Avnet: Fiscal 2Q Earnings Snapshot

PHOENIX (AP) _ Avnet Inc. (AVT) on Thursday reported fiscal second-quarter profit of $3.7 million.

On a per-share basis, the Phoenix-based company said it had profit of 4 cents. Earnings, adjusted for amortization costs and restructuring costs, were 40 cents per share.

The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.

The distributor of electronic components posted revenue of $4.53 billion in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $4.43 billion.

For the current quarter ending in April, Avnet expects its per-share earnings to range from 38 cents to 48 cents.

The company said it expects revenue in the range of $4.1 billion to $4.5 billion for the fiscal third quarter.

Avnet shares have fallen 3% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $41.15, a rise of 1.5% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVT at https://www.zacks.com/ap/AVT