Avnet (AVT) Q3 Earnings and Revenues Top Estimates

Core Insights - Avnet reported quarterly earnings of $0.84 per share, exceeding the Zacks Consensus Estimate of $0.72 per share, but down from $1.10 per share a year ago, indicating a 23.64% year-over-year decline [1] - The company achieved revenues of $5.32 billion for the quarter, surpassing the Zacks Consensus Estimate by 0.46%, but down from $5.65 billion year-over-year, reflecting a 5.86% decrease [2] - Avnet has outperformed the S&P 500 year-to-date, with a decline of 2.1% compared to the S&P 500's decline of 5.5% [3] Earnings Performance - The company has surpassed consensus EPS estimates three times over the last four quarters [2] - The earnings surprise for the latest quarter was 16.67%, while the previous quarter saw a slight miss with an actual earnings of $0.87 against an expectation of $0.88, resulting in a surprise of -1.14% [1][2] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.91, with expected revenues of $5.46 billion, and for the current fiscal year, the EPS estimate is $3.41 on revenues of $22.02 billion [7] - The estimate revisions trend for Avnet is mixed, leading to a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Electronics - Parts Distribution industry, to which Avnet belongs, is currently ranked in the top 36% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]