Avnet Inc Q1 adjusted earnings Miss Estimates

(RTTNews) - Avnet Inc (AVT) reported earnings for first quarter that dropped from the same period last year.

The company's earnings totaled $41.75 million, or $0.40 per share. This compares with $83.53 million, or $0.72 per share, in last year's first quarter.

Excluding items, Avnet Inc reported adjusted earnings of $62.34 million or $0.60 per share for the period.

Analysts had expected the company to earn $0.65 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 9.0% to $4.63 billion from $5.09 billion last year.

Avnet Inc earnings at a glance:

-Earnings (Q1): $62.34 Mln. vs. $119.68 Mln. last year. -EPS (Q1): $0.60 vs. $1.03 last year. -Analysts Estimate: $0.65 -Revenue (Q1): $4.63 Bln vs. $5.09 Bln last year.

-Guidance: Full year EPS guidance: $0.35 – $0.45 Full year revenue guidance: $4.2B – $4.6B