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Avnet profit misses consensus by 19.4% in fiscal Q2

Avnet Inc. said its normalized net income for the fiscal second quarter ended Jan. 2 amounted to $1.01 per share, compared with the S&P Capital IQ consensus estimate of $1.25 per share.

EPS fell year over year from $1.05.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $135.9 million, a decrease of 6.8% from $145.8 million in the second quarter ended Dec. 27, 2014.

The normalized profit margin dropped to 1.9% from 1.9% in the year-earlier period.

Total revenue decreased 9.3% year over year to $6.85 billion from $7.55 billion, and total operating expenses declined 9.4% on an annual basis to $6.60 billion from $7.29 billion.

Reported net income fell year over year to $156.5 million, or $1.16 per share, from $164.0 million, or $1.18 per share.