Avnet earned $8.9 million, or 7 cents per share, in the second fiscal quarter ended Dec. 31, 2003, compared with a loss of $58.7 million, or 49 cents per share, in the year-ago quarter.
Revenue increased 9 percent to $2.55 billion from $2.35 billion.
The results, excluding restructuring charges, were $25.3 million, or 21 cents per share. In the year-ago quarter, the Phoenix-based distributor would have earned $7.1 million, of 6 cents per share, excluding charges.
Analysts had expected 18 cents per share, according to Thomson/First Call.
The Avnet Technology Solutions group, which includes Avnet Hall-Mark, had sales of $1.22 billion, a 7 percent increase from the second fiscal quarter last year.
The division had unusually high software sales, executives said.
"Sales came in at the high end of our guidance as Technology Solutions had a very strong quarter, well ahead of expectations. We are very encouraged by the strong Electronics Marketing book-to-bill for the quarter and the strength of shipments early in January 2004," said Chairman and CEO Roy Vallee in a statement.
In the current quarter, Avnet expects sales of $2.5 billion to $2.6 billion, and earnings to range between 22 cents and 25 cents per share.
For the first half of fiscal 2004, Avnet had $4.96 billion in revenue, compared with $4.52 billion in the first half of fiscal 2003.
The distributor also reported a loss of $2.4 million, or 2 cents per share, in the first half of fiscal 2004 compared with a loss of $59.1 million, or 49 cents per share, in the year-ago period.
Shares of Avnet closed at $24.46 Thursday, down $1.13, or 4 percent.
|
10 Challenges That HP Wants Partners To Tackle Right Now CRN speaks with HP's business unit chiefs to get a sense of where they'd like partners to focus in the coming year, as well as how CEO Meg Whitman is making a difference. |
|
VAR500: IBM Strikes Deal With Ukraine Bank; HP Bolsters Health-Care Practice CRN VAR500 solution providers win health-care contracts, work on European banking solution, create a platform for microlending, sharing info on cloud computing and more. |
|
Five Companies That Dropped The Ball This Week For the week ending Feb. 3, CRN looks at five companies that were either asleep at the wheel or just didn't make good decisions. |
 More
Slide Shows |
- Cognizant Sales Soar, Exec Promotions Follow
- VAR500 Company EPAM Systems: IPO Update
- Avnet Acquires Asset Disposal Specialist Canvas Systems
- Avnet: Profits Up, Sales Down Due To Hard Drive Price Spike
- Avnet Hall-Mark Adds Sarbanes-Oxley Marketing Initiative
- Avnet's Market Connection Focuses On What's Hot
