Avnet Posts Loss But Beats Analysts' Forecast

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Avnet beat analysts' expectations but posted a loss of $2.6 million, or 2 cents per share, in its second fiscal quarter ended Dec. 28.

The results compare with a profit of $99.6 million, or 83 cents per share, in the year-ago quarter. First Call had expected a loss of 8 cents per share.

Sales for the quarter were $2.36 billion, compared with $3.63 billion in the second quarter last year.

"We are encouraged with the sequential improvements in our business while our absolute performance continues to reflect the difficult market environment our company operated in throughout calendar 2001," said Roy Vallee, chairman and CEO of Avnet, in a statement.

In the first quarter, Avnet posted a loss of $19.2 million, or 18 cents per share.

Avnet expects third-quarter earnings to be about break-even. First Call projects a 1 cent per share loss.

"Barring any negative change in the technology markets we serve, we expect results to continue to improve throughout the balance of the calendar year," Vallee said.

Avnet shares were trading at $24.07 Thursday morning, up 22 cents per share.


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