Avnet, Inc. Q4 Profit Decreases, But Beats Estimates

(RTTNews) - Avnet, Inc. (AVT) announced earnings for fourth quarter that Decreased from last year but beat the Street estimates.

The company's bottom line came in at $6.089 million, or $0.07 per share. This compares with $82.665 million, or $0.91 per share, last year.

Excluding items, Avnet, Inc. reported adjusted earnings of $69.023 million or $0.81 per share for the period.

Analysts on average had expected the company to earn $0.72 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 1.0% to $5.617 billion from $5.562 billion last year.

Avnet, Inc. earnings at a glance (GAAP) :

-Earnings: $6.089 Mln. vs. $82.665 Mln. last year. -EPS: $0.07 vs. $0.91 last year. -Revenue: $5.617 Bln vs. $5.562 Bln last year.

Looking ahead, for the first quarter, Avnet expects earnings below analysts’ forecast.

For the first quarter, the company expects adjusted income of $0.75 to $0.85 per share, below analysts’ estimates of $0.89 per share.

Avnet anticipates first-quarter sales of $5.55 billion to $5.85 billion, in line with Street view of $5.57 billion.

AVT was down by 1.72% at $51 in the pre-market trade on the Nasdaq.