PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Wednesday reported fiscal fourth-quarter profit of $6.1 million.
The Phoenix-based company said it had net income of 7 cents per share. Earnings, adjusted for one-time gains and costs, came to 81 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The distributor of electronic components posted revenue of $5.62 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $5.36 billion.
For the year, the company reported profit of $240.2 million, or $2.75 per share. Revenue was reported as $22.2 billion.
For the current quarter ending in September, Avnet expects its per-share earnings to range from 75 cents to 85 cents.
The company said it expects revenue in the range of $5.55 billion to $5.85 billion for the fiscal first quarter.
Avnet shares have decreased roughly 1% since the beginning of the year. The stock has risen 4% 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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