Wednesday, Avnet, Inc. (AVT), a distributor of electronic components and computer products, reported a loss for the fourth quarter compared to a profit last year, hit by impairment and other charges. However, on an adjusted basis, the company reported lower earnings, as revenues dropped 19.5% year-on-year.
Net loss for the quarter was $30.9 million or $0.20 per share, compared with net income of $144.1 million or $0.95 per share in the corresponding period last year.
Results for the most recent quarter included impairment charges and restructuring, integration and other items amounting to $78.9 million, or $0.52 per share.
Excluding items, net income for the quarter slid to $48 million from $128.2 million in the year-ago period. Earnings per share declined to $0.32 from $0.85in the same period last year and came below $0.35 per share projected by nine analysts polled by Thomson Reuters. Analysts' estimates typically exclude special items.
Quarterly revenue declined 19.5% to $3.77 billion from $4.68 billion in the year-ago quarter. Street analysts expected the company to report revenues of $3.74 billion for the quarter.
After adjusting revenue for the impact of acquisitions that had occurred at the beginning of fiscal 2008, on a pro forma basis, revenue declined 24.7% from last year.
Electronics Marketing or EM segment sales declined to $2.13 billion from $2.73 billion in the year-ago period. Technology Solutions or TS segment sales decreased to $1.64 billion from $1.95 billion in the prior year quarter.
Operating loss was $20.5 million as compared with operating income of $170.6 million in the year-ago quarter. Gross profit declined to $442.8 million from $611.8 million in the year-ago quarter.
For the twelve-month period, net loss was $1.12 billion or $7.44 per share as compared with net income of $499.1 million or $3.27 per share last year. Revenue was $16.23 billion, down 9.6% from $17.95 billion in 2008
Looking ahead, the company expects first quarter earnings to be in the range of $0.29 to $0.37 per share. The guidance includes about $0.07 per share related to the expensing of stock-based compensation. In addition, guidance assumes an average Euro to U.S. Dollar currency exchange rate of $1.43 to €1.00.
Consolidated first quarter sales are forecasted to be between $3.60 billion and $4.20 billion. The company anticipates EM sales to be in the range of $2.05 billion to $2.35 billion and sales for TS to be between $1.55 billion and $1.85 billion.
Currently, for the first quarter, Street analysts expect the company to report earnings of $0.37 per share on revenues of $3.75 billion.
AVT is currently down $1.48 or 5.79% and trades at $24.10.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.