Avnet reports Q3 EPS 1.10, consensus $1.11

Reports Q3 revenue $5.7B, consensus $5.71B.”In the third quarter, we delivered results that were in line with our expectations, amidst economic softness and lower demand in the markets we serve. I am proud of our team’s effort to deliver robust cash flow from operations as the benefits from our countercyclical balance sheet started to take effect this quarter,” said Avnet Chief Executive Officer Phil Gallagher. “Our fourth quarter outlook reflects a continuation of these market conditions. Looking ahead, our team remains focused on the things we can control – bringing value to our customer and supplier partners, reducing operating costs, improving our working capital, generating cash flows and driving shareholder return.”