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Avnet reports record 2011 revenue

Company adds $7bn to revenue through mergers, acquisitions and growth

Avnet has reported record revenues for fiscal year 2011.
Avnet has reported record revenues for fiscal year 2011.

Avnet Technology Solutions has added over $7 billion in revenue during the 2011 fiscal year due to mergers, acquisitions and organic growth. Revenue has reached $26.5bn and operating income has grown 1.4 times faster than revenue to over $1bn for the first time.

Due to improved cash generation, Avnet's management and the Board of Directors have authorised a $500 million share repurchase programme.

Avnet's revenue reached a record of $6.91bn for its fourth quarter fiscal year 2011, and adjusted diluted earnings per share of $1.22 was a record for the fifth consecutive quarter.

Avnet reported revenue of $2.95bn grew 41.2% year over year, and pro forma revenue grew 15.8% year over year.

Avnet experienced stronger growth in Asia and the Americas, but found continuing sluggish growth in EMEA.

Regional revenue for Avnet Technology Solutions' fourth quarter fiscal year 2011 from the EMEA region was $876.8m, up 64% year over year (or 46.1% excluding the impact of foreign currency exchange rates) on a reported basis.

The Americas reported $1.61bn in revenue, up 25.3% year over year on a reported basis, while Asia showed $460.6m, up 72.3% year over year on a reported basis.

Avnet's industry-standard servers, storage and software business all grew over 60% year over year due to investments made in acquisitions and its solutions sales model.

Avnet TS also saw double-digit, year over year growth in networking and services.