PHOENIX (AP) _ Avnet Inc. (AVT) on Wednesday reported fiscal third-quarter net income of $107.5 million, after reporting a loss in the same period a year earlier.

The Phoenix-based company said it had net income of $1.07 per share. Earnings, adjusted for one-time gains and costs, were 74 cents per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.

The distributor of electronic components posted revenue of $4.92 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $4.56 billion.

For the current quarter ending in June, Avnet expects its per-share earnings to range from 71 cents to 77 cents.

The company said it expects revenue in the range of $4.7 billion to $5.1 billion for the fiscal fourth quarter.

Avnet shares have increased 24% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $43.65, a rise of 50% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVT at https://www.zacks.com/ap/AVT

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