Avnet Inc Q3 Profit Decreases, misses estimates

(RTTNews) - Avnet Inc (AVT) revealed a profit for third quarter that decreased from the same period last year and missed the Street estimates.

The company's bottom line came in at $88.834 million, or $0.97 per share. This compares with $187.426 million, or $2.03 per share, in last year's third quarter.

Excluding items, Avnet Inc reported adjusted earnings of $1.10 per share for the period.

Analysts on average had expected the company to earn $1.11 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 13.2% to $5.653 billion from $6.514 billion last year.

Avnet Inc earnings at a glance (GAAP) :

-Earnings (Q3): $88.834 Mln. vs. $187.426 Mln. last year. -EPS (Q3): $0.97 vs. $2.03 last year. -Revenue (Q3): $5.653 Bln vs. $6.514 Bln last year.

-Guidance: Next quarter EPS guidance: $0.90 to $1 Next quarter revenue guidance: $5.20 to $5.50 Bln