Avnet – Avnet Expands Share Repurchase Authorization to $600 Million and Increases Dividend by 6%
PHOENIX–(BUSINESS WIRE)– Avnet, Inc. (Nasdaq: AVT ), a leading global technology solutions provider, today announced that on August 15, 2024, its Board of Directors approved an increase in Avnet’s share repurchase authorization, bringing the total amount available for share repurchases to $600 million.
The Board also approved a 6% increase in the regular quarterly cash dividend to $0.33 per share. The dividend will be paid on September 25, 2024, to shareholders of record as of the close of business on September 11, 2024.
“The Board’s actions underscore our commitment to providing consistent and dependable shareholder returns,” said Phil Gallagher, Avnet’s Chief Executive Officer. “Since the start of fiscal year 2019, we have returned nearly $2 billion to shareholders, including $1.4 billion in share repurchases and nearly $600 million in dividends. These actions reflect our continued confidence in Avnet’s financial position and ability to achieve our longer-term growth goals.”
The company may repurchase shares from time to time at the discretion of management in open market, privately negotiated transactions, or otherwise – subject to applicable laws, regulations and approvals, strategic considerations, market conditions and other factors. The company may terminate or limit the share repurchase program at any time without prior notice.
SourceAvnet
EMR Analysis
More information on Avnet: See the full profile on EMR Executive Services
More information on Phil Gallagher (Chief Executive Officer, Avnet): See the full profile on EMR Executive Services
More information on Ken Jacobson (Chief Financial Officer, Avnet): See the full profile on EMR Executive Services
More information on Multicomp Pro by Avnet: See the full profile on EMR Executive Services
More information on Farnell (Farnell, Newark, element14): See the full profile on EMR Executive Services
More information on Rebeca Obregon-Jimenez (President, Farnell, Avnet): See the full profile on EMR Executive Services
EMR Additional Financial Notes:
- Major financial KPI’s since 2017 are available on EMR Executive Services under “Financial Results” and comparison with peers under “Market Positioning”
- Companies’ full profile on EMR Executive Services are based on their official press releases, quarterly financial reports, annual reports and other official documents.
- All members of the Executive Committee and of the Board have their full profile on EMR Executive Services
- The Avnet Fourth Quarter 2024 Presentation can be found here: https://ir.avnet.com/static-files/46596881-303b-45aa-a1b5-cf91f182344f
- The Avnet Annual Report 2023 can be found here: https://ir.avnet.com/static-files/04387c10-3a4d-4776-a9df-fa5f16c828f9
- The Avnet Fourth Quarter and Fiscal Year 2023 Presentation can be found here: https://ir.avnet.com/static-files/b3bc3476-ac71-4d08-9cb9-a3ad491cad6f
- The Avnet Annual Report 2022 can be found here: https://ir.avnet.com/static-files/04ad22e7-96f4-4079-8351-475e9f800d56