Sales

Gross Profit

GP Margin

SG&A Expenses

SG&A as % of Sales

SG&A as % of GP

GAAP Operating Income

Adjusted Operating Income ⁽¹⁾

Adjusted Operating Income Margin ⁽¹⁾

GAAP Net Income

Adjusted Net Income ⁽¹⁾

GAAP Diluted EPS

Adjusted Diluted EPS ⁽¹⁾

Return on Working Capital (ROWC) ⁽¹⁾

Return on Capital Employed (ROCE) ⁽¹⁾

Working Capital Velocity ⁽¹⁾

A reconciliation of non-GAAP financial measures is presented in the Non-GAAP Financial Information section of the press release attached as Exhibit 99.1 included in this Current Report on Form 8-K.

Sales for the third quarter of fiscal 2014, increased 6.1% year over year to $6.7 billion; organic sales (defined later in this document) increased 3.7% year over year and 3.5% excluding the translation impact of changes in foreign currency exchange rates (also referred to as “constant dollars” or “constant currency” and referenced to as “CC” in the graphs that follow), marking the fourth consecutive quarter of positive year-over-year organic growth.

Sequentially, reported sales decreased 10.0% (9.9% in CC) and were below normal seasonality due to an expected decline in high volume supply chain engagements in the Electronics Marketing (EM) Asia region and lower than expected sales at Technology Solutions (TS) Americas.

Gross profit margin was essentially flat year over year and improved 61 basis points sequentially to 12.0% primarily due to the seasonal business mix shift as EM grew to represent 62% of sales as compared to 56% in the December quarter.

Adjusted operating income increased 9.9% to $223.8 million and adjusted operating income margin increased 12 basis points year over year as an improvement at EM was partially offset by a decline at TS.

Sequentially, adjusted operating income declined 15.0% and adjusted operating margin decreased 20 basis points primarily due to the seasonal decline at TS.

Adjusted diluted earnings per share of $1.03 increased 8.4% year over year, primarily due to the improvement in profitability at EM.

Cash generated from operations was $358.1 million in the quarter as working capital decreased 5.8% sequentially primarily due to a decrease in accounts receivables and inventory. Cash flow from operations for the trailing twelve months was $470.7 million.

Avnet ROWC declined 102 basis points year over year primarily due to a decline at TS, which was partially offset by the strength at EM.

$ in millions - except per share data

April 24, 2014

During the quarter, the Company paid a quarterly cash dividend of $0.15 per share, or $20.7 million in total, and has paid $62.0 million in dividends for the fiscal year to date.

Avnet, Inc.

Excluding FX ⁽¹⁾

Electronics Marketing (EM) Total

Excluding FX ⁽¹⁾

Americas

EMEA

Excluding FX ⁽¹⁾

Asia

Technology Solutions (TS) Total

Excluding FX ⁽¹⁾

Americas

EMEA

Excluding FX ⁽¹⁾

Asia

Year-over-year sales growth rate excluding the impact of changes in foreign currency exchange rates.

Organic sales as defined in this document.

Avnet, Inc. quarterly reported sales of $6.7 billion increased 6.1% year over year (5.9% in constant dollars) with both operating groups contributing towards this growth.

Year-over-year organic sales increased 3.7% (3.5% in constant dollars), primarily due to an increase at EM partially offset by weakness at TS across all regions.

On a sequential basis, organic sales decreased 9.9% in constant dollars, which was below normal seasonal range of -7% to -4%, due to an expected decline in high volume supply chain engagements in EM Asia and lower than expected sales at TS Americas.

$ in millions - except per share data

April 24, 2014

EM’s quarterly reported sales of $4.1 billion increased 8.8% year over year (8.1% in constant dollars) and organic sales grew 8.0% (7.2% in constant dollars) driven by the strength in the Asia and EMEA regions.

This represents the fourth consecutive quarter of year-over-year organic growth for EM.

EM’s organic sales declined 0.6% sequentially in constant dollars, which is below the normal seasonal range of +4% to +7% but in-line with expectations because of the anticipated decline in EM Asia due to the drop off in high volume fulfillment sales that drove December above normal seasonality.

Americas’ organic sales decreased 1.1% year over year and decreased 0.9% sequentially.

EMEA’s organic sales in constant dollars increased 9.4% year over year and increased 13.1% sequentially.

Asia’s organic sales increased 11.2% year over year and decreased 10.4% sequentially.

TS’ reported sales increased 2.0% year over year (2.6% in constant dollars) to $2.6 billion; organic sales decreased 2.5% (1.9% in constant dollars) with all three regions contributing to the decline.

TS’ organic sales decreased 21.7% sequentially in constant dollars, below normal seasonality and expectations (normal seasonality is -20% to -16%), primarily due to weaker than expected transaction activity towards the end of March in the Americas region and lower demand in the computing components business in EMEA.

Americas’ organic sales decreased 2.9% year over year and decreased 26.1% sequentially.

