PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Wednesday reported fiscal second-quarter earnings of $87.3 million.
The Phoenix-based company said it had profit of 99 cents per share. Earnings, adjusted for one-time gains and costs, came to 87 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.
The distributor of electronic components posted revenue of $5.66 billion in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $5.55 billion.
For the current quarter ending in March, Avnet expects its per-share earnings to range from 65 cents to 75 cents.
The company said it expects revenue in the range of $5.05 billion to $5.35 billion for the fiscal third quarter.
Avnet shares have increased slightly since the beginning of the year. The stock has risen 10% in the last 12 months.
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