$AVT (Avnet, Inc.)

$AVT {{ '2016-08-10T11:37:18+0000' | timeago}} • Announcement

$AVT expects 1Q17 sales to be in the range of $5.8-6.4Bil. Electronics Marketing sales are expected to be in the range of $3.9-4.2Bil, while Technology Solutions sales are expected to be in the range of $1.9-2.2Bil. Adjusted diluted EPS is expected to be in the range of $0.84-0.94 per share in 1Q17.

$TECD {{ '2017-06-01T10:48:47+0000' | timeago}} • Announcement

$TECD reported a decline in 1Q18 earnings due to higher interest expenses. Net income fell to $30.65MM or $0.82 per share from $33.37MM or $0.94 per share last year. Net sales grew to $7.66Bil from $5.96Bil, on sales attributed to Technology Solutions business acquired from $AVT. Non-GAAP EPS increased to $1.87 from $1.05.

$AVT {{ '2017-02-28T16:07:01+0000' | timeago}} • Announcement

$AVT BoD has approved a 5.9% increase in the quarterly cash dividend to $0.18 per share. The dividend will be paid on March 28, 2017, to shareholders of record as on March 14, 2017. $AVT's BoD also approved an expansion of its share repurchase authorization by $500MM. $AVT now has a total of $675MM available for share repurchases.

$TECD {{ '2017-02-27T16:09:27+0000' | timeago}} • Announcement

$TECD completed its acquisition of the Technology Solutions business from $AVT. The total purchase price at close was about $2.6Bil. The transaction is expected to be significantly accretive to $TECD's non-GAAP EPS in the first full year. $TECD expects to achieve annual cost savings of about $100MM within 24 months.

$TECD {{ '2017-02-17T18:26:37+0000' | timeago}} • Announcement

$TECD announced its current expectations concerning the closing of its acquisition of $AVT's Technology Solutions business. Subject to receipt of final regulatory approvals, particularly the European Commission, the acquisition could close by the end of February 2017.

$AVT {{ '2016-12-01T12:12:14+0000' | timeago}} • Announcement

$AVT priced offering of $300MM of 3.75% notes due 2021 in a registered offering. The offering is expected to close on Dec. 2, 2016. $AVT plans to use net proceeds for repayment of redemption of existing debt. Merrill Lynch, Pierce, Fenner & Smith, J.P. Morgan Securities and MUFG Securities Americas are joint book-running managers.

$AVT {{ '2016-11-14T13:29:32+0000' | timeago}} • Announcement

$AVT acquired a majority interest in Hackster, Inc. as the first step of a two-part transaction in which $AVT will acquire the remainder of the company in January 2017. Headquartered in San Francisco, California, Hackster.io is an online community that helps users globally learn how to design, create and program Internet-connected hardware.

$AVT {{ '2016-11-11T12:32:15+0000' | timeago}} • Announcement

$AVT said its BoD declared a regular quarterly cash dividend of $0.17 per share, payable on December 19, 2016, to shareholders of record as of December 6, 2016.

$AVT {{ '2016-10-17T13:05:26+0000' | timeago}} • Announcement

$AVT completed its acquisition of UK's Premier Farnell plc. The transaction is expected to be immediately add to earnings. Post integration, $AVT expects the deal to generate annual synergies of approx. $70-$80MM.

$AVT {{ '2016-09-19T11:56:34+0000' | timeago}} • Announcement

B2B technology distributor $AVT said that it has agreed to sell its Technology Solutions operating group to $TECD in a stock and cash transaction valued at approx. $2.6Bil. Upon completion of the transaction, the company expects to realize a gain of $3.75-4.75 per share. $AVT expects to close the deal in calendar 1Q17 or 2Q17.

