Avnet (AVT) Soars 7% as Q4 Earnings and Revenues Beat Estimates

Avnet (AVT) shares gained nearly 7% on Thursday after the company reported better-than-expected fourth-quarter fiscal 2024 results. Its non-GAAP earnings were $1.22 per share, which came way above the Zacks Consensus Estimate of 95 cents as well as management’s guidance range of 90 cents-$1.00.However, the reported figure came 41% lower than the year-ago quarter’s non-GAAP earnings of $2.06 per share, mainly due to lower revenues.Revenues declined 15% year over year to $5.56 billion but came above the Zacks ...