Avnet Corp.’s AVT stock climbed 3% in extended trading Wednesday after the electronics company posted fiscal third-quarter results that easily exceeded analyst revenue and earnings estimates. Avnet reported net income of $187.4 million, or $2.03 a share, compared with net income of $183.4 million, or $1.84 a share, in the year-ago quarter. Adjusted earnings were $2.05 a share. Revenue was $6.52 billion, compared with $6.49 billion a year ago. Analysts surveyed by FactSet had expected on average net income of $1.79 a share on revenue of $6.31 billion. Shares of Avnet have dipped 2% so far this year, while the broader S&P 500 index SPX has increased 6.5%.
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