Avnet: Fiscal Q2 Earnings Snapshot

PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Wednesday reported fiscal second-quarter net income of $117.9 million.

The Phoenix-based company said it had net income of $1.28 per share. Earnings, adjusted for one-time gains and costs, came to $1.40 per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.39 per share.

The distributor of electronic components posted revenue of $6.2 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $6.15 billion.

For the current quarter ending in March, Avnet expects its per-share earnings to range from $1.05 to $1.15.

The company said it expects revenue in the range of $5.55 billion to $5.85 billion for the fiscal third quarter.

Avnet shares have decreased 5% since the beginning of the year. The stock has increased nearly 6% 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