Avnet, Inc. (AVT) announced a swing to profit of $103.9 million, or $0.68 per share for the second quarter compared with a net loss of $1.205 billion, or $7.99 per share last year. The prior-year was hurt by non-cash goodwill and other intangible asset impairment charge of $1.315 billion. Excluding the non-cash impairment charge and certain items, net income for the current year second quarter was $100.5 million, or $0.66 per share, compared with net income of $95.0 million, or $0.63 per share last year.
On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.59 per share. Analysts' estimates typically exclude special items.
Revenue for the quarter was $4.83 billion up13.2% over the second quarter fiscal 2009 and 10.0% excluding the impact of changes in foreign currency exchange rates. On a pro forma basis, revenue was up 9.6% over the prior year second quarter. Wall Street expectation was $4.55 billion.
Looking ahead to the third quarter the company expects consolidated sales to be between $4.10 billion and $4.70 billion. Earnings are expected to be in the range of $0.53 to $0.61 per share. Analysts' consensus is $0.52 per share on revenue of $4.31 billion.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.