Avnet AVT reported better-than-anticipated fourth-quarter fiscal 2022 results and provided impressive guidance for the first quarter of fiscal 2023.The company’s fiscal fourth-quarter non-GAAP earnings were $2.07 per share, which surpassed the Zacks Consensus Estimate of $1.96. The reported figure jumped a whopping 84.8% year over year.Revenues climbed 21.9% year over year to $6.37 billion. On a constant-currency basis, fiscal fourth-quarter sales increased 28.2% year over year. The top line beat the Zacks Consensus Estimate of $6.2 billion.Avnet’s quarterly results benefited from a strong demand environment for its products and the company’s continued investments in e-commerce and expanding customer relationships. Robust sales in the Americas, the EMEA and Asia bolstered revenues in the reported quarter.Avnet, Inc. Price and EPS Surprise Avnet, Inc. price-eps-surprise | Avnet, Inc. QuoteQuarter in DetailThe Electronic Components segment’s revenues were up 23.9% year over year to $5.93 billion on stellar growth across all regions.The Farnell segment’s revenues inched up 0.2% to $442.3 million.Revenues from America increased 35.5% year over year. Sales from the EMEA and Asia regions jumped 18.8% and 17.2% year over year, respectively.Avnet reported a gross profit of $779.6 million, up 20.9% year over year. The gross margin contracted 10 basis points (bps) to 12.2%.The adjusted operating income came in at $287.6 million, soaring 89.4% year over year. The adjusted operating margin came in at 4.5%, up 160 bps.Balance Sheet and Cash FlowAs of Jul 2, 2022, AVT had cash and cash equivalents of $153.7 million compared with the $199.5 million reported at the end of the previous quarter.The long-term debt was $1.44 billion as of Jul 2, up from the $922 million reported in the prior quarter. During fiscal 2022, Avnet used cash worth $219.3 million for operational activities.First-Quarter Fiscal 2023 GuidanceAvnet estimates first-quarter fiscal 2023 revenues in the range of $6.2 billion-$6.5 billion (midpoint $6.35 billion). Non-GAAP earnings for the current quarter are anticipated in the range of $1.85-$1.95 per share (midpoint $1.90).Zacks Rank & Key PicksAvnet currently carries a Zacks Rank #4 (Sell). Shares of AVT have increased 12.6% year to date (“YTD”).Some better-ranked stocks worth considering from the broader technology sector are Cadence Design Systems CDNS, Manhattan Associates MANH and Paylocity PCTY, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Cadence Design Systems' third-quarter 2022 earnings has been revised upward by nine cents to 97 cents per share over the past 30 days. For 2022, earnings estimates have moved north by 5.7% to $4.11 per share in the past 30 days.Cadence Design Systems' earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 9.8%. Shares of CDNS have remained flat YTD.The Zacks Consensus Estimate for Manhattan Associates' third-quarter 2022 earnings has been revised upward by a penny to 57 cents per share in the past 30 days. For 2022, earnings estimates have moved south by 18 cents to $2.38 per share in the past 30 days.Manhattan Associates' earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 30.3%. Shares of MANH have plunged 4.6% YTD.The Zacks Consensus Estimate for Paylocity's first-quarter fiscal 2023 earnings has been revised upward by two cents to 59 cents per share over the past seven days. For fiscal 2023, the Zacks Consensus Estimate for Paylocity's earnings has moved north by six cents to $3.18 per share in the past seven days.Paylocity's earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 50.9%. Shares of PCTY have soared 14.8% YTD. Zacks' Top Picks to Cash in on Electric Vehicles Big money has already been made in the Electric Vehicle (EV) industry. But, the EV revolution has not hit full throttle yet. There is a lot of money to be made as the next push for future technologies ramps up. Zacks’ Special Report reveals 5 picks investorsSee 5 EV Stocks With Extreme Upside Potential >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Avnet, Inc. (AVT): Free Stock Analysis Report Cadence Design Systems, Inc. (CDNS): Free Stock Analysis Report Manhattan Associates, Inc. (MANH): Free Stock Analysis Report Paylocity Holding Corporation (PCTY): Free Stock Analysis Report To read this article on Zacks.com click here.