Avnet Q3 Earnings Surge

(RTTNews) - Avnet Inc. (AVT) Thursday reported a surge in third quarter net earnings to $271.771 million from $123.459 million in the prior year. On a per share basis, earnings were $2.12, up from $0.95 last year.

On average, nine analysts polled by Thomson Reuters expected the company to earn $0.86 per share. Analysts estimates usually exclude special items.

Sales for the third quarter climbed 8.8 percent to $4.441 billion from $4.081 billion in the previous year. On a constant currency sales were up 10.6 percent. Wall Street expects $4.46 billion.

Looking ahead to the fourth quarter, the company expects adjusted earnings per share from continuing operations in a range of $0.72 to $0.82 per share. Sales for the next quarter is expected to be in a range of $4.35 to $4.65 billion. Analysts expect $0.94 per share on revenue of $4.53 billion.

While for the fiscal 2018, adjusted earnings per share is expected to be in a range of $3.00 to $3.50 per share and sales in a range of $17.3 billion to $17.7 billion. Street projection is $3.31 per share on revenue of $17.44 billion.