Avnet (NYSE: AVT ) reported earnings on April 25. Here are the numbers you need to know.
The 10-second takeaway
For the quarter ended March 30 (Q3), Avnet beat slightly on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue was unchanged. Non-GAAP earnings per share dropped. GAAP earnings per share dropped significantly.
Gross margins were steady, operating margins contracted, net margins dropped.
Avnet logged revenue of $6.30 billion. The 10 analysts polled by S&P Capital IQ hoped for revenue of $6.21 billion on the same basis. GAAP reported sales were the same as the prior-year quarter's.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.90. The 12 earnings estimates compiled by S&P Capital IQ anticipated $0.87 per share. Non-GAAP EPS of $0.90 for Q3 were 13% lower than the prior-year quarter's $1.03 per share. GAAP EPS of $0.62 for Q3 were 38% lower than the prior-year quarter's $1.00 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 12.0%, much about the same as the prior-year quarter. Operating margin was 2.7%, 100 basis points worse than the prior-year quarter. Net margin was 1.4%, 90 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $6.41 billion. On the bottom line, the average EPS estimate is $0.94.
Next year's average estimate for revenue is $25.36 billion. The average EPS estimate is $3.44.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 236 members out of 252 rating the stock outperform, and 16 members rating it underperform. Among 49 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 47 give Avnet a green thumbs-up, and two give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Avnet is outperform, with an average price target of $37.71.
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