Avnet Inc (NASDAQ:AVT) stock rose 8.25% (As on August 17, 11:42:52 AM UTC-4, Source: Google Finance) after the company reported better-than-expected results for the fourth quarter of fiscal 2023 and provided impressive guidance for the current quarter. The Electronic Components segment’s revenues were up 3% year over year to $6.11 billion on stellar growth across the Americas and EMEA regions. The estimate for the Electronic Components segment’s revenues was pegged at $5.79 billion. The Farnell segment’s revenues increased 0.7% to $445.4 million. The estimate for the Farnell segment’s revenues was pegged at $432.7 million. Revenues from America increased 7.1% year over year, while the EMEA registered sales growth of 18.7%. However, sales from the Asia region plunged 11.9% year over year. Avnet reported a gross profit of $818 million, up from the year-ago quarter’s gross profit of $779.6 million. The gross margin improved 30 basis points (bps) year over year to 12.5%. The adjusted operating income came in at $312.6 million, rising 8.7% year over year. The adjusted operating margin came in at 4.8%, up 26 bps. Year-over-year adjusted operating income grew three times greater than sales. As of Jul 1, 2023, AVT had cash and cash equivalents of $288.2 million compared with the $185.9 million reported at the end of the previous quarter.

AVT in the fourth quarter of FY 23 has reported the adjusted earnings per share of $2.06, beating the analysts’ estimates for the adjusted earnings per share of $1.63, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 2.9 percent to $6.4 billion in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $6.24 billion.

Additionally, the long-term debt was $2.99 billion as of Jul 1, down from the $3.03 billion reported in the prior quarter. Avnet generated operating cash flow of $234.5 million in the fourth quarter while using cash worth $713.7 million for operational activities during the full-fiscal 2023. The company repurchased shares worth $221.7 million and returned $106.3 million to shareholders through dividend payouts in fiscal 2023.

Avnet estimates first-quarter fiscal 2024 revenues in the range of $6.15-$6.45 billion (midpoint $6.30 billion). Non-GAAP earnings for the current quarter are anticipated in the range of $1.45-$1.55 per share (midpoint $1.50). The Zacks Consensus Estimate for first-quarter revenues and adjusted earnings is pegged at $5.90 billion and $1.34 per share, respectively.