Technology distributor and solutions provider Avnet, Inc. (AVT) reported Wednesday that net income for the first quarter plunged to $58.96 million or $0.66 per share from $209.27 million or $2.25 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $0.92 per share, compared to $1.61 per share in the year-ago quarter.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.86 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter declined 11.6 percent to $5.60 billion from $6.34 billion in the same quarter last year. It was down 11.7 percent in constant currency. Analysts expected revenues of $5.43 billion for the quarter.
Looking ahead to the second quarter, the company now projects earnings in a range of $0.80 to $0.90 per share on sales between $5.40 billion and $5.70 billion. The Street is looking for earnings of $1.01 per share on revenues of $5.50 billion for the quarter.
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