Technology distributor and solutions provider Avnet, Inc. (AVT) reported Wednesday that net income for the first quarter declined to $51.75 million or $0.61 per share from $58.96 million or $0.66 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $0.84 per share, compared to $0.92 per share in the year-ago quarter.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.81 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter grew 5.3 percent to $5.90 billion from $5.60 billion in the same quarter last year. It was up 3.6 percent in constant currency. Analysts expected revenues of $5.73 billion for the quarter.
Looking ahead to the second quarter, the company now projects earnings in a range of $0.90 to $1.00 per share on sales between $5.85 billion and $6.15 billion. The Street is looking for earnings of $1.02 per share on revenues of $5.87 billion for the quarter.
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