Avnet Inc Q2 adjusted earnings Miss Estimates

(RTTNews) - Avnet Inc (AVT) revealed earnings for second quarter that declined from the same period last year.

The company's bottom line came in at $3.67 million, or $0.05 per share. This compares with $36.40 million, or $0.33 per share, in last year's second quarter.

Analysts had expected the company to earn $0.41 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 10.3% to $4.53 billion from $5.05 billion last year.

Avnet Inc earnings at a glance:

-EPS (Q2): $0.40 vs. $1.04 last year. -Analysts Estimate: $0.41 -Revenue (Q2): $4.53 Bln vs. $5.05 Bln last year.

-Guidance: Next quarter EPS guidance: $0.38 – $0.48 Next quarter revenue guidance: $4.1B – $4.5 Bln