Avnet Inc. (AVT) reported that its third-quarter net income decreased to $86.2 million or $0.62 per share, from $147.6 million or $1.00 per share last year. Adjusted profit per share was $0.90, compared to $1.03 prior year.
Sales rose to $6.30 billion, from $6.28 billion last year. Pro forma revenue declined 4.8% year over year and 4.4% in constant currency.
On average, ten analysts polled by Thomson Reuters expected the company to report profit of $0.87 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $6.26 billion for the quarter.
The company expects fourth-quarter consolidated sales to be between $6.15 billion and $6.75 billion, and adjusted earnings per share to be in the range of $0.90 to $1.00. Analysts expect the company to report fourth-quarter profit per share of $1.01 on revenue of $6.48 billion.
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