PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Wednesday reported fiscal third-quarter net income of $87.9 million.
The Phoenix-based company said it had net income of $1.01 per share. Earnings, adjusted for one-time gains and costs, were 84 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The distributor of electronic components posted revenue of $5.32 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $5.29 billion.
For the current quarter ending in June, Avnet expects its per-share earnings to range from 65 cents to 75 cents.
The company said it expects revenue in the range of $5.15 billion to $5.45 billion for the fiscal fourth quarter.
Avnet shares have fallen 2% since the beginning of the year. The stock has risen almost 3% 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
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