This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Anixter International Inc. Reports Third Quarter 2013 Results

Stocks in this article: AXE

Anixter International Inc. (NYSE: AXE) today reported sales of $1.56 billion for the quarter ended September 27, 2013, a 3.2 percent decrease compared to the year ago quarter. The year-over-year reported sales decline would have been approximately 2.7 percent excluding the negative impact of the previously reported conclusion of a large security solutions contract in the fourth quarter of 2012. Organic sales, which excludes the impact of the following two items, declined by 2.2 percent year-over-year:

  • $9.5 million from the unfavorable effect of copper pricing
  • $6.6 million from the unfavorable effect of foreign exchange

Our third quarter of 2013 results included a net $4.7 million after-tax benefit primarily related to closing prior tax years and related interest. Our third quarter of 2012 results included an impairment charge of $27.2 million and an inventory lower-of-cost-or-market adjustment of $1.2 million, resulting in a total non-cash pre-tax charge of $28.4 million (after-tax $27.4 million). Due to the change in the country mix of the full year forecast of earnings, both quarterly periods were negatively impacted by an increase in the annual tax rate. All of the results from continuing operations and year-over-year comparisons herein exclude the impact of these items and reconciliations have been provided in the supplemental information at the end of this release.

Adjusted earnings per diluted share from continuing operations of $1.52 compares to $1.43 in the year ago quarter. Current quarter adjusted earnings per diluted share of $1.52 also includes an unfavorable impact of the lower average price of copper of $0.04 per diluted share.

Operating income in the quarter of $92.4 million was adversely impacted by the slowdown in our Canadian markets and delays in previously awarded projects in both our Wire and Cable and Enterprise Cabling and Security Solutions segments. Partially offsetting the challenging demand environment was an improvement in gross margin. Adjusted operating income in the year ago quarter was $95.7 million. Operating margin of 5.9 percent increased from 5.4 percent in the previous quarter, including sequential improvement in all segments. Versus the prior year, operating margin was flat on an adjusted basis. Adjusted net income from continuing operations of $50.4 million compares to adjusted net income of $48.0 million in the year ago quarter.

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,719.00 +33.27 0.19%
S&P 500 2,052.75 +4.03 0.20%
NASDAQ 4,701.8670 +26.1550 0.56%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs