Adjusted diluted EPS of $0.92 from
continuing operations versus $0.90 in the prior year
quarter
First Quarter Highlights
- Record first quarter sales of $1.8
billion, up 31%, driven by the Power Solutions acquisition
- Record first quarter NSS sales of
$949 million, up 4% on an organic basis
- Generated $65 million in cash from
operations, further improving liquidity
Anixter International Inc. (NYSE: AXE) today reported quarterly
sales of $1.82 billion for the quarter ended April 1, 2016, a 31.1
percent increase compared to the year-ago quarter. The current and
year-ago quarters each had 65 billing days. Excluding the impact of
the following items, organic sales were flat year-over-year:
- $482.6 million favorable impact from
the acquisition of Power Solutions
- $20.4 million unfavorable impact from
the lower average price of copper
- $31.7 million unfavorable impact from
the fluctuation in foreign currencies
As a result of the acquisitions of Tri-Ed and Power Solutions,
beginning in the first quarter of 2016, we have excluded
amortization of intangible assets associated with purchase
accounting from acquisitions in addition to other items from the
adjusted amounts discussed below. All commentary in this release
reflects results from continuing operations unless otherwise noted.
Please refer to the tables at the end of this release for the
reconciliations from the adjusted amounts to our reported results
prepared in accordance with U.S. GAAP.
Adjusted net income of $30.6 million compares to $30.2 million
in the prior year quarter and adjusted earnings per diluted share
of $0.92 compares to $0.90 in the prior year quarter. On a
year-over-year basis, currency fluctuations and lower average
copper prices negatively impacted earnings by $4.7 million pre tax
and $2.9 million net of tax. Excluding the $0.09 negative impact of
currency and copper, our core adjusted diluted earnings per share
would have been $1.01, a 12 percent increase from the prior year
quarter.
"Reflecting the underlying strength in our network
infrastructure business, we delivered organic sales growth of 4.1%
in our Network and Security Solutions segment, driven by an
acceleration in our North America and emerging markets
geographies," commented Bob Eck, President and CEO. "In our EES and
UPS segments, the combined effects of the weaker industrial economy
and lower commodity prices on a year-over-year basis continue to be
headwinds. While the industrial landscape shows signs of
stabilizing, we maintain our cautious outlook for near term
improvement in market conditions and consequently will continue to
focus on margin improvement, ongoing expense discipline and working
capital efficiencies."
Income Statement Detail
Gross margin of 20.4 percent improved by 20 basis points
compared to the fourth quarter of 2015. The margin decrease from
22.3 percent in the prior year quarter is primarily due to the
Power Solutions acquisition.
Adjusted operating expense of $298.6 million, or 16.4 percent of
sales, compares to prior year adjusted operating expense of $244.9
million, or 17.7 percent of sales.
Adjusted operating income of $72.2 million, or 4.0 percent of
sales, compares to $64.4 million, or 4.6 percent of sales, in the
prior year quarter. The reduction in operating profit margin is
primarily due to the change in mix of the business arising from the
Power Solutions acquisition.
Interest expense of $20.1 million increased by $5.9 million
compared to the prior year quarter. The increase in interest
expense results from the issuance of incremental debt used to
finance the Power Solutions acquisition, partially offset by the
repayment of the 5.95% Senior notes in March 2015.
Other, net expense of $2.8 million compares to $4.0 million in
the prior year quarter. The prior year quarter included $0.7
million of expense related to the devaluation of the Venezuela
bolivar.
Our first quarter effective tax rate was 37.9 percent. The 230
basis point increase from the prior year effective tax rate of 35.6
percent was due to the change in the country mix of earnings,
primarily from the Power Solutions acquisition.
Adjusted EBITDA of $83.3 million, or 4.6 percent of sales,
compares to $72.8 million, or 5.3 percent of sales in the prior
year period. Approximately half of the decline in adjusted EBITDA
margin is a result of the Power Solutions acquisition with the
balance due to the slowdown in sales growth caused by weakness in
industrial markets.
Segment Update
During the first quarter, we changed the composition of our
reportable segments due to recent acquisitions and we no longer
allocate certain corporate costs. Accordingly, prior period segment
financial information has been revised to reflect these
changes.
Network & Security Solutions ("NSS") sales of $949.1
million compares to $928.0 million in the prior year period, an
increase of 2.3 percent. NSS organic sales increased by 4.1
percent, adjusting for the $16.5 million unfavorable impact from
foreign exchange, driven by strength in our North America and
Emerging Markets geographies.
