Avnet, Inc. (NASDAQ:AVT) Q3 2024 Results Conference Call May 1, 2024 12:00 PM ET
Company Participants
Joe Burke - VP, Treasury & IR
Phil Gallagher - CEO
Ken Jacobson - CFO
Conference Call Participants
Matt Sheerin - Stifel
Joe Quatrochi - Wells Fargo
William Stein - Truist Securities
Ruplu Bhattacharya - Bank of America
Operator
Welcome to the Avnet Third Quarter Fiscal Year 2024 Earnings 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, operator. I'd like to welcome everyone to the Avnet Third Quarter Fiscal Year 2024 Earnings Conference Call. This morning, Avnet released financial results for the third quarter fiscal year 2024 and the release is available on the Investor Relations section of Avnet's website, along with a slide presentation which you may access at your convenience.
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. Please note, unless otherwise stated, all results provided will be non-GAAP measures. The full non-GAAP to GAAP reconciliation can be found in the press release issued today as well as in the appendix slides of today's presentation and posted on the Investor Relations website. 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 us on our third quarter fiscal year 2024 earnings conference call. I am pleased to share that we delivered another quarter of financial results in line with our guidance. In the quarter, we achieved sales of $5.7 billion and adjusted operating margin of 3.6%, highlighted by a 4.1% operating margin in our Electronic Components business. And we generated nearly $500 million of cash flow from operations. This demonstrates that we can maintain reasonable profit margins even during the challenging cycles we face.