Avnet Inc Q1 Income Declines 23%

(RTTNews) - Avnet Inc (AVT) announced earnings for first quarter that retreated from last year.

The company said its bottom line dropped to $118.4 million, or $0.91 per share. This was down from $152.9 million, or $1.12 per share, in last year's first quarter.

Analysts had expected the company to earn $0.90 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 13.3% to $6.04 billion. This was down from $6.97 billion last year.

Avnet Inc earnings at a glance:

-Earnings (Q1): $118.4 Mln. vs. $152.9 Mln. last year. -Earnings Decline (Y-o-Y): -22.6% -EPS (Q1): $0.91 vs. $1.12 last year. -EPS Decline (Y-o-Y): -18.8% -Analysts Estimate: $0.90 -Revenue (Q1): $6.04 Bln vs. $6.97 Bln last year. -Revenue Change (Y-o-Y): -13.3%

-Guidance: Next quarter EPS guidance: $0.69 to $0.79 Next quarter revenue guidance: $4.2 - $4.5 Bln