Avnet Inc. (AVT) reported first-quarter net income of $50.9 million or $0.33 per share compared to $90.3 million or $0.59 per share last year.
Excluding items, net income was $67.2 million or $0.44 per share compared to $101.7 million or $0.67 per share prior year.
On average, 12 analysts polled by Thomson Reuters expected the company to report profit of $0.34 per share for the quarter. Analysts' estimates typically exclude special items.
Sales were $4.355 billion compared to $4.495 billion last year. Analysts expected revenue of $3.92 billion for the quarter.
The company expects second-quarter consolidated sales to be between $4.10 billion and $4.70 billion. Management expects second-quarter earnings per share to be in the range of $0.52-$0.60.
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