Avnet lost US$11.4 million, or US9 cents per share, in the first fiscal quarter ended October 4, which compares with a loss of US$488,000, or less than a penny per share, in the year-ago quarter.
The distributor's revenue was US$2.41 billion, compared with US$2.17 billion in the first fiscal quarter last year.
Excluding charges, Avnet earned US$10.8 million in net income, or US9 cents per share, which was in line with analysts' expectations.
Avnet's first quarter included an extra week's worth of sales compared with the year-ago quarter, which accounted for about 4 percent to 6 percent of sales, or about half of the total increase, said Roy Vallee, chairman and CEO of Avnet.
'This would indicate that revenue growth accelerated independent of the extra week and that the markets we serve are beginning to strengthen,' Vallee said in a statement.
Avnet Technology Solutions, which includes Avnet Hall-Mark, reported US$1.05 billion in sales, up from US$932.1 million in the year-ago quarter.
The company expects Technology Solutions sales to grow between 7 percent and 12 percent due to seasonal factors, Vallee said. Shares of Avnet closed at US$18.68, up US35 cents per share, or 2 percent.
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