Avnet Inc Q1 Profit Increases, beats estimates

(RTTNews) - Avnet Inc (AVT) announced earnings for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $209.27 million, or $2.25 per share. This compares with $184.26 million, or $1.93 per share, in last year's first quarter.

Excluding items, Avnet Inc reported adjusted earnings of $149.62 million or $1.61 per share for the period.

Analysts on average had expected the company to earn $1.51 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 6.2% to $6.33 billion from $6.75 billion last year.

Avnet Inc earnings at a glance (GAAP) :

-Earnings (Q1): $209.27 Mln. vs. $184.26 Mln. last year. -EPS (Q1): $2.25 vs. $1.93 last year. -Analyst Estimate: $1.51 -Revenue (Q1): $6.33 Bln vs. $6.75 Bln last year.

-Guidance: Next quarter EPS guidance: $1.35 – $1.45 Next quarter revenue guidance: $6.00B – $6.30B