Electronics Parts Distributor Avnet Posts Strong 1Q

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.

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.

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