Technology solutions provider Avnet, Inc. (AVT) reported Wednesday that net income for the third quarter was $87.92 million or $1.01 per share, compared to $88.83 million or $0.97 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $0.84 per share, compared to $1.10 per share in the year-ago quarter.
On average, five analysts polled expected the company to report earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter declined 6.0 percent to $5.32 billion from $5.65 billion in the same quarter last year. It was down 4.9 percent in constant currency. Analysts expected revenues of $5.25 billion for the quarter.
Looking ahead to the fourth quarter, the company now projects earnings in a range of $0.47 to $0.66 per share and adjusted earnings in a range of $0.65 to $0.75 per share on sales between $5.15 billion and $5.45 billion. The Street is looking for earnings of $0.90 per share on revenues of $5.46 billion for the quarter.
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