Avnet Q1 Profit Rises - Quick Facts

(RTTNews) - Semiconductors supplier Avnet, Inc. (AVT) Thursday posted higher earnings for the first quarter, as net sales grew 7.8 percent year-over-year.

The company's net income improved to $127.9 million or $0.91 per share from $120.6 million or $0.86 per share a year ago.

Excluding certain items, the company earned $1.02 per share. On average, 10 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.97 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly sales rose to $6.839 billion from $6.345 billion last year. Wall Street expected revenue of $6.71 billion.

Looking ahead, for the second quarter, the firm expects adjusted earnings per share in the range of $1.15 - $1.25. Sales are projected to be in the range of $7.0 billion - $7.6 billion. Analysts expect earnings of $1.18 per share, on sales of $7.27 billion.