Avnet Reports Big Increase in 2Q Profit

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Avnet (NYSE:AVT), a supplier of electronic components, reported a big jump in profits for its second quarter, owing mostly to a 40% rise in revenue.

Profit for the quarter stood at $164.8 million, or $1.07 per share, up from $100.5 million, or 66 cents per share, in the previous year.

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Thomson Reuters analysts polled projected earnings of $1.04 per share for the quarter.

Sales the quarter rose to $6.77 billion from $4.83 billion during the same quarter last year. The company’s segments that experienced the most growth were electronics marketing, which grew to $3.56 billion from $2.52 billion last year, and the technology solutions division, which grew to $3.21 billion from $2.32 billion.

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