Avnet, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2016. For the quarter, the company reported sales of $4,273,559,000 against $4,161,082,000 a year ago. Operating income was $124,230,000 against $136,117,000 a year ago. Income from continuing operations before income taxes was $60,968,000 against $113,100,000 a year ago. Income from continuing operations was $32,465,000 or $0.25 diluted per share against $102,141,000 or $0.76 diluted per share a year ago. Net income was $103,218,000 or $0.79 diluted per share against $156,012,000 or $1.16 diluted per share a year ago. Gross profit dollars increased 16.1% from the year ago quarter to $586 million, and gross profit margins expanded 158 basis points to 13.7%, primarily due to the addition of Premier Farnell and improvements in Asia region. Adjusted operating income increased 7.9% from the year ago quarter to $164.5 million, primarily due to the addition of Premier Farnell as well as a 15% increase in the EMEA region. Adjusted earnings per share of $0.77 increased $0.02 from the year ago quarter as the increase in operating income was partially offset by higher interest and other expense, which had a $0.04 negative impact on EPS. Cash flow generated from continuing operations was approximately $192 million in the quarter and Avnet's total cash flow from operations was approximately $240 million.

For the six months, the company reported sales of $8,391,663,000 against $8,689,667,000 a year ago. Operating income was $253,744,000 against $302,708,000 a year ago. Income from continuing operations before income taxes was $149,512,000 against $258,542,000 a year ago. Income from continuing operations was $100,153,000 or $0.77 diluted per share against $211,065,000 or $1.56 diluted per share a year ago. Net income was $172,061,000 or $1.32 diluted per share against $286,266,000 or $2.11 diluted per share a year ago. Net cash flows used for operating activates was $240,090,000 against $84,242,000 a year ago. Purchases of property, plant and equipment were $70,424,000 against $74,392,000 a year ago. Adjusted operating income was $164.5 million. Adjusted income was $100.8 million or $0.77 diluted per share.

The company provided earnings guidance for the third quarter of fiscal year ending April 1, 2017. For the quarter, sales are expected to be in the range of $4.3 billion to $4.6 billion. Adjusted diluted earnings per share is expected to be in the range of $0.80 to $0.90 per share. The guidance assumes 130 million average diluted shares outstanding and an adjusted tax rate of 23% to 27%.