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STOCKS JUMP AFTER U.S. INFLATION REPORT RELEASE

Roundhill Magnificent Seven ETF hits all-time high on Wednesday

Here's What Key Metrics Tell Us About Avnet (AVT) Q3 Earnings

Zacks Equity Research
·2 min read

Avnet (AVT) reported $5.65 billion in revenue for the quarter ended March 2024, representing a year-over-year decline of 13.2%. EPS of $1.10 for the same period compares to $2.00 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $5.7 billion, representing a surprise of -0.81%. The company delivered an EPS surprise of -0.90%, with the consensus EPS estimate being $1.11.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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Here is how Avnet performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Sales- Farnell: $407.80 million versus $374.98 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -10.4% change.

  • Sales- Electronic Components: $5.25 billion compared to the $5.32 billion average estimate based on three analysts. The reported number represents a change of -13.4% year over year.

  • Operating Income (loss)- Electronic Components: $216.90 million versus $217.83 million estimated by three analysts on average.

  • Operating Income (loss)- Farnell: $16.30 million compared to the $15.54 million average estimate based on three analysts.

  • Operating Income (loss)- Corporate expenses: -$30.50 million versus the two-analyst average estimate of -$24.97 million.

View all Key Company Metrics for Avnet here>>>

Shares of Avnet have returned +0.1% over the past month versus the Zacks S&P 500 composite's -4.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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To read this article on Zacks.com click here.

Zacks Investment Research