First quarter NSS security sales of $384.2 million, which
represents approximately 41 percent of total segment sales,
increased 1.2 percent from the prior year quarter. Adjusted for the
$6.9 million negative currency impact, organic security sales
growth was 3.0 percent.
NSS adjusted EBITDA of $63.8 million compares to $60.7 million
in the prior year quarter. The corresponding adjusted EBITDA margin
of 6.7 percent compares to 6.5 percent in the prior year quarter,
driven by strong sales growth and effective expense control.
Electrical & Electronic Solutions (“EES”) sales of
$506.0 million compares to $440.8 million in the prior year period,
a 14.8 percent increase. EES organic sales decreased by 7.1
percent, reflecting current weak trends with industrial customers
and relatively flat performance with OEM customers.
EES adjusted EBITDA of $25.4 million compares to $37.7 million
in the prior year quarter. The corresponding adjusted EBITDA margin
of 5.0 percent compares to 8.6 percent. Approximately two-thirds of
the decline in adjusted EBITDA margin was caused by lower copper
pricing and weakness in the industrial sector, with the balance due
to the acquisition of the low voltage Power Solutions business.
Utility Power Solutions (“UPS”) sales were $361.1 million
in the first quarter, an increase of 1.1 percent on an organic
basis. As indicated in our fourth quarter 2015 earnings release,
sales in this segment continue to be negatively impacted by slower
sales growth in Canada due to weakness in oil and gas regions.
UPS adjusted EBITDA was $20.1 million, or 5.6 percent of sales,
down 30 basis points from the previous quarter.
Cash Flow and Leverage
We generated $65.0 million in cash flow from operations in the
first quarter of 2016, which compares to $18.0 million in the prior
year quarter, reflecting working capital efficiencies. We invested
$7.0 million in capital expenditures in the first quarter of 2016,
which compares to $10.9 million in the prior year period. We
continue to expect to invest approximately $45 - $50 million in
capital investments and generate $140 - $160 million in cash flow
from operations for the full year.
"The first quarter of 2016 reflected a challenging global
economic environment, which began to stabilize as the quarter
progressed. We continue to have a strong focus on improving our
margin, cost structure and working capital efficiency," commented
Ted Dosch, Executive Vice President - Finance and CFO. "Turning to
our capital structure, our capital allocation priorities include
achieving our debt-to-capital target range of 45 - 50% by the
second half of 2017, funded out of the strong free cash flow we
expect to generate from our repositioned platform."
Key capital structure and credit-related statistics for the
quarter:
- Debt-to-total capital ratio improved to
56.1% from 58.2% at the end of 2015
- Weighted average cost of borrowed
capital of 4.7% compares to 4.6% in the year-ago quarter
- $413.9 million available under
revolving lines of credit and secured accounts receivable and
inventory facilities
Business Outlook
"As we look at the current year, we are optimistic that the
positive momentum and growth trends in our Network & Security
Solutions segment will continue, driven by growth in North America
and Emerging Markets," commented Bob Eck. "Reflecting diverging
trends across our business, we continue to experience softer trends
in our EES segment related to industrial and manufacturing end
market exposure, resulting in a more cautious outlook on this
portion of the business. Combining our more positive outlook in NSS
with our more conservative outlook in our EES and UPS segments, we
continue to expect full year 2016 organic sales growth from
continuing operations in the negative 2 percent to positive 2
percent range."
Financial Results from Continuing
Operations
(In millions, except per share amounts)
Three Months Ended Apr 1, Apr 3,
Percent 2016 2015 Change Net
Sales $ 1,816.2 $ 1,385.1 31 % Operating Income $ 60.3 $ 59.3 2 %
EBITDA $ 74.2 $ 65.5 13 % Net Income $ 23.2 $ 26.5 (12 )% Diluted
Earnings Per Share $ 0.70 $ 0.79 (11 )% Diluted Weighted Shares
33.4 33.4 — %
Three Months Ended Apr 1,
April 3, Percent 2016
2015 Change (As revised*)
Adjusted Operating Income $ 72.2 $ 64.4 12 % Adjusted EBITDA $ 83.3
$ 72.8 14 % Adjusted Diluted Earnings Per Share $ 0.92 $ 0.90 2 %
* Revised due to change in composition of items impacting
comparability of results to include amortization of intangible
assets.
First Quarter Earnings Call
Details
We will host a conference call to discuss these results
beginning at 9:30 a.m. Central Time today. The call will be
available as a live audio webcast and can be accessed at the
Investor Relations portion of our website at anixter.com/investor.
