Avnet Q1 Results Top Estimates, But Guides Q2 Adj. EPS Below Estimates

(RTTNews) - Technology distributor and solutions provider Avnet, Inc. (AVT) reported Wednesday that net income for the first quarter declined to $51.75 million or $0.61 per share from $58.96 million or $0.66 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $0.84 per share, compared to $0.92 per share in the year-ago quarter.

On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.81 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter grew 5.3 percent to $5.90 billion from $5.60 billion in the same quarter last year. It was up 3.6 percent in constant currency. Analysts expected revenues of $5.73 billion for the quarter.

Looking ahead to the second quarter, the company now projects earnings in a range of $0.90 to $1.00 per share on sales between $5.85 billion and $6.15 billion. The Street is looking for earnings of $1.02 per share on revenues of $5.87 billion for the quarter.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com