Avnet Q3 Results Miss Estimates; Sees Q4 Adj. EPS Below View - Quick Facts

(RTTNews) - Electronic component distributor Avnet Inc. (AVT) on Thursday reported that its third-quarter net income climbed 32.1 percent to $113.9 million from last year's $86.2 million. Earnings per share grew 30.6 percent to $0.81 from $0.62 a year ago.

Adjusted net income, which excluded items, was $144.1 million or $1.03 per share, compared to last year's $131.5 million or $0.95 per share.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $1.08 per share for the quarter. Analysts' estimates typically exclude special items.

Sales grew 6.1 percent to $6.68 billion from last year's $6.30 billion. Analysts estimated revenues of $6.93 billion for the quarter. organic sales grew 3.7 percent year over year and 3.5 percent in constant currency

Looking ahead for the fourth quarter, the company expects adjusted earnings per share in the range of $1.04 to $1.14, while analysts expect $1.18 per share. Avnet sales are estimated to be between $6.6 billion and $7.2 billion. Analysts expect sales of $7.15 billion.

In pre-market activity, the shares lost $1.66 or 3.55 percent, and traded at $45.06.