- In addition to missing FQ3 estimates, Avnet (NASDAQ:AVT) has guided for FQ4 revenue of $6.6B-$7.2B and EPS of $1.02-$1.12 vs. a consensus of $7.06B and $1.17. Shares are selling off after going into earnings less than $2 from a 52-week high of $47.27.
- Avnet mostly puts the blame for its FQ3 numbers on a strong dollar: Organic sales growth was 7% Y/Y in constant currency, but only 0.8% in actual dollars. The IT hardware/chip distributor says it hasn't "seen any material changes to demand trends as reflected on our dashboards."
- Peers Arrow Electronics (ARW -1.5%) and Richardson Electronics (RELL -1.8%) are also lower in spite of a 0.6% gain for the Nasdaq. Arrow's Q1 report arrives on April 30.
- Avnet's FQ3 results, PR