PHOENIX (AP) _ Avnet Inc. (AVT) on Thursday reported fiscal first-quarter earnings of $41.8 million.
On a per-share basis, the Phoenix-based company said it had net income of 40 cents. Earnings, adjusted for one-time gains and costs, came to 60 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.
The distributor of electronic components posted revenue of $4.63 billion in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $4.56 billion.
For the current quarter ending in January, Avnet expects its per-share earnings to range from 35 cents to 45 cents.
Avnet shares have increased 12% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $40.38, a climb of 5% in the last 12 months.