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Avnet: Fiscal 1Q Earnings Snapshot

PHOENIX (AP) _ Avnet Inc. (AVT) on Thursday reported fiscal first-quarter earnings of $83.7 million.

On a per-share basis, the Phoenix-based company said it had profit of 72 cents. Earnings, adjusted for one-time gains and costs, were $1.03 per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.

The distributor of electronic components posted revenue of $5.09 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $5.03 billion.

For the current quarter ending in January, Avnet expects its per-share earnings to range from 98 cents to $1.08.

Avnet shares have dropped 2.5 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $38.62, a drop of roughly 4 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVT at https://www.zacks.com/ap/AVT