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Avnet Inc Down 6.19% To $43.56 After Earnings Beat

Thursday, August 11, 2022 12:24 PM | InvestorsObserver Analysts
Avnet Inc Down 6.19% To $43.56 After Earnings Beat

Avnet Inc (AVT) said after close Wednesday that it earned $2.07 per share in quarter four 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $6.4 billion, beating estimates by $113 million.

In the same quarter a year ago, the company earned $1.12 per share on revenue of $5.2 billion.

The stock is down 6.19% to $43.56 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Avnet Inc has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 96, putting Avnet Inc in the top 25% of stocks. The firm was recently trading at a 52-week high of $50.19 on June 6, 2022 and set a 52-week low on November 30, 2021 at $35.71.

Avnet is a global distributor of electronic components, connecting suppliers of semiconductors and other components to a base of 2.1 million small- and mid-sized customers in 140 countries. Avnet is the third largest semiconductor distributor in the world, and the largest for European chip distribution. Avnet services all levels of electronics design and development, servicing engineers with design tools, test kits, and services alongside its high-volume distribution for final designs.

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