PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Wednesday reported fiscal third-quarter net income of $187.4 million.
On a per-share basis, the Phoenix-based company said it had net income of $2.03. Earnings, adjusted for pretax gains, came to $2 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.78 per share.
The distributor of electronic components posted revenue of $6.51 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $6.27 billion.
For the current quarter ending in June, Avnet expects its per-share earnings to range from $1.60 to $1.70.
The company said it expects revenue in the range of $6.1 billion to $6.4 billion for the fiscal fourth quarter.
Avnet shares have fallen 2% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $40.74, a drop of roughly 10% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVT at https://www.zacks.com/ap/AVT
Copyright © 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.