Avnet (NASDAQ:AVT) Rises on Q4 Beat
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Avnet (NASDAQ:AVT) Rises on Q4 Beat

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Avnet has posted a healthy set of Q4 numbers on the back of strength in the Electronic Components vertical and gains in the EMEA and Americas regions.

Shares of technology distributor and solutions provider Avnet (NASDAQ:AVT) are rising in the pre-market session today after it posted better-than-anticipated fourth-quarter numbers. Revenue rose 2.9% year-over-year to $6.6 billion, outperforming estimates by $330 million. EPS at $2.06 too surpassed expectations by $0.41.

During the quarter, while Electronic Components (EC) sales rose by 3% to $6.1 billion, Farnell sales inched up by 0.7% to $445.4 million. The company saw healthy growth across the Americas and EMEA regions but witnessed a sharp 11.9% contraction in Asia.

Looking ahead, Avnet expects Q1 2024 sales to hover between $6.15 billion and $6.45 billion. EPS for the quarter is anticipated between $1.45 and $1.55.

Overall, the Street has a $51.50 consensus price target on Avnet alongside a Moderate Sell consensus rating.  This points to a 14.6% potential upside in the stock, on top of an 8% price gain so far this year.

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