Anixter International Q3 Profit Declines

(RTTNews) - Anixter International Inc. (AXE) reported third-quarter of 2014 net income of $52.5 million down from $53.8 million in the prior year. Earnings per share was $1.57 versus $1.62 in the prior year.

The latest-quarter result included the negative impact of $6.0 million of transaction and financing costs related to the Tri-Ed acquisition, the tax benefit of $1.9 million related to closing prior tax years and a $0.7 million additional tax expense to forecast an effective tax rate of 34.9 percent for the full year.

Adjusted net income of $56.3 million increased 11.7 percent from $50.5 million in the year-ago quarter. Adjusted earnings per share of $1.69 increased 11.2 percent from $1.52 in the year ago quarter.

With the solid momentum it experienced in the third quarter across its North American business, the company believed it is positioned for organic sales growth per day to continue to accelerate in the fourth quarter of 2014.

While global markets remain uneven, the company believes it is well positioned in its European and Emerging Markets geographies. For the full year, the company continues to expect its organic sales growth on a days adjusted basis to be at the low end of the mid-single digit growth range.

Quarterly sales of $1.67 billion for the quarter ended October 3, 2014, a 7.0 percent increase compared to the year-ago quarter. Excluding the impact of the certain items, organic sales increased by 5.5 percent and approximately 4 percent on a per day basis, year-over-year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.68 per share and revenues of $1.64 billion for the quarter. Analysts' estimates typically exclude special items.