PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Wednesday reported fiscal second-quarter net income of $61.7 million.
On a per-share basis, the Phoenix-based company said it had profit of 75 cents. Earnings, adjusted for one-time gains and costs, came to $1.05 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.
The distributor of electronic components posted revenue of $6.32 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $6 billion.
For the current quarter ending in March, Avnet expects its per-share earnings to range from $1.20 to $1.30.
The company said it expects revenue in the range of $6.2 billion to $6.5 billion for the fiscal third quarter.
Avnet shares have increased almost 10% since the beginning of the year. The stock has dropped slightly in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVT at https://www.zacks.com/ap/AVT