Avnet Q4 Results Top Estimates. But Guides Q1 Adj. EPS Below Estimates

(RTTNews) - Avnet, Inc. (AVT) reported Thursday that net income for the fourth quarter decreased to $82.67 million or $0.91 per share from $155.26 million or $1.68 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $1.22 per share, compared to $2.06 per share in the year-ago quarter.

On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.95 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter declined 15.1 percent to $5.56 billion from $6.66 billion in the same quarter last year. It was down 14.2 percent in constant currency. Analysts expected revenues of $5.37 billion for the quarter.

Looking ahead to the first quarter of fiscal 2025, the company now projects earnings in a range of $0.80 to $0.90 per share on sales between $5.25 billion and $5.55 billion. The Street is looking for earnings of $0.97 per share on revenues of $5.51 billion for the quarter.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com