Avnet Posts Q2 Earnings, Misses Estimates

PHOENIX, Feb. 14 (AP) - Avnet Inc. (AVT) reported fiscal second-quarter earnings of $87.3 million, or 99 cents per share. Adjusted earnings were 87 cents per share, below the Zacks consensus estimate of 88 cents.

Revenue for the quarter reached $5.66 billion, surpassing the Street forecast of $5.55 billion.

For the current quarter, Avnet projects per-share earnings of 65-75 cents and revenue of $5.05-5.35 billion.

Avnet shares have gained marginally year-to-date and risen 10% over the past year.