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Avnet: Fiscal 3Q Earnings Snapshot

PHOENIX (AP) _ Avnet Inc. (AVT) on Thursday reported a fiscal third-quarter loss of $320.1 million, after reporting a profit in the same period a year earlier.

The Phoenix-based company said it had a loss of $2.68 per share. Earnings, adjusted for pretax expenses and asset impairment costs, came to $1.02 per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share.

The distributor of electronic components posted revenue of $4.8 billion in the period, which met Street forecasts.

For the current quarter ending in June, Avnet expects its per-share earnings to range from 91 cents to $1.01.

The company said it expects revenue in the range of $4.65 billion to $4.95 billion for the fiscal fourth quarter.

Avnet shares have climbed roughly 2 percent since the beginning of the year. The stock has declined 10 percent in the last 12 months.


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