PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Wednesday reported fiscal fourth-quarter net income of $126.6 million.
The Phoenix-based company said it had profit of $1.49 per share. Earnings, adjusted for one-time gains and costs, came to $2.28 per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.76 per share.
The distributor of electronic components posted revenue of $8.3 billion in the period.
For the year, the company reported profit of $334.4 million, or $4.01 per share. Revenue was reported as $27.63 billion.
For the current quarter ending in September, Avnet expects its per-share earnings to range from $2.80 to $2.90.
Avnet shares have climbed 92% since the beginning of the year. The stock has increased 76% in the last 12 months.
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