Avnet: Fiscal 4Q Earnings Snapshot
PHOENIX (AP) _ Avnet Inc. (AVT) on Thursday reported a fiscal fourth-quarter loss of $31.8 million, after reporting a profit in the same period a year earlier.
The Phoenix-based company said it had a loss of 30 cents per share. Earnings, adjusted for one-time gains and costs, were 95 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
The distributor of electronic components posted revenue of $4.68 billion in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $4.59 billion.
For the year, the company reported net income of $176.3 million, or $1.59 per share, swinging to a profit in the period. Revenue was reported as $19.52 billion.
For the current quarter ending in October, Avnet expects its per-share earnings to range from 60 cents to 70 cents.
The company said it expects revenue in the range of $4.4 billion to $4.7 billion for the fiscal first quarter.
Avnet shares have risen 19% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $42.91, a decrease of nearly 4% in the last 12 months.