Anixter Q2 Profit Down, Sales Climb; Sees Higher Sales In FY16 - Quick Facts

(RTTNews) - Anixter International Inc (AXE), a provider of electrical components & equipment, Tuesday said it now expects full year 2016 sales growth between 20 to 24 percent. The acquisition will increase sales by 24 percent, while currency and copper will each have a negative impact of 1 percent. The net result is an organic sales growth rate in the negative 2 percent to positive 2 percent range.

"Reflecting diverging trends across our business and across the broad economy, as well as the uncertainty created by Brexit, we remain cautious regarding prospects for a recovery in the second half of 2016," the company said in a statement.

For the second quarter, net income was $20.8 million or $0.62 per share, down 30 percent from $29.5 million or $0.88 per share in the prior year quarter.

Adjusted net income was $44.2 million, compared to $41.6 million in the prior year, and earnings per share were $1.32 compared to $1.24 a year ago.

On average, 5 analysts polled by Thomson Reuters expected earnings of $1.32 per share for the quarter. Analysts' estimates typically exclude special items.

Net Sales climbed 32 percent to $1.96 billion from last year's $1.48 billion. Organic sales decreased 0.6 percent year-over-year:

Analysts were looking for revenues of $1.96 billion for the quarter.

Adjusted EBITDA was $101.8 million, or 5.2 percent of sales, compared to $92.7 million, or 6.3 percent of sales, in the prior year quarter, an increase of 9.8 percent.