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Anixter International Inc. Reports Fourth Quarter 2013 Results

Stocks in this article: AXE

Anixter International Inc. (NYSE: AXE):

Fourth Quarter Highlights

  • Organic revenue growth of 4.7%
  • Operating income of $95.6 million, up 12% on an adjusted basis
  • Full-year cash flow from operations up 134% to $335 million
  • Special dividend of $5.00 per common share paid in the 4 th quarter

Anixter International Inc. (NYSE: AXE) today reported sales of $1.60 billion for the quarter ended January 3, 2014, a 3.5 percent increase compared to the year-ago quarter. Organic sales, which excludes the impact of the following two items, increased by 4.7 percent year-over-year:

  • $9.9 million from the unfavorable effect of copper pricing
  • $8.7 million from the unfavorable effect of foreign exchange

Operating income in the current quarter of $95.6 million increased by 148 percent compared to year-ago results which included pre-tax charges of $46.7 million, attributable to the impairment of goodwill and long-lived assets, pension-related adjustments and restructuring charges. On an adjusted basis, operating income increased by 12.1 percent, driven by the strong performance of our OEM Supply segment and improved gross margins in all three segments. Operating margin of 6.0 percent increased by 10 basis points sequentially and increased by 50 basis points year-over-year, on an adjusted basis.

Net income from continuing operations of $58.2 million compares to $5.2 million in the year-ago quarter. The current quarter tax expense was favorably impacted by $4.8 million due to the decline in our effective tax rate driven by a change in the country mix of earnings. The adjusted net income for the current quarter of $53.4 million compares to the adjusted net income for the prior year quarter of $42.8 million, an increase of 24.8 percent. All year-over-year comparisons reflected in the following comparisons are presented on an adjusted basis. Reconciliations are provided in the supplemental information at the end of this release.

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