Avnet toasts earnings beat as electronic component demand surges
Avnet (NASDAQ:AVT) reported fiscal second-quarter results that cleared analyst hurdles on both the top and bottom lines, bolstered by steady demand for electronic components.
The Phoenix-based distributor posted net income of $61.7 million, or 75 cents per share.
When adjusted for one-time items, earnings reached $1.05 per share, comfortably ahead of the 95-cent average estimate from analysts surveyed by Zacks Investment Research.
Revenue for the period hit $6.32 billion, outperforming the $6 billion consensus forecast.
The company’s ability to navigate the complex global semiconductor and hardware supply chain remains a key driver for investors.
Looking ahead, Avnet provided an optimistic framework for the current quarter ending in March, projecting per-share earnings between $1.20 and $1.30 on revenue ranging from $6.2 billion to $6.5 billion.
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