Avnet Issues Earnings Warning

Avnet Inc., the No. 2 U.S. distributor of computer parts and semiconductors, said fiscal second-quarter earnings will fall short of analysts’ estimates because of excess inventory in the semiconductor industry. Earnings in the quarter ending in December will probably be about 75 cents to 80 cents a share, Avnet said. Analysts on average had expected Avnet to earn 85 cents, said First Call/Thomson Financial.