Avnet (AVT) reported $6.55 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 2.9%. EPS of $2.06 for the same period compares to $2.07 a year ago.
The reported revenue represents a surprise of +5.08% over the Zacks Consensus Estimate of $6.24 billion. With the consensus EPS estimate being $1.63, the EPS surprise was +26.38%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company’s financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock’s price performance more accurately.
Here is how Avnet performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Sales- Farnell: $445.40 million compared to the $429.35 million average estimate based on four analysts. The reported number represents a change of +0.7% year over year.
- Sales- Electronic Components: $6.11 billion versus $5.80 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +3% change.
- Operating Income (loss)- Electronic Components: $310.40 million versus the four-analyst average estimate of $258.81 million.
- Operating Income (loss)- Farnell: $36.10 million versus $38.03 million estimated by four analysts on average.
- Operating Income (loss)- Corporate expenses: -$33.90 million compared to the -$28.98 million average estimate based on three analysts.
View all Key Company Metrics for Avnet here>>>
Shares of Avnet have returned -8% over the past month versus the Zacks S&P 500 composite’s -1.4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
Top 5 ChatGPT Stocks Revealed
Zacks Senior Stock Strategist, Kevin Cook names 5 hand-picked stocks with sky-high growth potential in a brilliant sector of Artificial Intelligence. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion.
Today you can invest in the wave of the future, an automation that answers follow-up questions … admits mistakes … challenges incorrect premises … rejects inappropriate requests. As one of the selected companies puts it, “Automation frees people from the mundane so they can accomplish the miraculous.”
Download Free ChatGPT Stock Report Right Now >>
Avnet, Inc. (AVT) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Image and article originally from www.nasdaq.com. Read the original article here.