PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Wednesday reported fiscal first-quarter earnings of $51.7 million.
The Phoenix-based company said it had net income of 61 cents per share. Earnings, adjusted for pretax expenses and restructuring costs, came to 84 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
The distributor of electronic components posted revenue of $5.9 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $5.7 billion.
For the current quarter ending in December, Avnet expects its per-share earnings to range from 90 cents to $1.
Avnet shares have dropped slightly more than 3% since the beginning of the year. The stock has fallen 7% 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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