Avnet Profits Outpace Wall Street Street Expectations

PHOENIX, AZ — Avnet Inc. reported fiscal first-quarter net income of $58.3 million on Thursday, surpassing Wall Street's expectations for the company.

The Phoenix-based company said it had profit of 47 cents per share. Earnings, adjusted for one-time gains and costs, were 76 cents per share.

The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.

The distributor of electronic components posted revenue of $4.66 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $4.33 billion.

For the current quarter ending in January, Avnet expects its per-share earnings to range from 67 cents to 77 cents.

The company said it expects revenue in the range of $4.25 billion to $4.55 billion for the fiscal second quarter.
Avnet expects full-year earnings in the range of $3.10 to $3.60 per share, with revenue ranging from $18.1 billion to $18.5 billion.

Avnet shares have decreased 16 percent since the beginning of the year. The stock has decreased 5.5 percent in the last 12 months.

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