$TECD {{ '2016-09-19T11:37:48+0000' | timeago}} • Announcement

$TECD agreed to buy Technology Solutions business from $AVT. $TECD plans to finance $2.4Bil cash portion of consideration through combination of cash on hand, drawings under its existing revolver, and proceeds from a new term loan facility and senior notes. This is backstopped by fully-committed debt financing from BofA Merrill Lynch.

$TECD {{ '2016-09-19T11:36:04+0000' | timeago}} • Announcement

$TECD agreed to buy Technology Solutions business from $AVT. The deal will significantly add to $TECD's non-GAAP EPS in first year after closing. $TECD will achieve annual cost savings of about $100MM within 2 years after closing, primarily from efficiencies related to technology platforms, as well as duplicative functions and corporate expenses.

$TECD {{ '2016-09-19T11:33:58+0000' | timeago}} • Announcement

$TECD agreed to buy Technology Solutions business from $AVT for $2.4Bil in cash and 2.785MM common shares of $TECD, in a transaction valued at about $2.6Bil. $TECD also expects to realize about $200MM in present value of tax benefits. The transaction is expected to close in calendar 1H17.

$AVT {{ '2016-09-07T08:01:36+0000' | timeago}} • Announcement

Electronic components and IT solutions distributor $AVT said William Amelio has been named CEO of the company by the BoD, effective immediately. Amelio has been the interim CEO of the company since July 11, 2016.

$AVT {{ '2016-08-12T11:21:39+0000' | timeago}} • Announcement

$AVT said that its BoD declared a regular quarterly cash dividend of $0.17 per share. The dividend will be paid on Sept. 16, 2016, to shareholders of record as of the close of business on Sept. 7, 2016.

$AVT {{ '2016-08-10T16:19:48+0000' | timeago}} • Webcast

Sherri Scribner of Deutsche Bank asks if one should assume that margins for EM are below 4% in 1Q17. CFO Kevin Moriarty said $AVT expects the EM margins to improve sequentially in the neighborhood of 30-40 BP, which is due to the sequential improvement in the Americas, coming off the weaker April and the ERP running more smoothly.

$AVT {{ '2016-08-10T16:10:29+0000' | timeago}} • Webcast

Steven Fox of Cross Research asks about the expectations for $AVT's embedded business going forward. EM President Gerry Fay said the company is projecting this year that the growth is going to be somewhere in the mid to high single-digit growth in its embedded business, which is one of its highest growth opportunities.

$AVT {{ '2016-08-10T15:56:20+0000' | timeago}} • Webcast

Shawn Harrison of Longbow asks how much cash $AVT would like to use to finance the Premier Farnell transaction. CFO Kevin Moriarty said the company will use offshore cash to fund the transaction, which is an efficient cash use for it. He declined to comment specifically in terms of how much offshore cash will be used to finance the deal.

$AVT {{ '2016-08-10T15:38:03+0000' | timeago}} • Webcast

$AVT said it transferred a portion of its embedded computing solutions business to EM Americas from TS Americas at the start of FY17. Due to this, about $450MM of annual revenue that had previously been reported in TS will be included within EM starting in FY17. 1Q17 guidance takes into account the transfer from TS to EM of about $100M of revenue.

$AVT {{ '2016-08-10T15:29:50+0000' | timeago}} • Webcast

$AVT said Technology Solutions revenue in 4Q16 came in at the higher end of its expectations, led by the Americas region, which grew 11.4% from 3Q16. Revenue increased 7.2% sequentially as compared with a typical seasonal range of up 4-7%. Revenue of $2.3Bil declined 7.6% YoverY organically in constant currency.

$AVT {{ '2016-08-10T15:21:49+0000' | timeago}} • Webcast

$AVT said its EMEA region delivered its 13th consecutive quarter of YoverY growth in 4Q16, as revenue grew 3.9% in reported dollars and 2.2% in constant currency. Gross margin was flat with 4Q15 and declined sequentially, driven by a decrease in the Americas region due to inefficiencies in $AVT's integration center during the ERP implementation.

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