PHOENIX - Media OutReach - 26 April 2019 - Avnet, Inc.(Nasdaq: AVT) today announced results for the third fiscal quarterended March 30, 2019.

Third Quarter Key Financial Highlights

• Delivered sales of $4.70 billion, in line with guidance

o   In constant currency, sales rose 1.2% compared to the year agoperiod

• GAAP diluted EPS from continuing operations totaled $0.87

o   Adjusted diluted EPS was $1.09, up 4.8% sequentially and 6.9% froma year ago

• GAAP operating income margin of 3.3%, was up 136 basis pointssequentially

o   Adjusted operating income margin was 3.8%, up from 3.6% a year ago

• Cash flow from operations totaled $269 million
• Premier Farnell (Farnell) adjusted operating margin rose to 12.4%from 10.8% in the prior year
• IoT pipeline now exceeds $600 million, and has expanded to newmarkets including industrial equipment and manufacturing
• Returned $139 million to shareholders with $117 million of sharerepurchases and dividends totaling $22 million

CEO Commentary

"I am pleased with the strong execution we demonstrated thisquarter," said Avnet CEO Bill Amelio. "We saw continued strength in ourAmericas and EMEA regions and solid performance in the higher margininterconnect and passives segment. Overall, we improved operating income andearnings per share and expanded our operating margins compared to a year ago.These results demonstrate the progress of our transformation and the value ourunique ecosystem is delivering to our customers. With continued increases inour solutions pipeline and strong execution momentum, we are well positioned toachieve our long-term growth targets and deliver sustained shareholderreturns."

CFO Commentary

"We executed well this quarter reducing costs, expanding operatingmargin and growing EPS, all while facing macro-economic headwinds in Asia aswell as the Brexit uncertainties which impacted Farnell growth," stated TomLiguori, Avnet Chief Financial Officer. "Farnell still delivered a strongimprovement in operating margin, which rose to 12.4% from 10.8% a year ago,supporting the transformational potential of this business longer term. Wegenerated significant operating cash flow this quarter and returned $139million to shareholders through stock buybacks and dividend."

Additional Third Quarter Fiscal 2019 Highlights and KeyDevelopments

• Aligned with BitPay, the largest globalblockchain payment provider, to accept cryptocurrency for products and servicesfurther breaking down the barriers facing customers who are striving to bring theirideas to market.
• Announced Avnet Direct Connect, a newservice that delivers powerful financial efficiencies where Avnet handles allthe hardware integration, configuration, QA testing and system deliveryallowing customers to focus on their software-based innovation.
• Teamed up with Octonion and Orange tolaunch a customized, modular 'plug and play' Avnet SmartEdge Agile IoT deviceusing Octonion's Brainium meta-sensing (AI) software designed for the LTE-Mnetwork.
• Released a new development board basedupon Xilinx technology, which offers engineers and makers a price-competitivedevelopment platform for rapidly prototyping breakthrough ideas in AI, IoT androbotics for smart home, automotive and industrial control applications.
• Completed the sale of real estate inEurope, which generated $41 million of cash flow and a gain on sale of $15million.

Awards and NotableRecognition Received During the Quarter

• Named among the "World's Most Admired Companies" for 2019, markingthe 14^th time that the company has been recognized by FORTUNE for itsstrongly positive reputation
• Named one of the World's Most Ethical Companies in 2019 by theEthisphere^® Institute, a global leader in defining and advancing thestandards of ethical business practices
• Won Preferred Partner Award from Kitron (EBV Elektronik, whichoperates in Europe, Israel and South Africa)
• Awarded Global Supplier of the Year and Supplier of the Year inEMEA (Avnet Silica) by ON Semiconductor
• Garnered the UK and Ireland Distributor of the Year award (AvnetSilica) from STMicroelectronics
• Won the 2018 TDK Senten Manten award (Farnell Europe); whichtranslates as "Perfect Result"
• Received 2018 Business Award (Avnet Taiwan) from Askey ComputerCorporation
• Won Fulfillment Excellence 2018 Supplier Award (Avnet China) fromABB

For the fullpress release, please visit: https://news.avnet.com/press-release/avnet/avnet-reports-third-quarter-fiscal-2019-financial-results

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About Avnet

Avnetis a global technology solutions provider with an extensive ecosystemdelivering design, product, marketing and supply chain expertise for customersat every stage of the product lifecycle. We transform ideas into intelligentsolutions, reducing the time, cost and complexities of bringing products tomarket. For nearly a century, Avnet has helped its customers and suppliersaround the world realize the transformative possibilities of technology. Learnmore about Avnet at www.avnet.com.