Avnet Inc Q2 Profit Falls 7%

(RTTNews) - Avnet Inc (AVT) released earnings for second quarter that dropped from last year.

The company said its earnings totaled $164.3 million, or $1.22 per share. This was lower than $176.0 million, or $1.27 per share, in last year's second quarter.

Analysts had expected the company to earn $1.25 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 9.3% to $6.85 billion. This was down from $7.55 billion last year.

Avnet Inc earnings at a glance:

-Earnings (Q2): $164.3 Mln. vs. $176.0 Mln. last year. -Earnings Decline (Y-o-Y): -6.6% -EPS (Q2): $1.22 vs. $1.27 last year. -EPS Decline (Y-o-Y): -3.9% -Analysts Estimate: $1.25 -Revenue (Q2): $6.85 Bln vs. $7.55 Bln last year. -Revenue Change (Y-o-Y): -9.3%

-Guidance: Next quarter EPS guidance: $0.93 to $1.03 Next quarter revenue guidance: $6.0 - $6.6 Bln