Avnet Q4 Profit Misses Estimates, Sales Beat; Initiates Q1 View - Quick Facts

(RTTNews) - Technology company Avnet, Inc. (AVT), which has offered to acquire Premier Farnell plc (PFL.L), reported Wednesday that its fourth-quarter net income fell 39 percent to $96.8 million from last year's $158.7 million. Earnings per share were $0.75, down 34.8 percent from $1.15 a year ago.

Adjusted net income was $112.3 million or $0.86 per share, compared to $159.5 million or $1.16 per share a year ago. On average, 9 analysts polled by Thomson Reuters expected earnings of $0.88 per share for the quarter. Analysts' estimates typically exclude special items.

Operating income declined 4.2 percent from last year to $173.0 million.

The company's fourth-quarter sales declined 8.4 percent to $6.23 billion from $6.80 billion a year ago. Analysts expected sales of $6.21 billion.

Looking ahead, for the first quarter, Avnet expects adjusted earnings per share in the range of $0.84 to $0.94 and sales in the range of $5.8 billion to $6.4 billion.

Analysts expect earnings of $0.86 per share on sales of $6.14 billion for the first quarter.