Avnet Q2 Net Income Declines

(RTTNews) - Avnet, Inc. (AVT) reported that its second quarter net income declined to $117.93 million from $243.89 million, last year. Earnings per share was $1.28, compared with $2.63. Adjusted earnings per share was $1.40, compared with $2.00. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $1.40, for the quarter. Analysts' estimates typically exclude special items.

Second quarter sales were $6.2 billion, compared with $6.7 billion in the prior year quarter. Analysts on average had estimated $6.16 billion in revenue.

The company expects third-quarter EPS in a range of $1.05 - $1.15; and sales of $5.55 billion - $5.85 billion.

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