Avnet Anticipates Earnings to Exceed Fiscal Q3 Expectations.Business Editors PHOENIX--(BUSINESS WIRE)--April 4, 2000 Avnet, Inc. (NYSE NYSE See: New York Stock Exchange :AVT AVT avian arginine vasotocin. See vasotocin. ) announced that its diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of before special charges for its third fiscal quarter ending March 31, 2000 is expected to exceed analyst consensus estimates by approximately ten percent. Roy Vallee, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Avnet, Inc., stated that "due to the cyclical recovery in the electronic components industry and our recent acquisition activity, Avnet's consolidated sales for the quarter exceeded $2.6 billion. This represents growth of 25% on a sequential quarterly basis and well over 50% on a year-over-year basis. That sales growth, coupled with the synergistic benefits realized to date, are driving earnings to be well in excess of analyst expectations. Our third quarter results will also include special charges related primarily to the integration of the recently acquired SEI Eurotronics and Macro operations into our Electronics Marketing EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. business." A complete earnings release is tentatively scheduled for April 26, 2000 and details of Avnet's third quarter performance will be made available during Avnet's third quarter analyst conference call scheduled for April 27, 2000. Phoenix, Arizona-based Avnet, Inc., a Fortune 300 company with annual sales exceeding $6.4 billion ($10.0 billion pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma including acquisitions), is one of the world's largest distributors of semiconductor, interconnect, passive and electromechanical components and computer products from the industry's leading manufacturers. Serving customers in 60 countries, Avnet markets, inventories and adds value to these products and provides world-class supply-chain integration, engineering design and technical services. The Company's Web site is located at www.avnet.com. |
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