Avnet Q2 Adj. EPS Miss Estimates, But Sales Top; Guides Q3 Well Below Estimates

(RTTNews) - Technology solutions provider Avnet, Inc. (AVT) reported Wednesday that net income for the second quarter declined to $87.25 million or $0.99 per share from $117.93 million or $1.28 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $0.87 per share, compared to $1.40 per share in the year-ago quarter.

On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.88 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter declined 8.7 percent to $5.66 billion from $6.20 billion in the same quarter last year. It was down 8.6 percent in constant currency. Analysts expected revenues of $5.56 billion for the quarter.

Looking ahead to the third quarter, the company now projects earnings in a range of $0.65 to $0.75 per share on sales between $5.05 billion and $5.35 billion. The Street is looking for earnings of $1.02 per share on revenues of $5.51 billion for the quarter.

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