Avnet Inc Q4 Profit Decreases, but beats estimates

(RTTNews) - Avnet Inc (AVT) announced a profit for fourth quarter that decreased from last year but beat the Street estimates.

The company's earnings totaled $155.26 million, or $1.68 per share. This compares with $246.82 million, or $2.51 per share, in last year's fourth quarter.

Excluding items, Avnet Inc reported adjusted earnings of $191.22 million or $2.06 per share for the period.

Analysts on average had expected the company to earn $1.65 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 2.8% to $6.55 billion from $6.37 billion last year.

Avnet Inc earnings at a glance (GAAP) :

-Earnings (Q4): $155.26 Mln. vs. $246.82 Mln. last year. -EPS (Q4): $1.68 vs. $2.51 last year. -Analyst Estimates: $1.65 -Revenue (Q4): $6.55 Bln vs. $6.37 Bln last year.

-Guidance: Next quarter EPS guidance: $1.45 – $1.55 Next quarter revenue guidance: $6.15bln - $6.45bln