Avnet Q1 Profit Rises

(RTTNews) - Electronic components distributor Avnet, Inc. (AVT) reported first-quarter net income of $120.62 million or $0.86 per share, higher than $100.31 million or $0.70 per share in the previous year.

On an adjusted basis, earnings were $0.90 per share, while the company posted $0.62 per share last year.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.88 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter climbed 8.1% to $6.35 billion from $5.87 billion a year ago, while analysts estimated revenues of $6.38 billion.

"With four consecutive quarters of seasonal growth and a strong balance sheet, we are positioned to build on this performance and continue progress toward our long-term goals," said Rick Hamada, chief executive officer.

Looking ahead to the second quarter, the company expects adjusted earnings per share to be in the range of $1.05 to $1.15 per share. Consolidated sales are expected to be between $6.65 billion and $7.25 billion.

Analysts are looking for earnings of $1.16 per share, on revenues of $6.98 billion for the quarter.