EMEA’s organic sales in constant dollars decreased 4.9% year over year and 18.2% sequentially.

Asia’s organic sales decreased 3.8% year over year and 14.7% sequentially.

At a product level, year-over-year growth in networking and security, as well as services, was partially offset by a decline in servers.

Gross Profit

Gross Profit Margin

$ in millions - except per share data

April 24, 2014

Gross profit of $804.9 million, increased 6.5% year over year and declined 5.2% sequentially.

Gross profit margin of 12.04% was essentially flat with the year ago quarter and increased 61 basis points sequentially due to the seasonal business mix shift as EM grew to represent 62% of sales as compared to 56% in the December quarter.

EM gross profit margin increased 12 basis points from the year ago quarter primarily due to the inclusion of the MSC acquisition in the EMEA region, partially offset by a decrease in the Asia region due to a higher percentage of fulfillment sales in the Asia region. Gross profit margin increased 58 basis points sequentially due to the seasonal geographic mix shift to the higher margin western regions.

TS gross profit margin decreased 24 basis points year over year primarily due to a decline in the Americas region driven by product mix and the transfer of the EM computing components business at the beginning of the fiscal year. Sequentially, gross profit margin improved 19 basis points primarily driven by the EMEA and Asia regions partially offset by a decline in the Americas region.

Selling, General and Administrative Expenses

Amortization of intangible assets and other

Adjusted SG&A Expenses

Adj. SG&A Expenses as a % of Gross Profit

$ in millions - except per share data

April 24, 2014

Adjusted selling, general and administrative expenses (“SG&A expenses”) were $581.1 million in the third quarter of fiscal 2014, an increase of $28.8 million, or 5.2%, from the third quarter of fiscal 2013. This increase consisted primarily of an increase of approximately $37.0 million related to expenses from acquired businesses, including amortization expense, and approximately $2.3 million related to the translation impact of changes in foreign currency exchange rates between the periods. These increases were partially offset by a $10.4 million reduction due to the realization of cost savings from fiscal 2013 and fiscal 2014 restructuring actions, net of increases in SG&A expenses to fund organic growth and other costs including employee merit compensation increases that took effect in January of 2014.

SG&A expenses as a percentage of gross profit decreased 86 basis points to 72.2% from the year ago quarter.

EM SG&A expenses as a percent of gross profit decreased 218 basis points from the year ago quarter reflecting improved operating leverage from recent restructuring actions and increased gross profit during the March quarter.

TS SG&A expenses as a percent of gross profit increased 298 basis points from the year ago quarter due to sales growth being lower than required to support increases in SG&A expenses to fund organic growth and other costs.

GAAP Operating Income

Adjusted Operating Income ⁽¹⁾

Adjusted Operating Income Margin ⁽¹⁾

Electronics Marketing (EM) Total

Operating Income

Operating Income Margin

Technology Solutions (TS) Total

Operating Income

Operating Income Margin

A reconciliation of non-GAAP financial measures is presented in the Non-GAAP Financial Information section of the press release attached as Exhibit 99.1 included in this Current Report on Form 8-K.

$ in millions - except per share data

April 24, 2014

Avnet adjusted operating income of $223.8 million increased 9.9% year over year primarily due to the improvements at EM partially offset by the weakness at TS; sequentially adjusted operating income decreased 15.0% as the increase at EM was offset by the typical decline at TS coming off its seasonally strong December quarter.

Adjusted operating income margin of 3.3% at the Avnet level increased 12 basis points year over year and decreased 20 basis points sequentially.

EM operating income margin increased 33 basis points from the year ago quarter to 4.7% primarily due to the increase in gross profit and impact of cost reduction actions, partially offset by increases in operating expenses related to the MSC acquisition. Operating income margin increased 55 basis points sequentially, primarily due to the improvement in the Americas and EMEA regions.

TS operating income margin decreased 35 basis points from the year ago quarter primarily due to a decline in the Americas region partially offset by improvements in the EMEA region. Operating income margin declined 129 basis points sequentially primarily due to the seasonal decline coming off the strong December quarter.

Interest Expense

Other Income (Expense)

GAAP Income Taxes

Adjusted Income Taxes ⁽¹⁾

GAAP Effective Tax Rate

Adjusted Effective Tax Rate ⁽¹⁾

A reconciliation of non-GAAP financial measures is presented in the Non-GAAP Financial Information section of the press release attached as Exhibit 99.1 included in this Current Report on Form 8-K.

Interest expense of $25.3 million declined $2.0 million from the year ago period. The decrease in interest expense was in part due to the repayment at maturity of the 5.875% Notes due March 15, 2014 and a corresponding lower average borrowing rate.

The Company recognized $2.5 million of other income compared with $4.1 million of other income in the third quarter of fiscal 2013. The decrease in other income was primarily due to a gain on the sale of marketable securities from an acquired business in the third quarter of fiscal 2013, partially offset by foreign exchange gains in the third quarter of fiscal 2014 compared to foreign exchange losses in the third quarter of fiscal 2013.

