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Avnet Inc. (AVT+0.30%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing a decrease in sales to $5.66 billion from $6.20 billion in the same quarter the previous year. The decrease is attributed to a downturn in the electronic components market, resulting in lower demand.
Gross profit for the quarter was $596 million, down from $706 million in the previous year, with the decline attributed to reduced sales volume and a shift in geographic sales mix.
Selling, general, and administrative expenses decreased to $437 million from $465 million, primarily due to reduced variable operating expenses and restructuring actions.
Net income for the quarter was $87.3 million, down from $117.9 million in the previous year. The effective tax rate for the quarter was 3.4%, compared to 23.2% in the previous year.
Cash provided by operating activities was $444.2 million for the first six months of fiscal 2025, compared to cash used of $83.6 million in the same period of fiscal 2024.
The company repurchased $152.2 million of common stock during the first six months of fiscal 2025 and paid cash dividends of $0.66 per share.
Avnet's total debt was reported at $2.57 billion as of December 28, 2024, with the company being in compliance with all covenants under its credit facility and securitization program.
The company continues to monitor its liquidity position and believes it has sufficient access to additional liquidity from capital markets if necessary.
Avnet does not anticipate any material adverse effects from pending legal proceedings or compliance-related matters, as disclosed in the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Avnet Inc. quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.