Anixter Int'l (AXE) Tops Q2 EPS by 2c, Offers Outlook
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Anixter Int'l (NYSE: AXE) reported Q2 EPS of $1.36, $0.02 better than the analyst estimate of $1.34. Revenue for the quarter came in at $2 billion versus the consensus estimate of $2.01 billion.
Business Outlook
"Year-to-date, organic sales growth of 3.3% reflects solid execution of our growth initiatives and flat to modest share gain across our markets, against the backdrop of a slowly improving economic environment. As we enter the second half of the year, our focus remains on our growth initiatives which include synergistic sales and global accounts. Based on our backlog and pipeline activity, and supported by our customers' optimism and the macro-economic indicators we track, we remain optimistic that end markets will improve in the second half of 2017," commented Bob Eck. "Reflecting our current sales and backlog trends, we expect third quarter 2017 organic sales growth in the 2.0 - 4.0% range. For the full year 2017 we have increased the midpoint of our outlook range by 50 basis points, and now expect full year organic sales growth in the 3.0 - 5.0% range."
Financial Results from Continuing Operations
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| (In millions, except per share amounts) | June 30, 2017 | July 1, 2016 | PercentChange | June 30, 2017 | July 1, 2016 | PercentChange | ||||||||||||||
| Net Sales | $ | 2,001.4 | $ | 1,955.7 | 2% | $ | 3,897.2 | $ | 3,771.9 | 3% | ||||||||||
| Operating Income | $ | 82.7 | $ | 56.7 | 46% | $ | 151.7 | $ | 117.0 | 30% | ||||||||||
| Net Income | $ | 40.1 | $ | 20.8 | 93% | $ | 71.0 | $ | 44.0 | 61% | ||||||||||
| Diluted Earnings Per Share | $ | 1.18 | $ | 0.62 | 90% | $ | 2.09 | $ | 1.32 | 58% | ||||||||||
| Diluted Weighted Shares | 34.0 | 33.5 | 1% | 34.0 | 33.4 | 2% | ||||||||||||||
For earnings history and earnings-related data on Anixter Int'l (AXE) click here.
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