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Avnet: Fiscal 4Q Earnings Snapshot

PHOENIX (AP) _ Avnet Inc. (AVT) on Wednesday reported fiscal fourth-quarter net income of $58.6 million.

On a per-share basis, the Phoenix-based company said it had net income of 50 cents. Earnings, adjusted for one-time gains and costs, were 99 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 97 cents per share.

The distributor of electronic components posted revenue of $5.06 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $4.83 billion.

For the year, the company reported a loss of $156.4 million, or $1.30 per share, swinging to a loss in the period. Revenue was reported as $19.04 billion.

For the current quarter ending in October, Avnet expects its per-share earnings to range from 95 cents to $1.05.

The company said it expects revenue in the range of $4.8 billion to $5.2 billion for the fiscal first quarter.

Avnet shares have climbed 13 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $44.61, a rise of 16 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