Avnet Anticipates Record Sales and Earnings for Its First Fiscal Quarter.Business Editors/High-Tech Writers PHOENIX--(BUSINESS WIRE)--Oct. 5, 2000 Avnet Inc. (NYSE NYSE See: New York Stock Exchange :AVT AVT avian arginine vasotocin. See vasotocin. ) Thursday announced that it anticipates record sales and net income for its first fiscal quarter ending Sept. 29, 2000, and that it expects 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 to exceed current analyst consensus estimates of $0.74 by approximately 10 percent. Roy Vallee, Avnet's chairman & chief executive officer, stated that, "The results for the quarter reflect the continuing strong environment in the electronic components industry. This strength overcame the typical industry summer slowdown and, coupled with the positive impact of our acquisition activity, led to an expansion of operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. margins relative to the preceding quarter." Phoenix, U.S.A.-based Avnet Inc. (NYSE:AVT), a Fortune 500 company with annual sales exceeding $9 billion, is one of the world's largest distributors of semiconductors, interconnect, passive and electromechanical The use of electricity to run moving parts. Disk drives, printers and motors are examples. Electromechanical systems must be designed for the eventual deterioration of moving components that wear over time. The first TVs were electromechanical systems (see video/TV history). components and computer products from the leading manufacturers. Serving customers in 60 countries, Avnet markets, inventories and adds value to these products and provides world-class supply-chain management and engineering services. The company's web site is located at www.avnet.com. |
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