Avnet Inc Q4 adjusted earnings Beat Estimates

(RTTNews) - Avnet Inc (AVT) released earnings for its fourth quarter that rose from last year.

The company's profit totaled $85.36 million, or $0.85 per share. This compares with $52.16 million, or $0.53 per share, in last year's fourth quarter.

Excluding items, Avnet Inc reported adjusted earnings of $204.47 million or $1.12 per share for the period.

Analysts had expected the company to earn $0.79 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 25.7% to $5.23 billion from $4.16 billion last year.

Avnet Inc earnings at a glance:

-Earnings (Q4): $204.47 Mln. vs. $63.24 Mln. last year. -EPS (Q4): $1.12 vs. $0.64 last year. -Analysts Estimate: $0.79 -Revenue (Q4): $5.23 Bln vs. $4.16 Bln last year.

-Guidance: Next quarter EPS guidance: $1.02-$1.12 Next quarter revenue guidance: $5.1-$5.4 bln