Avnet: Fiscal Q1 Earnings Snapshot

PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Wednesday reported fiscal first-quarter earnings of $209.3 million.

The Phoenix-based company said it had net income of $2.25 per share. Earnings, adjusted for one-time gains and costs, were $1.61 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.50 per share.

The distributor of electronic components posted revenue of $6.34 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $6.31 billion.

For the current quarter ending in December, Avnet expects its per-share earnings to range from $1.35 to $1.45.

The company said it expects revenue in the range of $6 billion to $6.3 billion for the fiscal second quarter.

Avnet shares have climbed 11% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $46.14, a climb of 14% 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