Avnet Inc Q2 Profit Increases, beats estimates

(RTTNews) - Avnet Inc (AVT) revealed a profit for its second quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $150.82 million, or $1.50 per share. This compares with $19.16 million, or $0.19 per share, in last year's second quarter.

Excluding items, Avnet Inc reported adjusted earnings of $151.00 million or $1.51 per share for the period.

Analysts on average had expected the company to earn $1.27 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 25.7% to $5.87 billion from $4.67 billion last year.

Avnet Inc earnings at a glance (GAAP) :

-Earnings (Q2): $150.82 Mln. vs. $19.16 Mln. last year. -EPS (Q2): $1.50 vs. $0.19 last year. -Analyst Estimate: $1.27 -Revenue (Q2): $5.87 Bln vs. $4.67 Bln last year.

-Guidance: Next quarter EPS guidance: $1.45 - $1.55 Next quarter revenue guidance: $5.4 - $5.8 Bln