PHOENIX (AP) — Avnet Inc., an electronic parts and computer products distributor, said Thursday that its fiscal first-quarter net income edged up 1 percent as revenue rose slightly year over year.
The company’s revenue was in line with analyst expectations, and Avnet’s second-quarter outlook surpassed Wall Street views.
Avnet shares rose $1.70, or 5.6 percent, to $32.32 in afternoon trading.
For the quarter that ended Oct. 1, Avnet earned $139 million, or 90 cents per share, compared with $138 million, or 90 cents per share, in the year-ago quarter. The company’s adjusted earnings also totaled 90 cents per share, which is a penny lower than what analysts polled by FactSet expected, on average.
Avnet’s revenue rose 4 percent to $6.4 billion, matching analyst estimates.
Looking at the current quarter, Avnet predicted adjusted net income of $1.01 to $1.09 per share on $6.5 billion to $7.2 billion in revenue.
Analysts expect $1 per share in adjusted net income on $6.7 billion in revenue.