PHOENIX (AP) _ Avnet Inc. (AVT) on Wednesday reported fiscal second-quarter profit of $243.9 million.
On a per-share basis, the Phoenix-based company said it had profit of $2.63. Earnings, adjusted for pretax gains, were $2 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.83 per share.
The distributor of electronic components posted revenue of $6.72 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $6.48 billion.
For the current quarter ending in March, Avnet expects its per-share earnings to range from $1.75 to $1.85.
The company said it expects revenue in the range of $6.15 billion to $6.45 billion for the fiscal third quarter.
Avnet shares have risen 13% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $46.81, an increase of 15% 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