Avnet Stock Rises Despite Decline In Q2 Net Income
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Avnet, Inc. (AVT) reported a decline in Q2 net income to $61.7 million ($0.75 per share) from $87.3 million ($0.99 per share) last year. However, adjusted earnings rose 20.7% to $1.05 per share, surpassing analyst estimates of $0.95. Sales increased 11.6% to $6.318 billion. The company forecasts Q3 sales between $6.20 to $6.50 billion and adjusted earnings of $1.20 to $1.30 per share. Despite the decline in net income, AVT's stock rose 11.29% to $58.63 on Nasdaq.
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