Avnet (AVT) Preliminary Q1 Results Miss Views
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Avnet, Inc. (NYSE: AVT) reported that its sales for the first quarter of fiscal 2013 ended September 29, 2012 will be approximately $5.85 billion, roughly 9% below the year-ago quarter and towards the lower end of original expectations.
The Street sees $6.07 billion.
Sales at Electronics Marketing (EM) and Technology Solutions (TS) for the September quarter are expected to be approximately $3.65 billion and $2.20 billion, respectively. The Company also indicated that its diluted earnings per share, excluding restructuring, integration and other charges, is expected to be between $0.52 and $0.58, below its previously announced expectations.
The Street sees EPS of $0.83.
The revised estimated earnings per share for the September 2012 quarter is primarily attributable to the combined negative impacts of (1) lower than expected revenues, most notably at TS, (2) lower gross profit margin in the Western regions at EM associated with the weaker sales environment and (3) a greater than anticipated geographic mix shift in the EM business where better than expected sales in the lower-margin Asia region were more than offset by weaker sales in the higher-margin Western regions.
The Street sees $6.07 billion.
Sales at Electronics Marketing (EM) and Technology Solutions (TS) for the September quarter are expected to be approximately $3.65 billion and $2.20 billion, respectively. The Company also indicated that its diluted earnings per share, excluding restructuring, integration and other charges, is expected to be between $0.52 and $0.58, below its previously announced expectations.
The Street sees EPS of $0.83.
The revised estimated earnings per share for the September 2012 quarter is primarily attributable to the combined negative impacts of (1) lower than expected revenues, most notably at TS, (2) lower gross profit margin in the Western regions at EM associated with the weaker sales environment and (3) a greater than anticipated geographic mix shift in the EM business where better than expected sales in the lower-margin Asia region were more than offset by weaker sales in the higher-margin Western regions.
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