Avnet: Fiscal Q4 Earnings Snapshot

PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Wednesday reported fiscal fourth-quarter profit of $155.3 million.

The Phoenix-based company said it had net income of $1.68 per share. Earnings, adjusted for one-time gains and costs, came to $2.06 per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.63 per share.

The distributor of electronic components posted revenue of $6.55 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $6.24 billion.

For the year, the company reported profit of $770.8 million, or $8.26 per share. Revenue was reported as $26.54 billion.

For the current quarter ending in September, Avnet expects its per-share earnings to range from $1.45 to $1.55.

The company said it expects revenue in the range of $6.15 billion to $6.45 billion for the fiscal first quarter.

Avnet shares have increased 8% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $44.95, a climb of nearly 1% 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