Dial-in numbers for the call are as follows:
U.S./Canada toll-free dial-in: (888) 287-5563International
dial-in: (719) 457-2727Passcode: 405 3027
A replay of the call will be available at anixter.com/investor
for 15 days following the call. Prior to the beginning of the call
a supplemental presentation titled “First Quarter 2016 Highlights
and Operating Review” will be available on the Investor Relations
section of our website.
About Anixter
Anixter International is a leading global distributor of Network
& Security Solutions, Electrical & Electronic Solutions and
Utility Power Solutions. We help build, connect, protect, and power
valuable assets and critical infrastructures. From enterprise
networks to industrial MRO supply to video surveillance
applications to electric power distribution, we offer full-line
solutions, and intelligence, that create reliable, resilient
systems that sustain businesses and communities. Through our
unmatched global distribution network along with our supply
chain and technical expertise, we help lower the cost, risk
and complexity of our customers’ supply chains.
Anixter adds value to the distribution process by providing our
customers access to 1) innovative supply chain solutions, 2) over
450,000 products and $1.2 billion in inventory, 3) approximately
320 warehouses/branch locations with approximately 9.0 million
square feet of space and 4) locations in over 300 cities in more
than 50 countries. Founded in 1957 and headquartered near Chicago,
Anixter trades on the New York Stock Exchange under the symbol
AXE.
Safe Harbor Statement
The statements in this release other than historical facts are
forward-looking statements made in reliance upon the safe harbor of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to a number of factors that
could cause our actual results to differ materially from what is
indicated here. These factors include but are not limited to
general economic conditions, the level of customer demand
particularly for capital projects in the markets we serve, changes
in supplier relationships or in supplier sales strategies or
financial viability, risks associated with the sale of
nonconforming products and services, political, economic or
currency risks related to foreign operations, inventory
obsolescence, copper price fluctuations, customer viability, risks
associated with accounts receivable, the impact of regulation and
regulatory, investigative and legal proceedings and legal
compliance risks, information security risks, risks associated with
substantial debt and restrictions contained in financial and
operating covenants in our debt agreements, and risks associated
with integration of acquired companies, including, but not limited
to, the risk that the acquisitions may not provide us with the
synergies or other benefits that were anticipated. These
uncertainties may cause our actual results to be materially
different than those expressed in any forward looking statements.
We do not undertake to update any forward looking statements.
Please see our Securities and Exchange Commission (“SEC”) filings
for more information.
Non-GAAP Financial Measures
In addition to the results provided in accordance with U.S.
Generally Accepted Accounting Principles (“GAAP”) above, this
release includes certain financial measures computed using non-GAAP
components as defined by the SEC. Specifically, net sales
comparisons to the prior corresponding period, both worldwide and
in relevant segments, are discussed in this release both on a GAAP
and non-GAAP basis. We believe that by providing non-GAAP organic
growth, which adjusts for the impact of acquisitions (when
applicable), foreign exchange fluctuations and copper prices, both
management and investors are provided with meaningful supplemental
sales information to understand and analyze our underlying trends
and other aspects of our financial performance. We calculate the
year-over-year organic sales growth impact relating to the Power
Solutions acquisition by including its 2015 comparable period
results prior to the acquisition with our results (on a "pro forma"
basis) as we believe this represents the most accurate
representation of organic growth, considering the nature of the
company we acquired and the synergistic revenues that have been or
will be achieved. Historically and from time to time, we may also
exclude other items from reported financial results (e.g.,
impairment charges, inventory adjustments, restructuring charges,
tax items, currency devaluations, etc.) so that both management and
financial statement users can use these non-GAAP financial measures
to better understand and evaluate our performance period over
period and to analyze the underlying trends of our business. As a
result of the acquisitions of Tri-Ed and Power Solutions, beginning
in the first quarter of 2016, we have also excluded amortization of
intangible assets associated with the purchase accounting from
acquisitions from the adjusted amounts discussed below as non-GAAP
financial measures.
EBITDA is defined as net income from continuing operations
before interest, income taxes, depreciation and amortization.
Adjusted EBITDA is defined as EBITDA before foreign exchange and
other non-operating expense and non-cash stock-based compensation,
excluding the other items from reported financial results, as
defined above. EBITDA and Adjusted EBITDA are presented because we
believe they are useful indicators of our performance and our
ability to meet debt service requirements. They are not, however,
intended as an alternative measure of operating results or cash
flow from operations as determined in accordance with generally
accepted accounting principles.
