Avnet Q3 Profit Rises; Issues Q4 Outlook - Quick Facts

(RTTNews) - Semiconductors supplier Avnet, Inc. (AVT) posted higher GAAP net income of $121.5 million, or $0.88 per share, for the third quarter of fiscal 2015, compared with $113.9 million, or $0.81 per share, in the prior-year quarter.

For the latest quarter, adjusted net income amounted to $143.5 million, down from $144.1 million in the year-ago period, while earnings per share rose to $1.04 from $1.03 per share in the comparable quarter last year. On average, 10 analysts polled by Thomson-Reuters estimated the company's earnings to be $1.07 per share for the quarter. Analysts' estimates typically exclude one-time items.

Year-over-year, quarterly sales rose by 0.8% to $6.74 billion from $6.68 billion. Wall Street expected revenue of $6.85 billion for the quarter.

Looking ahead to the fourth-quarter, the company expects adjusted earnings to be in the range of $1.02 to $1.12 per share and sales in the range of $6.6 billion to $7.2 billion. Analysts currently expect fourth quarter earnings of $1.17 per share on revenue of $7.06 billion.