Anixter Q1 Results Up, Tops Estimates; Lifts FY17 Organic Sales Growth Forecast

(RTTNews) - Anixter International Inc (AXE), a provider of electrical components & equipment, Tuesday reported that its first-quarter net income climbed 33 percent to $30.9 million from last year's $23.2 million. Earnings per share were $0.91, up 30 percent from $ 0.70 a year ago.

First quarter 2017 adjusted net income was $37.0 million or $1.09 per share, compared to $30.6 million or $0.92 per share in the prior year quarter.

Net sales grew 4.4 percent to $1.90 billion from $1.82 billion last year. Organic sales increased 4% year-over-year.

On average, five analysts polled by Thomson Reuters expected earnings of $0.99 per share for the quarter on sales of $1.87 billion. Analysts' estimates typically exclude special items.

Bob Eck, President and CEO, said, "We were pleased with our sales momentum in the first quarter, which reflected a slowly improving economic environment and solid execution of our growth initiatives. As we enter the second quarter of 2017, we are cautiously optimistic that the positive momentum we experienced in the quarter will continue, as we maintain our focus on our growth initiatives which include synergistic sales and global accounts."

Looking ahead, for the second quarter, the company expects organic sales growth in the 1.5 - 3% range.

Further, for the full-year 2017, the company increased the midpoint of outlook range by 100 basis points, and now expect full year organic sales growth in the 2 - 5% range.

The previous full year 2017 organic sales growth forecast was in the 1% - 4% range.