PHOENIX (AP) — PHOENIX (AP) — Avnet Inc. (AVT) on Wednesday reported fiscal first-quarter profit of $59 million.

On a per-share basis, the Phoenix-based company said it had profit of 66 cents. Earnings, adjusted for one-time gains and costs, came to 92 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.

The distributor of electronic components posted revenue of $5.6 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $5.41 billion.

For the current quarter ending in December, Avnet expects its per-share earnings to range from 80 cents to 90 cents.

The company said it expects revenue in the range of $5.4 billion to $5.7 billion for the fiscal second quarter.

Avnet shares have risen 8% since the beginning of the year. The stock has increased 19% in the last 12 months.

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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