Avnet Inc Earnings Decline 8% In Q3

(RTTNews) - Avnet Inc (AVT) revealed a profit for third quarter that fell from last year.

The company said its bottom line totaled $132.6 million, or $1.01 per share. This was lower than $143.5 million, or $1.04 per share, in last year's third quarter.

Analysts had expected the company to earn $0.98 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 8.5% to $6.17 billion. This was down from $6.74 billion last year.

Avnet Inc earnings at a glance:

-Earnings (Q3): $132.6 Mln. vs. $143.5 Mln. last year. -Earnings Decline (Y-o-Y): -7.6% -EPS (Q3): $1.01 vs. $1.04 last year. -EPS Decline (Y-o-Y): -2.9% -Analysts Estimate: $0.98 -Revenue (Q3): $6.17 Bln vs. $6.74 Bln last year. -Revenue Change (Y-o-Y): -8.5%

-Guidance: Next quarter EPS guidance: $0.95 - $1.05 Next quarter revenue guidance: $5.95 - $6.55 Bln