Avnet (AVT - Free Report) reported $6.55 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 2.9%. EPS of $2.06 for the same period compares to $2.07 a year ago.
The reported revenue represents a surprise of +5.08% over the Zacks Consensus Estimate of $6.24 billion. With the consensus EPS estimate being $1.63, the EPS surprise was +26.38%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Avnet performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Sales- Farnell: $445.40 million compared to the $429.35 million average estimate based on four analysts. The reported number represents a change of +0.7% year over year.
- Sales- Electronic Components: $6.11 billion versus $5.80 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +3% change.
- Operating Income (loss)- Electronic Components: $310.40 million versus the four-analyst average estimate of $258.81 million.
- Operating Income (loss)- Farnell: $36.10 million versus $38.03 million estimated by four analysts on average.
- Operating Income (loss)- Corporate expenses: -$33.90 million compared to the -$28.98 million average estimate based on three analysts.
View all Key Company Metrics for Avnet here>>>Shares of Avnet have returned -8% over the past month versus the Zacks S&P 500 composite's -1.4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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Avnet (AVT - Free Report) reported $6.55 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 2.9%. EPS of $2.06 for the same period compares to $2.07 a year ago.
The reported revenue represents a surprise of +5.08% over the Zacks Consensus Estimate of $6.24 billion. With the consensus EPS estimate being $1.63, the EPS surprise was +26.38%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Avnet performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Sales- Farnell: $445.40 million compared to the $429.35 million average estimate based on four analysts. The reported number represents a change of +0.7% year over year.
- Sales- Electronic Components: $6.11 billion versus $5.80 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +3% change.
- Operating Income (loss)- Electronic Components: $310.40 million versus the four-analyst average estimate of $258.81 million.
- Operating Income (loss)- Farnell: $36.10 million versus $38.03 million estimated by four analysts on average.
- Operating Income (loss)- Corporate expenses: -$33.90 million compared to the -$28.98 million average estimate based on three analysts.
View all Key Company Metrics for Avnet here>>>Shares of Avnet have returned -8% over the past month versus the Zacks S&P 500 composite's -1.4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
Top 5 ChatGPT Stocks Revealed
Zacks Senior Stock Strategist, Kevin Cook names 5 hand-picked stocks with sky-high growth potential in a brilliant sector of Artificial Intelligence. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion.
Today you can invest in the wave of the future, an automation that answers follow-up questions … admits mistakes … challenges incorrect premises … rejects inappropriate requests. As one of the selected companies puts it, “Automation frees people from the mundane so they can accomplish the miraculous.”
Download Free ChatGPT Stock Report Right Now >>
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