Avnet, Inc. (NYSE:AVT) Q4 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 04:30 pm ET


Avnet, Inc. (NYSE:AVT) Q4 2020 Earnings Conference Call - Final Transcript


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Welcome to the Avnet Fourth Quarter Fiscal Year 2020 Earnings Conference Call.

I would now like to turn the floor over to your host, Joe Burke, Vice President, Treasurer and Investor Relations for Avnet. Thank you. You may begin.

Joe Burke

Thank you, operator. Earlier this afternoon, Avnet released financial results for the fourth fiscal quarter of 2020. The release is available on the Investor Relations section of the company's website. A copy of the slide presentation that will accompany today's remarks can be found via the link in the earnings release, as well as on the IR section of Avnet's website.

Lastly, some of the information contained in the news release and on this conference call contain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. In particular, the scope and duration of the COVID-19 outbreak and its impact on global economic systems and our operations, employees, customers and supply chain. Such forward-looking statements are not the guarantee of performance, and the company's actual results could differ materially from those contained in such statements.

Several factors that could cause or contribute to such differences are described in detail in Avnet's most recent Form 10-Q and 10-K and subsequent filings with the SEC. These forward-looking statements speak only as of the date of this presentation, and the company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this presentation.

Today's call will be led by Phil Gallagher, Avnet's Interim CEO; and Tom Liguori, Avnet's CFO.

With that, I'm pleased to turn the call over to Phil Gallagher. Phil?

Phil Gallagher

Thank you, Joe, and thanks to everyone, for joining us for our fourth quarter and fiscal year 2020 earnings call. Before we begin discussing earnings, we want to start by thanking Bill Amelio for the many contributions he made while serving as Avnet's CEO for the past four years. We are grateful for Bill's hard work during his time at Avnet, and we wish him the best in his future endeavors.

Next, we want to thank our 15,000 employees for their continued dedication and support during the pandemic, as well as during this leadership transition. I know I'm not alone when I say that I believe Avnet has a solid foundation from which to grow, with valuable assets and some of the most talented people in our industry.

Finally, I want to say that I've been at Avnet long enough to know what we do well and what we need to do better. One of my immediate priorities as interim CEO would be delay the groundwork to truly reinvigorate our business. It's a new fiscal year and a new chapter for Avnet, and you will see we have a renewed focus. We will build on our 100-year history in distribution, while continuing to accelerate the profitable growth of Farnell, IoT and our ecosystem. We will show our suppliers and customers that our commitment to them has never been stronger. We