PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Wednesday reported fiscal third-quarter net income of $88.8 million.
The Phoenix-based company said it had profit of 97 cents per share. Earnings, adjusted for one-time gains and costs, were $1.10 per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.11 per share.
The distributor of electronic components posted revenue of $5.65 billion in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $5.7 billion.
For the current quarter ending in June, Avnet expects its per-share earnings to range from 90 cents to $1.
The company said it expects revenue in the range of $5.2 billion to $5.5 billion for the fiscal fourth quarter.
Avnet shares have fallen 3% since the beginning of the year. The stock has climbed 19% in the last 12 months.
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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
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