Avnet (NYSE:AVT) has reported fourth-quarter revenue and earnings that beat expectations, sending its shares higher in Thursday's pre-market trade.
The Phoenix, Arizona-headquartered distributor of electronic components reported a 2.9% rise in sales to $6.55 billion for the quarter to July 1, 2023, ahead of the $6.24 billion consensus of five analysts surveyed by Zacks Investment Research.
Adjusted earnings per share were a cent lower at $2.06, beating the $1.63 the analysts predicted.
For the year, the company reported a profit of $770.8 million, or $8.26 per share. Revenue amounted to $26.54 billion.
“With the breadth of our supplier line card, our diversified customer base and the strength of the end markets they serve, we are well-positioned to capitalize on the industry growth expected over the next several years,” CEO Phil Gallagher said in a statement.
“Although we can’t control near-term market conditions, our team will continue to focus on executing well in the market.”
Avnet’s shares were up 6.8% at $48 ahead of the market open.
Contact the author at stephen.gunnion@proactiveinvestors.com