Avnet Inc Q2 Profit Increases, beats estimates

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

The company's bottom line came in at $243.89 million, or $2.63 per share. This compares with $150.82 million, or $1.50 per share, in last year's second quarter.

Excluding items, Avnet Inc reported adjusted earnings of $185.63 million or $2.00 per share for the period.

Analysts on average had expected the company to earn $1.85 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 14.7% to $6.72 billion from $5.86 billion last year.

Avnet Inc earnings at a glance (GAAP) :

-Earnings (Q2): $243.89 Mln. vs. $150.82 Mln. last year. -EPS (Q2): $2.63 vs. $1.50 last year. -Analyst Estimate: $1.85 -Revenue (Q2): $6.72 Bln vs. $5.86 Bln last year.

-Guidance: Next quarter EPS guidance: $1.75 - $1.85 Next quarter revenue guidance: $6.15 - $6.45 Bln