Avnet Inc., an electronic parts and computer products distributor, reported adjusted fourth-quarter net income last week that beat analyst expectations. For the quarter that ended July 2, Avnet earned $239 million, or $1.54 per share, compared with $141 million, or 92 cents per share, in the year-ago quarter. Revenue climbed 33 percent to $6.91 billion, essentially matching analyst estimates for $6.95 billion.
Avnet said its electronics marketing revenue rose 27 percent to $3.96 billion, while technology solutions revenue climbed 41 percent to $2.95 billion. Also last week, Avnet said its board approved a plan to buy back as much as $500 million worth of common shares.