PHOENIX (AP) _ Avnet Inc. (AVT) on Wednesday reported fiscal first-quarter earnings of $184.3 million.
The Phoenix-based company said it had profit of $1.93 per share. Earnings, adjusted for pretax expenses and amortization costs, came to $2 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.91 per share.
The distributor of electronic components posted revenue of $6.75 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $6.35 billion.
For the current quarter ending in December, Avnet expects its per-share earnings to range from $1.80 to $1.90.
The company said it expects revenue in the range of $6.35 billion to $6.65 billion for the fiscal second quarter.
Avnet shares have fallen nearly 2% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $40.50, a rise of nearly 8% 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 AVT">Zacks stock report on AVT at https://www.zacks.com/ap/AVT