WASHINGTON (dpa-AFX) - Avnet Inc (AVT) reported earnings for first quarter that dropped from the same period last year.
The company's earnings totaled $41.75 million, or $0.40 per share. This compares with $83.53 million, or $0.72 per share, in last year's first quarter.
Excluding items, Avnet Inc reported adjusted earnings of $62.34 million or $0.60 per share for the period.
Analysts had expected the company to earn $0.65 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 9.0% to $4.63 billion from $5.09 billion last year.
Avnet Inc earnings at a glance:
-Earnings (Q1): $62.34 Mln. vs. $119.68 Mln. last year. -EPS (Q1): $0.60 vs. $1.03 last year. -Analysts Estimate: $0.65 -Revenue (Q1): $4.63 Bln vs. $5.09 Bln last year.
-Guidance: Full year EPS guidance: $0.35 - $0.45 Full year revenue guidance: $4.2B - $4.6B
Copyright RTT News/dpa-AFX
© 2019 AFX News
