Avnet to Host 2022 Investor Day and Ring NASDAQ Opening Bell Today
June 06 2022 - 8:00AM
Business Wire
Avnet to Ring Opening Bell at 9:30 a.m. ET;
Investor Day to Begin at 10:30 a.m. ET
Avnet Expands Share Repurchase Authorization to
$600 Million
Avnet, Inc. (Nasdaq: AVT), a leading global technology solutions
company, will host its Investor Day today at 10:30 a.m. ET at the
NASDAQ Marketsite in New York City. At the event, Avnet’s senior
leadership team will provide an update on the business, with
presentations from senior management. The presentations will
highlight updated medium-term (3 – 4 years) targets including:
- Growth in higher margin revenue with a path to sustainable
operating margins of greater than 5% for total Avnet
- Higher margin businesses expanding to contribute greater than
50% of total gross profit:
- Farnell growth expansion targeting annual revenue of $3 billion
with 10-15% operating margins
- Embedded growth targeting annual revenue of $1 billion with
10%+ operating margin
- Interconnect, passive and electomechanical business growth
targeting annual revenues of $5.5 billion with annual CAGR of 8% to
10%.
Avnet is also announcing adoption of a new share repurchase plan
to repurchase up to a total of $600 million of shares, which
includes remaining amounts under prior authorizations, and will
discuss detailed capital allocation priorities moving through 2022
and beyond.
In addition, the event will include a customer and supplier
panel that will discuss industry trends and the value of Avnet’s
role as a vital link at the center of the supply chain.
All attendees must be pre-registered to attend in-person at the
NASDAQ Marketsite. The event is expected to run from 10:30 a.m. ET
to 3:30 p.m. ET, and will include live question and answer
sessions. For those unable to attend in-person, the meeting will be
webcast and will be available on the investor relations section of
the Avnet website at:
https://ir.avnet.com/events-presentations.
Opening Bell Ceremony
Ahead of its Investor Day, Avnet will ring the NASDAQ Opening
Bell. Avnet’s Chief Executive Officer, Phil Gallagher, will speak
and then ring the Opening Bell live from the NASDAQ Marketsite
alongside members of Avnet’s executive management team. The ringing
of the Opening Bell will be broadcasted across major business
networks, including CNBC, Fox Business News and Bloomberg TV. The
full event will be streamed at livestream.com/nasdaq/live beginning
at approximately 9:23 a.m. ET.
New Share Repurchase Plan
Avnet today announced that its Board of Directors has approved
the repurchase of up to an aggregate of $600 million of shares of
Avnet's common stock through a share repurchase plan (“2022 Plan”).
The authorization for the 2022 Plan includes the amount remaining
under the previous share repurchase plan approved in August 2011,
as last amended on August 14, 2019.
Avnet plans to repurchase shares from time to time at the
discretion of management in open market or privately negotiated
transactions or pursuant to one or more derivatives transactions,
including but not limited to forward repurchases and accelerated
share repurchases, subject to applicable laws, regulations and
approvals, strategic considerations, market conditions and other
factors. Avnet may terminate or limit the 2022 Plan at any time
without prior notice.
Forward-Looking Statements
This document contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
with respect to the presentation highlights. These forward-looking
statements are subject to numerous assumptions, risks and
uncertainties. Please see the Risk Factors disclosed in Avnet’s
Annual Report on Form 10-K for the fiscal year ended July 3, 2021
and subsequent Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K, which could affect Avnet’s future results of
operations, and could cause those results or other outcomes to
differ materially from those expressed or implied in the
forward-looking statements.
About Avnet
As a leading global technology distributor and solutions
provider, Avnet has served customers’ evolving needs for an entire
century. We support customers at each stage of a product’s
lifecycle, from idea to design and from prototype to production.
Our unique position at the center of the technology value chain
enables us to accelerate the design and supply stages of product
development so customers can realize revenue faster. Decade after
decade, Avnet helps its customers and suppliers around the world
realize the transformative possibilities of technology. Learn more
about Avnet at www.avnet.com. (AVT_IR)
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version on businesswire.com: https://www.businesswire.com/news/home/20220606005250/en/
Investor Relations Contact Joe Burke, 480-643-7431
Joseph.Burke@avnet.com
Media Relations Contact Jeanne Forbis, 480-643-7499
Jeanne.Forbis@avnet.com
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