Avnet, Inc. Reports Q2 EPS of $1.07 vs. $1.04

Avnet, Inc. AVT today announced results for the second quarter fiscal year 2011 ended January 1, 2011. Sales for the quarter ended January 1, 2011 increased 40% year over year to a record $6.8 billion; pro forma revenue was up 14% year over year Adjusted operating income increased 58% to $256.7 million and adjusted operating income margin of 3.79% was up 43 basis points year over year and 19 basis points sequentially Adjusted diluted earnings per share increased 62% over the prior year quarter to a record $1.07 per share on a diluted basis Included in GAAP net income is a total of $23.8 million after tax and $0.16 per share on a diluted basis related to restructuring, integration and other charges Adjusted Diluted EPS $ 1.07