Avnet Inc Announces 6% Advance In Q1 Earnings

(RTTNews) - Avnet Inc (AVT) reported a profit for its first quarter that advanced from last year.

The company said its bottom line came in at $152.9 million, or $1.12 per share. This was up from $144.2 million, or $1.02 per share, in last year's first quarter.

Analysts had expected the company to earn $1.03 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter rose 1.9% to $6.97 billion. This was up from $6.84 billion last year.

Avnet Inc earnings at a glance:

-Earnings (Q1): $152.9 Mln. vs. $144.2 Mln. last year. -Earnings Growth (Y-o-Y): 6.0% -EPS (Q1): $1.12 vs. $1.02 last year. -EPS Growth (Y-o-Y): 9.8% -Analysts Estimate: $1.03 -Revenue (Q1): $6.97 Bln vs. $6.84 Bln last year. -Revenue Change (Y-o-Y): 1.9%

-Guidance: Next quarter EPS guidance: $1.20 - $1.30 Next quarter revenue guidance: $6.90 - $7.50 Bln