PHOENIX--(BUSINESS WIRE)--Avnet, Inc. (NYSE:AVT) today announced that its Board of Directors has approved a 7 percent increase in the quarterly cash dividend to $0.16 per share. The dividend will be paid on September 19, 2014, to shareholders of record as of the close of business on September 8, 2014.
“Avnet’s return to growth and margin expansion in fiscal 2014 strengthened our financial position and we closed out the year with over $900 million of cash on our balance sheet,” said Rick Hamada, Chief Executive Officer. “This dividend increase is a reinforcement of our commitment to incorporate a consistent element of returning capital to shareholders as a key priority within our overall capital allocation plans.”
Taken together, Avnet’s dividend and disciplined share repurchase program have returned approximately $617 million to shareholders over the past three years.
Avnet, Inc. (NYSE:AVT), a Fortune 500 company, is one of the largest distributors of electronic components, computer products and embedded technology serving customers globally. Avnet accelerates its partners’ success by connecting the world’s leading technology suppliers with a broad base of customers by providing cost-effective, value-added services and solutions. For the fiscal year ended June 28, 2014, Avnet generated sales of $27.5 billion. For more information, visit www.avnet.com. (AVT_IR)