AVT Stock Recent News

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.

While it's not hard to find scorching hot enterprises in relevant sectors (such as artificial intelligence), their rich premiums tend to incentivize a contrarian pivot toward the top value stocks to buy. According to Investopedia, a value stock represents shares of an enterprise that seemingly trade at a lower price relative to fundamental metrics, typically earnings or sales.

Here we have shortlisted four dividend-paying tech stocks - AVGO, AVT, TXN and GLW - that may help investors curb the downside risk of the current high-market-volatility environment.

The Zacks Style Scores offers investors a way to easily find top-rated stocks based on their investing style. Here's why you should take advantage.

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?

Avnet was awarded nearly $268 million in damages in a price-fixing lawsuit against Nippon Chemi-Con Corp and its subsidiary United Chemi-Con Inc. Avnet reached out-of-court settlements with defendants MATSUO and ELNA, potentially bringing the total gain from the lawsuit to over $350 million, including previous settlements. The market reacted positively to the news, but the exact net amounts gained may not be fully reflected in Avnet's stock price yet.