Avnet Anticipates Fiscal Q3 Earnings to Further Exceed Revised Consensus Expectations.Business Editors PHOENIX--(BUSINESS WIRE)--April 18, 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 be in the range of $1.10 to $1.13 exceeding current 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, "Avnet's third quarter results are better than we expected at the time of our last release on April 4, 2000 due to a number of factors. These factors include higher than expected gross profit margins as a result of the broad-based strengthening in the electronic components industry and lower operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. due to our ability to achieve greater than expected merger synergy savings at a quicker pace than initially anticipated. 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 scheduled for April 26, 2000, and further details of Avnet's fiscal Q3 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 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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