.9 million to shareholders in dividends and reinitiated the company's share repurchase program . Key Financial Metrics ( $ in millions , except per share data ) First Quarter Results ( GAAP ) Sales Operating Income Sep - 21 Sep - 20 Change Y / Y Jun - 21 Change Q / Q $ 5,584.7 $ 4,723.1 18.2 % $ 5,226.7 6.9 % 168.2 18.5 809.3 % 118.0 42.6 % Operating Income Margin 3.0 % 0.4 % 262 bps 2.3 % 75 bps Diluted Earnings ( Loss ) Per Share ( EPS ) $ 1.10 $ ( 0.19 ) 678.9 % $ 0.85 29.4 % First Quarter Results ( Non - GAAP ) ( 1 ) Sales Sep - 21 Sep - 20 Change Y / Y Jun - 21 Change Q / Q $ 5,584.7 $ 4,723.1 18.2 % $ 5,226.7 6.9 %