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Aug. 3, 2020, 6:10 p.m. EDT

Avnet stock jumps after strong forecast, CEO departure

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By Wallace Witkowski

AVT

Avnet Inc. /zigman2/quotes/201427167/composite AVT +1.28% rallied in the extended session Monday after the electronic components distributor forecast strong results for the quarter while announcing the departure of its chief executive. Avnet shares surged 20% after hours, following a 1.1% rise to close the regular session at $27.02. The company said it expects adjusted fourth-quarter earnings of 64 cents a share on revenue of $4.2 billion. Analysts surveyed by FactSet had forecast 4 cents a share on revenue of $3.95 billion. Avnet also announced that CEO William Amelio was "moving on" from that position and that Phil Gallagher, who heads Avnet's electronic components business, will serve on an interim basis.

/zigman2/quotes/201427167/composite
US : U.S.: Nasdaq
$ 26.17
+0.33 +1.28%
Volume: 217,860
Oct. 1, 2020 2:29p
P/E Ratio
N/A
Dividend Yield
3.23%
Market Cap
$2.55 billion
Rev. per Employee
$1.30M
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