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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