Avnet, Inc. (NASDAQ:AVT) Q3 2023 Earnings Conference Call May 3, 2023 4:30 PM ET
Company Participants
Joseph Burke - VP, Treasury & IR
Philip Gallagher - CEO
Kenneth Jacobson - Controller, Principal Accounting Officer & CFO
Conference Call Participants
Ruplu Bhattacharya - Bank of America Merrill Lynch
Melissa Fairbanks - Raymond James & Associates
Matthew Sheerin - Stifel, Nicolaus & Company
Joseph Quatrochi - Wells Fargo Securities
Operator
Welcome to the Avnet Third Quarter Fiscal Year 2023 Earnings Conference Call. And I would now like to turn the floor over to Joe Burke, Vice President of Treasury and Investor Relations for Avnet. Thank you, sir. You may begin.
Joseph Burke
Thank you, operator. Earlier this afternoon, Avnet released financial results for the third quarter of fiscal year 2023. The release is available on the Investor Relations section of the company'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 Avnet's website.
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 a 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 undertake -- 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?
Philip Gallagher
Thank you, Joe, and thank you, everyone, for joining us on our third quarter fiscal year 2023 earnings conference call. I am pleased to share that we delivered another quarter of solid financial results, which exceeded the top end of our sales and earnings guidance. More importantly, we achieved these results despite the market uncertainty and macro headwinds affecting certain areas of our business.
In the quarter, we grew sales 3% year-over-year in constant currency, and we delivered adjusted earnings per share of $2, which is our fifth consecutive quarter of adjusted earnings per share of $2 or greater. We continue to manage our operations with a sharp focus on efficiency. That, coupled with a stronger-than-expected performance in Europe and the Americas, enabled us to achieve a 5% operating margin in our Electronic Components business and a 4.8% operating margin for Avnet overall.