Avnet Inc Q4 Profit Increases, beats estimates

(RTTNews) - Avnet Inc (AVT) revealed a profit for its fourth quarter that increased from the same period last year and beat the Street estimates.

The company's earnings totaled $246.8 million, or $2.51 per share. This compares with $85.4 million, or $0.85 per share, in last year's fourth quarter.

Excluding items, Avnet Inc reported adjusted earnings of $2.07 per share for the period.

Analysts on average had expected the company to earn $1.98 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 21.8% to $6.37 billion from $5.23 billion last year.

Avnet Inc earnings at a glance (GAAP) :

-Earnings (Q4): $246.8 Mln. vs. $85.4 Mln. last year. -EPS (Q4): $2.51 vs. $0.85 last year. -Analyst Estimate: $1.98 -Revenue (Q4): $6.37 Bln vs. $5.23 Bln last year.

-Guidance: Next quarter EPS guidance: $1.85-$1.95 Next quarter revenue guidance: $6.20-$6.50 bln