Avnet Inc Reports 30% Drop In Q4 Profit

(RTTNews) - Avnet Inc (AVT) reported earnings for fourth quarter that decreased compared to the same period last year.

The company said its profit fell to $112.3 million, or $0.86 per share. This was down from $159.5 million, or $1.16 per share, in last year's fourth quarter.

Analysts had expected the company to earn $0.88 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 8.4% to $6.23 billion. This was down from $6.80 billion last year.

Avnet Inc earnings at a glance:

-Earnings (Q4): $112.3 Mln. vs. $159.5 Mln. last year. -Earnings Decline (Y-o-Y): -29.6% -EPS (Q4): $0.86 vs. $1.16 last year. -EPS Decline (Y-o-Y): -25.9% -Analysts Estimate: $0.88 -Revenue (Q4): $6.23 Bln vs. $6.80 Bln last year. -Revenue Change (Y-o-Y): -8.4%

-Guidance: Next quarter EPS guidance: $0.84 - $0.94 Next quarter revenue guidance: $5.8 - $6.4 Bln