Anixter International Inc. (NYSE:AXE) currently trades at $83.00 which is about -1.01% lower than the 52-week high of $88.00. The trading volume at ready counter moved to 328,308.00 shares as compared to 172,493.00 shares average traded volume. The stock failed to get pushed above the $83.05 barrier, the intraday high, after opening at $82.00. Analysts have a consensus target price of $74.00 in the 12-month period. Its market capitalization has now reached to $2.69B.
Anixter International Inc. (NYSE:AXE) was dropped to Underweight from Equal Weight at Barclays. It has earned a consensus buy rating, according to Zacks Investment Research. No analyst has rated the stock with a sell rating, 2 have assigned a hold rating, Zero says it’s a buy and 1 has assigned a strong buy rating to the company.
Anixter International Inc. (AXE) on January 31, 2017 reported sales of $1.9 billion for the quarter ended December 30, 2016, a 3.2% increase compared to the prior year quarter. Organic sales increased 4.0% year-over-year excluding the impact of the following items:
- $6.1 million favorable impact from the higher average price of copper
- $20.3 million unfavorable impact from the fluctuation in foreign currencies
The current quarter had 62 billing days, compared to 61 billing days in the fourth quarter of 2015, which ended on January 1, 2016. Excluding the favorable impact from one additional billing day, organic sales increased 2.3% versus prior year.
All commentary in this release reflects results from continuing operations unless otherwise noted. Please refer to the tables at the end of this release for the reconciliations from our reported results prepared in accordance with U.S. GAAP to the Non-GAAP measures.
Net income of $36.8 million includes amortization of intangible assets and acquisition and integration costs of $9.8 million pre-tax and $7.6 million after-tax. Net income of $5.5 million in the fourth quarter of 2015 includes amortization of intangible assets, acquisition and integration costs, restructuring charge, Latin America bad debt provision, write-off of deferred financing costs, foreign exchange loss from devaluation of foreign currencies, loss on extinguishment of debt and an unfavorable tax expense, which combined had a $29.8 million pre-tax and $29.5 million after-tax impact.
Excluding the impact of the above items, fourth quarter of 2016 adjusted net income of $44.4 million compares to $35.0 million in the prior year quarter, a 26.1% increase.
Diluted earnings per share of $1.09 compares to $0.17, and adjusted diluted earnings per share of $1.31 compares to $1.05, both versus prior year quarter.
Adjusted EBITDA of $101.7 million, or 5.4% of sales, compares to prior year adjusted EBITDA of $101.8 million, or 5.5% of sales.
“We are pleased to report the strongest organic growth rate in our Network and Security Solutions segment since the third quarter of 2011, driven by strength in our North America and Europe geographies and our security business. Full year sales in NSS reached a record $4.1 billion,” commented Bob Eck, President and CEO. “Consistent with what we indicated in our third quarter release, our Electrical & Electronic Solutions segment returned to growth in the fourth quarter. Sales trends in both our EES and Utility Power Solutions segments, which continue to be impacted by a sluggish industrial economy, improved as our customers’ end markets began to recover. In addition, we continue to progress with the integration of our acquired businesses, exceeding our 2016 synergy targets and remaining on track to deliver over $40 million in combined EBITDA synergies by 2018.”