Avnet Q4 Profit Tops Estimates - Quick Facts

(RTTNews) - Avnet Inc. (AVT) reported fourth quarter net income of $158.7 million or $1.15 per share compared to $186.3 million or $1.33 per share, last year. Adjusted net income was $159.5 million and adjusted earnings per share of $1.16, for the quarter.

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

Sales decreased 3.6% year over year to $6.80 billion. Analysts expected revenue of $6.90 billion for the quarter. Sales were up 3.1% on a constant currency basis.

For the first quarter of fiscal 2016, the company expects: Avnet sales to be in the range of $6.40 billion and $7.00 billion; and adjusted earnings per share to be in the range of $0.97 to $1.07. Analysts expect the company to report earnings per share of $1.02 on revenue of $6.86 billion.