![Avnet Inc [AVT] reports quarterly net loss of $88.8 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FAVT.png&w=1200&q=75)
AVNET INC [AVT] has reported a net loss of $88.8 million for quarter ended Jul 01, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $0
Based in PHOENIX, Arizona, AVNET INC operates in the WHOLESALE sector.
In the quarterly financial statement comparison for the periods ending March 30, 2024, and April 01, 2023, the following key figures were reported:
- Revenue for the current quarter stood at $5.65 billion, compared to $6.51 billion in the same quarter last year. For the nine-month period, revenue was $18.19 billion this year, down from $19.98 billion in the previous year.
- Cost of goods sold for the current quarter was $4.98 billion, lower than the $5.70 billion reported in the previous year's quarter. For the nine-month period, the cost was $16.07 billion this year, compared to $17.62 billion in the prior year.
- The net income for the current quarter was $88.83 million, a decrease from $187.43 million in the same quarter last year. For the nine-month period, the net income was $416.03 million this year, down from $615.57 million in the previous year.
- The earnings per share (EPS) for the current quarter were $0.98 for basic and $0.97 for diluted, compared to $2.05 and $2.03, respectively, in the previous year's quarter. For the nine-month period, the EPS was $4.59 for basic and $4.52 for diluted this year, down from $6.67 and $6.58, respectively, in the prior year.
Overall, the company experienced a decline in revenue, net income, and earnings per share compared to the same periods in the previous year, indicating a challenging business environment during the current reporting period.
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