Avnet Q1 revenue jumps 82%, beats analyst estimates
AVT•AVT•AVT•AVT•Avnet's fiscal Q1 revenue rose 82% to $10.72 billion, beating the $9.20 billion analyst estimate, while adjusted EPS of $3.63 topped the $2.86 estimate. The company forecast Q2 sales of $11.1 billion to $11.4 billion and adjusted EPS of $3.90 to $4.10.
Avnet reported fiscal Q1 revenue of $10.72 billion and adjusted diluted EPS of $3.63, beating analyst estimates of $9.20 billion and $2.86, respectively. Net income was $282.17 million. The company said sales growth was partly driven by an extra week in the quarter and cited demand across industrial, aerospace, defense, transportation and AI sectors.
Avnet expects Q2 sales of $11.1 billion to $11.4 billion and adjusted diluted EPS of $3.90 to $4.10. Its guidance assumes electronic component supply similar to Q1. Electronic Components and Farnell operating margins expanded 189 basis points and 576 basis points year over year, respectively.
