Avnet Q4 Adj. Profit Declines, Yet Tops View - Quick Facts

(RTTNews) - Avnet Inc. (AVT) reported that its fourth-quarter net income declined to $126.09 million from $133.40 million in the same quarter last year. Earnings per share for the quarter was $0.91, unchanged from last year.

Adjusted net income for the quarter slip to $135.8 million from last year's $145.3 million, with adjusted earnings per share decreasing to $0.98 from $0.99 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.96 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted net income declined 6.5% year over year due primarily to the decline in gross profit margin and higher interest and other expenses. Sales for the quarter rose to $6.59 billion from $6.31 billion in the prior year quarter. Nine analysts had consensus revenue estimate of $6.48 billion for the fourth-quarter.

For the first-quarter, adjusted earnings per share is expected to be in the range of $0.83 to $0.93 per share. Consolidated sales are forecasted to be between $6.05 billion and $6.65 billion. Analysts expect the company to report earnings of $0.86 per share and revenues of $6.31 billion for the first-quarter.