Avnet (AVT) Releases Earnings Results, Beats Expectations By $0.03 EPS

Avnet (AVT) reported quarterly earnings results on Wednesday, Aug-10-2016. The company said it had a profit of $0.86 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $0.83. The company posted revenue of $6226.81 million in the period, compared to analysts expectations of $6205.57 million. The company’s revenue was down -8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.16 EPS.

Many Wall Street Analysts have commented on Avnet. Avnet was Downgraded by Longbow to ” Neutral” on Jul 11, 2016. Company shares were Upgraded by Goldman on Jun 7, 2016 to ” Neutral”, Firm has raised the Price Target to $ 41 from a previous price target of $39 .

Avnet opened for trading at $40.77 and hit $41.27 on the upside on Monday, eventually ending the session at $41.24, with a gain of 1.40% or 0.57 points. The heightened volatility saw the trading volume jump to 11,39,210 shares. Company has a market cap of $5,300 M.

In a different news, on Sep 10, 2015, Maryann G. Miller (Senior Vice President) sold 9,562 shares at $42.45 per share price. According to the SEC, on Sep 10, 2015, James A Lawrence (director) purchased 46,700 shares at $42.60 per share price. On Feb 26, 2015, Steven R Phillips (Senior Vice President) sold 6,455 shares at $46.30 per share price, according to the Form-4 filing with the securities and exchange commission.

Avnet Inc. distributes electronic components enterprise computer and storage products information technology solutions and services and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe the Middle East and Africa; and Asia/Pacific consisting of Asia Australia and New Zealand. The EM segment markets and sells semiconductors and interconnect passive and electromechanical devices and embedded products to a diverse customer base serving many end-markets. The TS segment focuses on the distribution of enterprise computing servers and systems software storage services and complex solutions from the technology manufacturers. The TS segment also provides hard disk drives microprocessor motherboard and dynamic random-access memory module technologies to manufacturers of computers and system builders.


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