Avnet Shares Up After Beating 4Q Earnings Estimates

Avnet earned $238.8 million or $1.54 per diluted share on $6.91 billion in sales for the fourth fiscal quarter ended July 2. The results compare to diluted earnings per share of 92 cents on $5.21 billion in sales in the year-ago quarter.

Analysts were projecting earnings of $1.15 per share on sales of $6.95 billion for the quarter.

Looking forward, Avnet projects sales between $6.25 billion and $6.85 billion for the current quarter with earnings per share between 90 cents and 98 cents. A consensus of analysts' opinion expects earnings of $1.03 per share on revenue of $6.74 billion for the current quarter.

Avnet Technology Solutions reported a 15.8 percent increase in sales, including a 13.4 percent increase in the Americas. EMEA grew at 7.6 percent while Asia sales increased 48.2 percent.

For its 2011 fiscal year, Avnet earned $669.1 million or $4.34 per diluted share, on $26.53 billion in sales. In fiscal 2010, Avnet earned $410.4 million or $2.68 per diluted share, on $19.16 billion in revenue.

While Avnet shares were up, other channel stocks trending the other way include: PC Mall (down 11 percent), Arrow Electronics (down 0.8 percent), ScanSource (down 3.6 percent), Ingram Micro (down 1 percent), Synnex (down 2.3 percent) and Tech Data (down 0.4 percent).