Avnet DA17 May 2022 13:58
Avnet, Inc. (AVT)
AVT in Phoenix, Ariz., is a technology solution company that markets, sells, and distributes electronic components from manufacturers, including semiconductors, interconnect, passive and electromechanical parts, and other integrated and embedded components. The company’s primary operating groups include Electronic Components (EC) and Farnell.
On Feb. 22, 2022, AVT agreed with Device Authority to accelerate and scale IoT deployments worldwide. Under the agreement, AVT will integrate Device Authority’s KeyScaler platform into its cloud-based device management platform, IoTConnect. AVT’s VP of IoT Lou Lutostanski said, “By integrating device identity lifecycle management into Avnet’s IoTConnect solution, we’re enabling users to manage devices built on multiple different technologies and platforms through a single pane of glass.”
For its fiscal second quarter, ended Jan. 1, 2022, AVT’s sales increased 25.6% year-over-year to $5.86 billion. The company’s adjusted operating income increased 170.7% year-over-year to $215.46 million. And its adjusted EPS came in at $1.51, representing a 214.6% increase year-over-year.
For its fiscal year 2022, AVT’s EPS and revenue are expected to increase 110.7% and 17.1%, respectively, year-over-year to $5.71 and $22.87 billion
AVT’s POWR Ratings reflect this promising outlook. The stock has an overall B rating, which equates to Buy in our proprietary rating system.
It has a B grade for Growth and Value. It is ranked #10 in the Technology – Electronics industry.