Avnet, Inc. (NASDAQ:AVT) Q4 2023 Earnings Call Transcript August 16, 2023 4:30 PM ET
Company Participants
Joe Burke - VP, Treasury and IR
Phil Gallagher - CEO
Ken Jacobson - CFO
Conference Call Participants
Ruplu Bhattacharya - Bank of America
Joe Quatrochi - Wells Fargo
Matt Sheerin - Stifel
Melissa Fairbanks - Raymond James
Operator
Welcome to the Avnet Fourth Quarter Fiscal Year 2023 Earnings Conference Call. I would now like to turn the floor over to Joe Burke, Vice President, Treasury and Investor Relations for Avnet.
Joe Burke
Thank you, Paul. I'd like to welcome everyone to the Avnet fourth quarter fiscal year 2023 earnings conference call. This afternoon, Avnet released financial results for the fourth quarter of fiscal year 2023 and the release is available on the Investor Relations section of Avnet'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 our website.
As a reminder, 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. 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 CEO, and Ken Jacobson, Avnet's CFO. With that, let me turn the call over to Phil Gallagher. Phil?
Phil Gallagher
Thank you, Joe, and thank you, everyone, for joining our fourth quarter and fiscal year 2023 earnings conference call. I'm pleased with the execution of our team throughout the year as we continue to drive growth while navigating through market uncertainty. We maintain our momentum from fiscal year 2022 to deliver robust financial results for fiscal 2023, including a record of over $8 of earnings per share.
Our sales were up more than 13% year-over-year in constant currency. Operating income grew two times greater than sales. And our business units achieved operating leverage as Electronic Components delivered 4.8% operating margin and Farnell delivered 9.5% operating margin for the fiscal year. As we look ahead with the breadth of our supplier line card, our diversified customer base, and the strength of the end markets they serve, we are well positioned to capitalize on the industry growth expected over the next several years.