Avnet Inc Q1 Profit Increases, beats estimates

(RTTNews) - Avnet Inc (AVT) announced earnings for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $184.26 million, or $1.93 per share. This compares with $111.32 million, or $1.10 per share, in last year's first quarter.

Excluding items, Avnet Inc reported adjusted earnings of $191.36 million or $2.00 per share for the period.

Analysts on average had expected the company to earn $1.91 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 21.0% to $6.75 billion from $5.58 billion last year.

Avnet Inc earnings at a glance (GAAP) :

-Earnings (Q1): $184.26 Mln. vs. $111.32 Mln. last year. -EPS (Q1): $1.93 vs. $1.10 last year. -Analyst Estimate: $1.91 -Revenue (Q1): $6.75 Bln vs. $5.58 Bln last year.

-Guidance: Next quarter EPS guidance: $1.80 – $1.90 Next quarter revenue guidance: $6.35 - $6.65 Bln