In December, the termination of the Company’s electronic components distribution agreement with Texas Instruments (“TI”) was completed. Sales of TI products by quarter are outlined in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|||||
|
|
April 3, |
|
January 2, |
|
October 3, |
|
June 27, |
|
March 28, |
|||||
|
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|||||
|
|
(in millions) |
|||||||||||||
Sales of TI Products |
|
$ |
1.7 |
|
$ |
49.6 |
|
$ |
241.0 |
|
$ |
322.5 |
|
$ |
400.6 |
Organic Sales
Organic sales is defined as sales adjusted for the impact of significant acquisitions, divestitures and other items by adjusting Avnet’s prior and current periods (if necessary) to include the sales of acquired businesses and exclude the sales of divested businesses as if the acquisitions and divestitures had occurred at the beginning of the earliest period presented. Additionally, fiscal 2021 sales are adjusted for the estimated impact of the extra week of sales in the first quarter of fiscal 2021 due to the 14-week fiscal first quarter and the 53-week fiscal year. Organic sales in constant currency is defined as organic sales (as defined above) excluding the impact of changes in foreign currency exchange rates.
As a result of declining sales due to the termination of the TI distribution agreement discussed further above, organic sales growth rates have also been adjusted to exclude sales of TI products.
The following table presents the reconciliation of reported sales to organic sales for the third quarter and first nine months of fiscal 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
||||||||||||||||||||
|
|
|
Sales |
|
|
|
|
Organic |
|
|
|
|
|
|
|
|
|
|
|
|
Organic |
||||
|
|
|
As Reported |
|
|
|
Sales |
|
Sales |
|
|
|
Organic |
|
|
|
Sales |
||||||||
|
|
|
and Organic |
|
TI Sales |
|
Adj for TI |
|
As Reported |
|
Estimated |
|
Sales |
|
TI Sales |
|
Adj for TI |
||||||||
|
|
|
Q3-Fiscal |
|
Q3-Fiscal |
|
Q3-Fiscal |
|
Q3-Fiscal |
|
Extra |
|
Q3-Fiscal |
|
Q3-Fiscal |
|
Q3-Fiscal |
||||||||
|
|
|
2021 |
|
2021 (1) |
|
2021 (1) |
|
2021 |
|
Week (2) |
|
2021 |
|
2021 (1) |
|
2021 (1) |
||||||||
|
|
|
(in millions) |
||||||||||||||||||||||
| Avnet |
|
$ |
4,916.7 |
|
$ |
1.7 |
|
$ |
4,915.0 |
|
$ |
14,307.9 |
|
$ |
306.0 |
|
$ |
14,001.9 |
|
$ |
292.2 |
|
$ |
13,709.7 |
| Avnet by region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Americas |
|
$ |
1,161.0 |
|
$ |
0.4 |
|
$ |
1,160.6 |
|
$ |
3,468.1 |
|
$ |
77.0 |
|
$ |
3,391.1 |
|
$ |
82.9 |
|
$ |
3,308.2 |
| EMEA |
|
|
1,585.6 |
|
|
0.5 |
|
|
1,585.1 |
|
|
4,412.6 |
|
|
97.0 |
|
|
4,315.6 |
|
|
124.2 |
|
|
4,191.4 |
| Asia |
|
|
2,170.1 |
|
|
0.8 |
|
|
2,169.3 |
|
|
6,427.2 |
|
|
132.0 |
|
|
6,295.2 |
|
|
85.1 |
|
|
6,210.1 |
| Avnet by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
| EC |
|
$ |
4,520.6 |
|
$ |
1.7 |
|
$ |
4,518.9 |
|
$ |
13,245.1 |
|
$ |
284.0 |
|
$ |
12,961.1 |
|
$ |
292.2 |
|
$ |
12,668.9 |
| Farnell |
|
|
396.1 |
|
|
— |
|
|
396.1 |
|
|
1,062.8 |
|
|
22.0 |
|
|
1,040.8 |
|
|
— |
|
|
1,040.8 |
| _________________________ | ||||||||||||||||||||||||
| (1) Sales adjusted for the impact of the termination of the TI distribution contract. | ||||||||||||||||||||||||
| (2) The impact of the additional week of sales in the first quarter of fiscal 2021 is estimated. | ||||||||||||||||||||||||
