: Avnet’s stock jumps as results and forecast beat estimates


Shares of Avnet Inc. AVT rose 5.2% after hours on Wednesday after the electronic-components supplier reported fourth-quarter results and gave a fourth-quarter forecast that topped Wall Street’s expectations. The company reported net income of $155.3 million, or $1.68 a share, compared with $246.8 million, or $2.51 a share, in the same quarter last year. Adjusted for matters like restructuring and integration costs, as well as gains on legal settlements, Avnet earned $2.06 a share. Sales rose 2.9% to $6.6 billion from $6.4 billion in the prior-year quarter. Analysts polled by FactSet expected adjusted earnings per share…

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleIn One Chart: 10-year U.S. Treasury yields above 4% are probably the peak, says Swiss Re
Next articleHousing market has hit ‘rock bottom,’ says Redfin CEO


Please enter your comment!
Please enter your name here