Stock Track | Avnet Soars 8.93% Intraday on Strong Q2 Earnings Beat and Upbeat Guidance

Stock Track01-28

Avnet's stock surged 8.93% during intraday trading on Wednesday, following the release of its second-quarter financial results.

The significant price movement was driven by the company reporting better-than-expected earnings and sales for the quarter, along with optimistic guidance for the upcoming period. Avnet posted adjusted earnings per share of $1.05, surpassing the analyst consensus estimate of $0.95, and sales of $6.32 billion, exceeding the expected $6.03 billion.

Additionally, the company provided third-quarter guidance that topped expectations, projecting adjusted diluted EPS in the range of $1.20 to $1.30 against a consensus of $1.20, and sales between $6.20 billion and $6.50 billion compared to the estimated $5.89 billion.

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