Avnet First-Quarter Profit RisesBy Reuters | Print
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Avnet reported profits up for the first quarter, fueled by electronics marketing sales in Asia, Europe and the Middle East.
NEW YORK - Avnet Inc., a distributor of computer products and electronics components, on Thursday said quarterly profit rose, fueled by electronics marketing sales in Asia, Europe and the Middle East.
Net income increased to $64.1 million, or 44 cents a share, for its fiscal first quarter ended Sept. 30, from $24.9 million, or 17 cents a share, a year ago. Excluding a debt extinguishment charge and other one-time items, income was $82.2 million, or 56 cents per share, for the currently reported quarter.
Revenue rose 11.6 percent to $3.65 billion.
Analysts, on average, expected earnings per share of 52 cents, excluding items, on revenue of $3.57 billion, according to Reuters Estimates.
Avnet forecast fiscal second-quarter sales for its electronic marketing division of $2.33 billion to $2.43 billion, with total sales of about $3.83 billion to $4.03 billion.
Second-quarter profit per share was forecast at 58 cents to 64 cents, including 2 cents in stock-based compensation costs. Analysts expected EPS of 57 cents before special items on revenue of $3.91 billion.