Avnet Inc Q3 Profit Increases, beats estimates

(RTTNews) - Avnet Inc (AVT) released a profit for its third quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $183.42 million, or $1.84 per share. This compares with $107.48 million, or $1.07 per share, in last year's third quarter.

Excluding items, Avnet Inc reported adjusted earnings of $213.86 million or $2.15 per share for the period.

Analysts on average had expected the company to earn $1.52 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 31.9% to $6.49 billion from $4.92 billion last year.

Avnet Inc earnings at a glance (GAAP) :

-Earnings (Q3): $183.42 Mln. vs. $107.48 Mln. last year. -EPS (Q3): $1.84 vs. $1.07 last year. -Analyst Estimate: $1.52 -Revenue (Q3): $6.49 Bln vs. $4.92 Bln last year.

-Guidance: Next quarter EPS guidance: Adj: $1.90 – $2.00 Next quarter revenue guidance: $6.0 – $6.4 Bln