Avnet (AVT) Q2 Earnings & Revenues Meet Estimates, Up Y/Y
Zacks Investment Research | Jan 24, 2019 08:40PM ET
Avnet Inc. (NASDAQ:AVT) reported second-quarter fiscal 2019 results, wherein both the top line and bottom line matched the Zacks Consensus Estimate.
The company delivered non-GAAP earnings of $1.04 per share, up 33% year over year. An unfavorable currency loss decreased the bottom line by 2 cents.
Avnet’s quarterly revenues of $5.1 billion increased 12% year over year on a reported basis and 13.1% on constant currency basis. Revenues came within the company’s guided range of $4.9-$5.3 billion.
The company’s solid results can be attributed to strength in vertical markets such as industrial, defense, aerospace and healthcare despite a slight slowdown in transportation demand. Continued transformation efforts and commitment to accelerate the Electronic Components business, including the replacement of revenues from supplier program changes, were key drivers.
Revenues from the sale of IP&E (interconnect, passives and electromechanical) devices also remained strong with the addition of two new global supply franchises to its line card and extension of four regional supply franchises.
Avnet, Inc. Price, Consensus and EPS Surprise
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