PHOENIX (AP) _ Avnet Inc. (AVT) on Wednesday reported fiscal fourth-quarter net income of $246.8 million.

The Phoenix-based company said it had net income of $2.51 per share. Earnings, adjusted for one-time gains and costs, were $2.07 per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.96 per share.

The distributor of electronic components posted revenue of $6.37 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $6.2 billion.

For the year, the company reported profit of $692.4 million, or $6.94 per share. Revenue was reported as $24.31 billion.

For the current quarter ending in October, Avnet expects its per-share earnings to range from $1.80 to $1.90.

Avnet shares have climbed 13% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $46.43, a climb of 11% 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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