The GAAP effective tax rate was 31.0% in the third quarter of fiscal 2014 as compared with 40.3% in the third quarter of fiscal 2013. During the third quarter of fiscal 2014, the Company’s effective tax rate was favorably impacted by the mix of income in lower tax rate jurisdictions and a lower level of increases to valuation allowances and reserves.

$ in millions - except per share data

April 24, 2014

GAAP Net Income

Adjusted Net Income ⁽¹⁾

GAAP Diluted EPS

Adjusted Diluted EPS ⁽¹⁾

A reconciliation of non-GAAP financial measures is presented in the Non-GAAP Financial Information section of the press release attached as Exhibit 99.1 included in this Current Report on Form 8-K.

GAAP net income increased by $27.7 million year over year to $113.9 million or $0.81 per share on a diluted basis, primarily due to the increase in operating income discussed above and the reduction in the GAAP effective tax rate.

Adjusted net income for the third quarter of fiscal 2014 was $144.1 million, or $1.03 per share on a diluted basis.

On an adjusted basis, net income and diluted earnings per share increased from the year ago quarter by 9.6% and 8.4%, respectively, primarily due to the improvement in operating income at EM, partially offset by a decline at TS.

Adjusted diluted earnings per share of $1.03 decreased $0.14 or 12.0% sequentially due to the factors noted above.

Accounts Receivable

Inventory

Accounts Payable

Working Capital

Working Capital Velocity⁽¹⁾

A reconciliation of non-GAAP financial measures is presented in the Non-GAAP Financial Information section of the press release attached as Exhibit 99.1 included in this Current Report on Form 8-K.

$ in millions - except per share data

April 24, 2014

Working capital velocity decreased 0.85 turns sequentially, primarily due to the seasonal business mix shift as the higher working capital velocity TS business declined from 44% of enterprise revenue in the December quarter to 38% in the March quarter.

Working capital (accounts receivable plus inventory less accounts payable) increased $399.9 million, or 10.3%, year over year and 7.0% when adjusted for acquisitions and currency primarily due to the year-over-year increase in sales at both operating groups.

On a sequential basis, working capital decreased $265.9 million or 5.8% and 6.0% when adjusted for acquisitions and currency, primarily due to the seasonal decline in sales at TS, which is coming off a strong December quarter.

Inventory increased $225.6 million or 9.9% year over year and 3.8% when adjusted for acquisitions and currency to support the organic growth in sales of 7.2% in constant dollars at EM. Sequentially, inventory declined 1.8% when adjusted for acquisitions and currency.

Return on Working Capital (ROWC) ⁽¹⁾

Return on Capital Employed (ROCE) ⁽¹⁾

A reconciliation of non-GAAP financial measures is presented in the Non-GAAP Financial Information section of the press release attached as Exhibit 99.1 included in this Current Report on Form 8-K.

$ in millions - except per share data

April 24, 2014

ROWC for the third quarter of fiscal 2014 was 19.9%, a decrease of 102 basis points year over year and 418 basis points sequentially.

The year-over-year and sequential decreases were primarily due to the reduction in operating income at TS.

ROCE of 10.7% declined 34 basis points from the year ago quarter and 214 basis points sequentially.

$ in millions - except per share data

April 24, 2014

Net Income

Non-Cash Items

Working Capital and Other

Cash Flow from Operations

TTM CF from Operations

During the third quarter of fiscal 2014, cash flow generated from operations was $358.1 million and over the trailing twelve months cash flow generated from operations was $470.7 million. The strong cash flow from operations was driven by a 12.7% decrease in accounts receivable and a 1.5% reduction in inventory coming off a strong December quarter, which had driven a $28.0 million use of cash flow from operations in the prior quarter.

During the third quarter of fiscal 2014, the Company purchased 31.7 thousand shares under the $750 million share repurchase program. As of the end of the quarter, the Company had approximately $223.2 million remaining in the program.

During the quarter, the Company paid a dividend of $0.15 per share, or $20.7 million in total, and $62.0 million fiscal year to date.

Cash and cash equivalents at the end of the quarter were $960.1 million, of which $877.8 million was held outside the United States; net debt (total debt less cash and cash equivalents) was approximately $1.1 billion.

$ in millions - except per share data

April 24, 2014

ROWC is defined as annualized adjusted operating income (as defined above) divided by the sum of the monthly average balances of receivables and inventory less accounts payable.

$ in millions - except per share data

April 24, 2014

ROCE is defined as annualized, tax effected adjusted operating income (as defined above) divided by the monthly average balances of interest-bearing debt and equity (including the impact of adjustments to operating income discussed above) less cash and cash equivalents.

WC velocity is defined as annualized sales divided by the sum of the monthly average balances of receivable and inventory less accounts payable.