: Avnet’s stock jumps as results and forecast beat estimates
Shares of Avnet Inc. AVT rose 5.2% after hours on Wednesday after the electronic-components supplier reported fourth-quarter results and gave a fourth-quarter forecast that topped Wall Street’s expectations. The company reported net income of $155.3 million, or $1.68 a share, compared with $246.8 million, or $2.51 a share, in the same quarter last year. Adjusted for matters like restructuring and integration costs, as well as gains on legal settlements, Avnet earned $2.06 a share. Sales rose 2.9% to $6.6 billion from $6.4 billion in the prior-year quarter. Analysts polled by FactSet expected adjusted earnings per share of $1.65, on sales of $6.28 billion. For the first quarter, Avnet said it expected sales of between $6.15 billion and $6.45 billion, with adjusted earnings per share of $1.45 to $1.55, above FactSet estimates for sales of $6.05 billion and earnings per share of $1.39. “With the breadth of our supplier line card, our diversified customer base and the strength of the end markets they serve, we are well-positioned to capitalize on the industry growth expected over the next several years,” Chief Executive Phil Gallagher said in a statement. “Although we can’t control near-term market conditions, our team will continue to focus on executing well in the market.”
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