PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Wednesday reported fiscal third-quarter earnings of $94.3 million.
The Phoenix-based company said it had net income of $1.14 per share. Earnings, adjusted for pretax expenses and restructuring costs, came to $1.48 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.33 per share.
The distributor of electronic components posted revenue of $7.12 billion in the period.
For the current quarter ending in June, Avnet expects its per-share earnings to range from $1.70 to $1.80.
The company said it expects revenue in the range of $7.3 billion to $7.6 billion for the fiscal fourth quarter.
Avnet shares have risen 63% since the beginning of the year. The stock has climbed 51% in the last 12 months.
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