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Article: Avnet Tops Estimates - Analyst Blog
- Article from:
- Zacks Investment Research - Analyst Blog
- Article date:
- November 6, 2009
- Author:
CopyrightCopyright 2009 Zacks Investment Research. (Hide copyright information)
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Avnet Tops Estimates - Analyst Blog
Avnet, Inc.
(
AVT
) recently reported revenues of $4.36 billion for the first quarter of fiscal 2010, down 3.1% from a year ago. Excluding the negative impact of foreign currency exchange rates, revenues declined 0.6%.
Management stated that the impact of global slowdown led to the year-over-year decline, but the business environment is improving.
On a segment basis, Electronics Marketing (EM) sales came in at $2.44 billion, down 9.8% year over year (down 8.0% when adjusted to exclude the impact of changes in foreign currency exchange rates). The rate of revenue decline moderated in the reported quarter and management is encouraged by pace of ...