UPDATE: Avnet Reports Upbeat FQ4 Profit, Issues Weak Q1 Forecast

Avnet Inc (NYSE: AVT) reported upbeat fiscal fourth quarter profit, but issued weak Q1 projections.

Avnet reported its Q4 net income at $238.8 million, or $1.54 per share. Its adjusted earnings came in at $1.22 per share. Avnet's sales surged 32.6% y/y to $6.91 billion. However, analysts were expecting earnings of $1.15 per share on revenue of $6.95 billion.

Avnet projects FQ1 adjusted profit of $0.90 to $0.98 per share on revenue of $6.25 billion to $6.85 billion. Analysts were expecting earnings of $1.03 per share on revenue of $6.74 billion.

Avnet's board also authorized a $500 million stock repurchase plan.

Avnet shares closed at $25.51 yesterday.