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PHOENIX (AP) _ Avnet Inc. (AVT) on Wednesday reported fiscal second-quarter net income of $19.2 million.
The Phoenix-based company said it had profit of 19 cents per share. Earnings, adjusted for pretax expenses and restructuring costs, were 48 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
The distributor of electronic components posted revenue of $4.67 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $4.21 billion.
For the current quarter ending in April, Avnet expects its per-share earnings to range from 52 cents to 58 cents.
The company said it expects revenue in the range of $4.3 billion to $4.7 billion for the fiscal third quarter.
Avnet shares have increased slightly more than 7% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $37.70, a decrease of almost 7% in the last 12 months.