Outlook for Fourth Quarter of Fiscal 2017 Ending on July 1, 2017
- Sales are expected to be in the range of $4.35 billion to $4.65 billion
- Adjusted diluted earnings per share from continuing operations is expected to be in the range of $0.72 to $0.82 per share
- The guidance assumes 127 million average diluted shares outstanding and an adjusted tax rate of 22% to 26%
Preliminary Outlook for Fiscal 2018 Ending on June 30, 2018
- Sales are expected to be in the range of $17.3 billion to $17.7 billion
- Adjusted diluted earnings per share from continuing operations is expected to be in the range of $3.00 to $3.50 per share
- The guidance assumes 126 million average diluted shares outstanding and an adjusted tax rate of 22% to 26%
The above guidance excludes any additional acquisitions, the amortization of intangibles, Evolve accelerated depreciation, any potential restructuring, integration, and other expenses and certain income tax adjustments. In addition, the above guidance assumes that the average U.S. Dollar to Euro currency exchange rate for the fourth quarter of fiscal 2017 is $1.08 to €1.00. This compares with an average exchange rate of $1.13 to the Euro in the fourth quarter of fiscal 2016.
Refer to Exhibit 99.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 27, 2017, for a reconciliation of non-GAAP guidance.
Discontinued Operations
In February 2017, Avnet completed the sale of its Technology Solutions business to Tech Data Corporation. As a result, the TS business is considered a discontinued operation.
