Avnet Inc AVT reported upbeat fiscal fourth quarter profit, but issued weak Q1 projections.
Avnet reported its Q4 net income at $238.8 million, or $1.54 per share. Its adjusted earnings came in at $1.22 per share. Avnet's sales surged 32.6% y/y to $6.91 billion. However, analysts were expecting earnings of $1.15 per share on revenue of $6.95 billion.
Avnet projects FQ1 adjusted profit of $0.90 to $0.98 per share on revenue of $6.25 billion to $6.85 billion. Analysts were expecting earnings of $1.03 per share on revenue of $6.74 billion.
Avnet's board also authorized a $500 million stock repurchase plan.
Avnet shares closed at $25.51 yesterday.
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