(Reuters) - Technology distributor Avnet Inc reported fourth-quarter revenue below market estimates as concerns over slowing economic growth led customers to be cautious with new orders, and projected a weak first quarter.
Avnet, which distributes electronic-parts and computer hardware of technology bellwethers IBM, Apple and Hewlett-Packard, said it expects first quarter sales of $6.25-$6.85 billion.
Avnet forecast first-quarter adjusted profit of 90-98 cents a share.
Analysts were expecting $6.74 billion in sales and an adjusted profit of $1.03 a share, for the period.
Fourth-quarter net income rose 69 percent to $238.8 million, or $1.54 a share. Excluding items, Avnet earned $1.22 cents a share, ahead of market consensus of $1.15 a share, according to Thomson Reuters I/B/E/S.
Revenue rose by a third to $6.91 billion, compared with analysts’ estimates of $6.95 billion.
Shares of the company closed at $25.51 on Tuesday on the New York Stock Exchange.
Reporting by Sayantani Ghosh in Bangalore; Editing by Saumyadeb Chakrabarty