AVT Stock Recent News

Avnet (NYSE:AVT) has reported fourth-quarter revenue and earnings that beat expectations, sending its shares higher in Thursday pre-market trade.  The Phoenix, Arizona-headquartered distributor of electronic components reported a 2.9% rise in sales to $6.55 billion for the quarter to July 1, 2023, ahead of the $6.24 billion consensus of five analysts surveyed by Zacks Investment Research.

Avnet, Inc. (NASDAQ:AVT ) Q4 2023 Earnings Call Transcript August 16, 2023 4:30 PM ET Company Participants Joe Burke - VP, Treasury and IR Phil Gallagher - CEO Ken Jacobson - CFO Conference Call Participants Ruplu Bhattacharya - Bank of America Joe Quatrochi - Wells Fargo Matt Sheerin - Stifel Melissa Fairbanks - Raymond James Operator Welcome to the Avnet Fourth Quarter Fiscal Year 2023 Earnings Conference Call. I would now like to turn the floor over to Joe Burke, Vice President, Treasury and Investor Relations for Avnet.

Although the revenue and EPS for Avnet (AVT) give a sense of how its business performed in the quarter ended June 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Avnet (AVT) came out with quarterly earnings of $2.06 per share, beating the Zacks Consensus Estimate of $1.63 per share. This compares to earnings of $2.07 per share a year ago.

Shares of Avnet Inc. AVT rose 5.2% after hours on Wednesday after the electronic-components supplier reported fourth-quarter results and gave a fourth-quarter forecast that topped Wall Street's expectations. The company reported net income of $155.3 million, or $1.68 a share, compared with $246.8 million, or $2.51 a share, in the same quarter last year.

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Avnet is a global technology solutions company with strong revenues and a diverse portfolio, making it an appealing long-term investment. The company's exposure to the semiconductor industry offers growth opportunities, with a 9% CAGR expected between 2022 and 2025 in the industrial and automotive markets. Concerns about the company's balance sheet and long-term debts should be monitored, but I believe the current low valuation makes AVT stock a buy for investors.

Avnet (AVT) reported earnings 30 days ago. What's next for the stock?