Avnet, Inc. (AVT: Quote) posted fourth-quarter net income of $133.4 million or $0.91 per share versus $238.83 million or $1.54 per share last year.
Adjusted earnings per share dropped to $0.99 from $1.22 in the same quarter last year. On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $1.08 per share. Analysts' estimates typically exclude special items.
Sales declined 8.8% to $6.31 billion from $6.91 billion in the prior-year quarter. Analysts expected revenues of $6.55 billion.
Pro forma revenue was down 11.8% year over year and 8.9% in constant currency.
Rick Hamada, CEO, said, "...Our Q4 revenues came in below our original expectations at both operating groups as customers grew more cautious towards the end of the quarter. As a result of this unexpected shortfall, revenue of $6.31 billion ended up being roughly flat with the March quarter and down 8.8% from the prior year quarter with approximately one-third of the year-over-year decline due to the translation impact of currency..."
Moving ahead, the company projects first-quarter adjusted earnings per share to be in the range of $0.78 to $0.88 per share. Consolidated sales are forecast to be between $5.80 billion and $6.40 billion. Analysts expect earnings of $0.97 per share, on revenues of $6.33 billion.
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by RTT Staff Writer
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