PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Thursday reported fiscal fourth-quarter net income of $82.7 million.
The Phoenix-based company said it had profit of 91 cents per share. Earnings, adjusted for restructuring costs and non-recurring costs, were $1.22 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.
The distributor of electronic components posted revenue of $5.56 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $5.36 billion.
For the year, the company reported profit of $498.7 million, or $5.43 per share. Revenue was reported as $23.76 billion.
For the current quarter ending in September, Avnet expects its per-share earnings to range from 80 cents to 90 cents.
The company said it expects revenue in the range of $5.25 billion to $5.55 billion for the fiscal first quarter.
Avnet shares have decreased nearly 1% since the beginning of the year. The stock has risen 9% 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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