PHOENIX (AP) — Avnet Inc.'s fiscal first-quarter net income more than doubled to exceed analysts' forecasts as the distributor of electronics parts cashed in on the rising demand for computers and other high-tech wizardry.
The Phoenix-based company said Thursday that it earned $138 million, or 90 cents per share, in the three months ended Oct. 2. That was up from $51 million, or 33 cents per share, at the same time last year.
If extraordinary gains and one-time charges incurred in Avnet's recent acquisitions had been excluded, the company said it would have earned 93 cents per share.
Revenue surged 42 percent to $6.2 billion. Three acquisitions that Avnet completed in July helped boost fiscal first-quarter revenue.
Analysts, on average, had predicted Avnet would earn 81 cents per share on revenue of $5.9 billion.
Avnet expects to deliver another strong performance in the current quarter, with earnings per share ranging from 99 cents to $1.07 on revenue from $6.3 billion to $7 billion. The forecast topped the average analyst estimate of earnings of 92 cents per share on revenue of $6.2 billion.
The company's shares rose $1.18, or 4.1 percent, Thursday to close at $30.21.