Anixter Int'l (AXE) Tops Q2 EPS by 14c, Provides Outlook
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Anixter Int'l (NYSE: AXE) reported Q2 EPS of $1.15, $0.14 better than the analyst estimate of $1.01. Revenue for the quarter came in at $1.48 billion versus the consensus estimate of $1.43 billion.
Anixter Int'l sees FY2015 revenue of $1.48 billion, versus the consensus of $1.44 billion.
Strategy Update and Business Outlook
"In addition to solid execution in the business, the current quarter was marked by significant progress on our strategic goals. Power Solutions represents the largest acquisition in Anixter's history and will transform our business into a leading North American electrical distribution platform, enhance our competitive position in the electrical wire and cable business and further strengthen our overall customer and supplier value proposition," commented Bob Eck. "The strategic steps we have taken over the past 12 months, including the acquisition of Tri-Ed, the sale of Fasteners and the announced acquisition of Power Solutions, position Anixter as a leading global competitor in each of our businesses, provide a platform for substantial and sustainable long term growth, and will enable us to maximize shareholder value in both the near term and the long term."
Eck concluded, “Looking ahead, we are optimistic that the positive trends in our security and network infrastructure businesses will continue through the second half of the year. While our Wire & Cable business has been impacted by macro-economic headwinds, including lower copper and oil prices, we believe that the acquisition of Power Solutions is a critical strategic step to increase the competitiveness and profitable growth of this business going forward. With first half 2015 organic sales growth from continuing operations of 2.8 percent, and solid sequential gains in the second quarter, we narrowed and improved our outlook for full year organic sales growth to the 2 - 4 percent range."
Financial Results from continuing operations
(In millions, except per share amounts)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| Jul 3, 2015 | Jul 4, 2014 | PercentChange | Jul 3, 2015 | Jul 4, 2014 | PercentChange | |||||||||||||||||||||||||
| Net Sales | $ | 1,480.4 | $ | 1,342.9 | 10 | % | $ | 2,865.5 | $ | 2,617.2 | 10 | % | ||||||||||||||||||
| Operating Income | $ | 64.5 | $ | 77.2 | (17 | )% | $ | 123.8 | $ | 147.2 | (16 | )% | ||||||||||||||||||
| EBITDA | $ | 71.6 | $ | 81.7 | (12 | )% | $ | 137.1 | $ | 148.4 | (8 | )% | ||||||||||||||||||
| Net Income | $ | 29.5 | $ | 44.5 | (34 | )% | $ | 56.0 | $ | 82.2 | (32 | )% | ||||||||||||||||||
| Diluted Earnings Per Share | $ | 0.88 | $ | 1.33 | (34 | )% | $ | 1.68 | $ | 2.47 | (32 | )% | ||||||||||||||||||
| Diluted Weighted Shares | 33.4 | 33.3 | — | % |
| 33.4 | 33.3 | — | % | |||||||||||||||||||||
For earnings history and earnings-related data on Anixter Int'l (AXE) click here.
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