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 electromechanical business growth targeting annual revenues of $5.5 billion with an annual CAGR of 8% to 10%. - Avnet is also announcing the 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.
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.
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 the 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.
