Avnet Inc Q3 Profit Increases, beats estimates

(RTTNews) - Avnet Inc (AVT) reported a profit for its third quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $187.43 million, or $2.03 per share. This compares with $183.42 million, or $1.84 per share, in last year's third quarter.

Excluding items, Avnet Inc reported adjusted earnings of $184.57 million or $2.00 per share for the period.

Analysts on average had expected the company to earn $1.79 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 0.3% to $6.51 billion from $6.49 billion last year.

Avnet Inc earnings at a glance (GAAP) :

-Earnings (Q3): $187.43 Mln. vs. $183.42 Mln. last year. -EPS (Q3): $2.03 vs. $1.84 last year. -Analyst Estimate: $1.79 -Revenue (Q3): $6.51 Bln vs. $6.49 Bln last year.

-Guidance: Next quarter EPS guidance: $1.60 – $1.70 Next quarter revenue guidance: $6.10 - $6.40 Bln