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Avnet Inc AVT
Q3 2013 Earnings Call Transcript

Transcript Call Date 04/25/2013

Operator: Please stand by. Our presentation will now begin. I'd like to turn the floor over to Vince Keenan, Avnet's Vice President of Investor Relations.

Vincent Keenan - VP, IR: Good afternoon, and welcome to Avnet's Third Quarter Fiscal Year 2013 Business and Financial Update. If you are listening by telephone today and have not accessed the slides that accompany this presentation, please go to our website and click on the icon announcing today's event.

As we provide the highlights for our third quarter fiscal year 2013, please note that in the accompanying presentation and slides, we have excluded restructuring, integration and other items, as well as the gain on bargain purchase associated with an acquisition and certain income tax adjustments for all periods presented. When discussing pro forma sales or organic growth, prior periods have been adjusted to include acquisitions and the impact of divestitures.

In addition, when we refer to the impact of foreign currency, we mean the impact due to the change in foreign currency exchange rates when translating Avnet's non-U.S. dollar-based financial statements into U.S. dollars. Finally, when addressing working capital, return on working capital employed and return on working capital, the definitions are included in the non-GAAP section of our presentation.

Before we get started with the presentation from Avnet's management, I would like to review Avnet's Safe Harbor statement. This presentation contains certain forward-looking statements which are statements addressing future financial and operating results of Avnet. Listed on this slide are several factors that cause actual results to differ materially from those described in the forward-looking statements. More detailed information about these and other factors is set forth in Avnet's filings with the Securities and Exchange Commission.

In just a few moments, Rick Hamada, Avnet's CEO will provide Avnet's third quarter fiscal year 2013 highlights. Following Rick, our new Chief Financial Officer, Kevin Moriarty, will review some additional financial highlights, our return on capital performance, and provide fourth quarter fiscal 2013 guidance. At the conclusion of Kevin's remarks, a Q&A will follow.

Also, here today to take any questions you may have related to Avnet's business operations is Ray Sadowski, Avnet's Chief Administrative Officer; Phil Gallagher, President of Technology Solutions; and Harley Feldberg, President of Electronics Marketing.

With that, let me introduce Mr. Rick Hamada to discuss Avnet's third quarter fiscal 2013 business highlights.

Rick Hamada - CEO: Thank you, Vince and hello, everyone. Thank you all for taking the time to be with us today and for your interest in Avnet. As our team continues to navigate through an uneven economic recovery, we are pleased that our overall third quarter top and bottom line results came in consistent with our expectations. The economic recovery that has driven sequential growth rates closer to normal seasonal patterns at the global level continues to vary by region and operating group without as of yet clearly discernible multi-quarter trends.

Read our Earnings Call Transcript disclaimer.
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