Leading IT hardware/component distributor Avnet (AVT +4.9%), often seen as a tech bellwether, is...

|About: Avnet Inc (AVT)|By:, SA News Editor

Leading IT hardware/component distributor Avnet (AVT +4.9%), often seen as a tech bellwether, is moving higher after easily beating FQ2 estimates. FQ3 guidance is for revenue of $5.95B-$6.55B and EPS of $0.81-$0.91, mostly above a consensus of $5.95B and $0.78. On a pro forma basis, chip sales fell 2.2% Y/Y and hardware sales 9.6%. Asia delivered positive growth for both segments, while the opposite held for the Americas and EMEA. Arrow (ARW +3.1%) is up in sympathy. CC at 2PM ET (webcast). (PR) (CFO review)