Non-GAAP financial measures provide insight into selected
financial information and should be evaluated in the context in
which they are presented. These non-GAAP financial measures have
limitations as analytical tools, and should not be considered in
isolation from, or as a substitute for, financial information
presented in compliance with GAAP, and non-GAAP financial measures
as reported by us may not be comparable to similarly titled amounts
reported by other companies. The non-GAAP financial measures should
be considered in conjunction with the Condensed Consolidated
Financial Statements, including the related notes, and Management’s
Discussion and Analysis of Financial Condition and Results of
Operations. Management does not use these non-GAAP financial
measures for any purpose other than the reasons stated above.
Additional information about Anixter is
available at anixter.com.
ANIXTER INTERNATIONAL INC. Condensed Consolidated
Statements of Operations (Unaudited) Three
Months Ended (In millions, except per share amounts)
April 1,2016
April 3,2015
Net sales $ 1,816.2 $
1,385.1 Cost of goods sold 1,445.4 1,075.8
Gross profit 370.8 309.3 Operating expenses
310.5 250.0
Operating income 60.3
59.3 Other expense: Interest expense (20.1 ) (14.2 ) Other,
net (2.8 ) (4.0 ) Income from continuing operations before income
taxes 37.4 41.1 Income tax expense from continuing operations 14.2
14.6
Net income from continuing operations
23.2 26.5 (Loss) income from discontinued operations
before income taxes (0.7 ) 11.2 Income tax (benefit) expense from
discontinued operations (0.3 ) 18.6
Net loss from
discontinued operations (0.4 ) (7.4
) Net income $ 22.8 $
19.1 Income (loss) per share: Basic:
Continuing operations $ 0.70 $ 0.80 Discontinued operations (0.01 )
(0.22 )
Net Income $ 0.69 $ 0.58
Diluted: Continuing operations $ 0.70 $ 0.79 Discontinued
operations (0.02 ) (0.22 )
Net Income $ 0.68 $ 0.57
Weighted-average common shares outstanding:
Basic 33.3 33.2 Diluted 33.4 33.4
Reportable Segments
Net sales: (As revised*) Network & Security
Solutions $ 949.1 $ 928.0 Electrical & Electronic Solutions
506.0 440.8 Utility Power Solutions 361.1 16.3 $
1,816.2 $ 1,385.1
Operating income: Network
& Security Solutions $ 58.8 $ 55.7 Electrical & Electronic
Solutions 22.5 35.8 Utility Power Solutions 14.3 2.0 Corporate
(35.3 ) (34.2 ) $ 60.3 $ 59.3
* Revised due
to change in composition of our reportable segments.
ANIXTER INTERNATIONAL INC. Condensed Consolidated Balance
Sheets (Unaudited)
April 1,2016
January 1,2016
(In millions) ASSETS Current assets:
Cash and cash equivalents $ 115.3 $ 151.3 Accounts receivable, net
1,299.6 1,326.4 Inventories 1,177.8 1,182.6 Other current assets
54.5 67.5 Total current assets 2,647.2 2,727.8
Property and equipment, net 137.8 131.8 Goodwill 764.9 756.5
Intangible assets, net 446.2 453.8 Other assets 74.4 72.1
Total assets $ 4,070.5 $
4,142.0 LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $ 904.2 $
905.6 Accrued expenses 219.6 250.6 Total current
liabilities 1,123.8 1,156.2 5.50% Senior notes due 2023 345.9 345.8
5.125% Senior notes due 2021 395.1 394.9 5.625% Senior notes due
2019 347.0 346.8 Canadian term loan 184.3 172.9 Revolving lines of
credit 298.6 390.1 Other 2.2 2.6 Unamortized debt issuance costs
(9.5 ) (10.2 ) Other liabilities 159.2 163.5
Total
liabilities 2,846.6 2,962.6 Total
stockholders' equity 1,223.9 1,179.4
Total liabilities and stockholders' equity $
4,070.5 $ 4,142.0
ANIXTER INTERNATIONAL INC. Condensed Consolidated
Statements of Cash Flows (Unaudited) Three
Months Ended
April 1,2016
April 3,2015
(In millions) Operating activities: Net income
$ 22.8 $ 19.1 Adjustments to reconcile net income to net cash
provided by operating activities: Depreciation 7.0 6.1 Amortization
of intangible assets 9.7 5.4 Stock-based compensation 4.1 3.6
Accretion of debt discount 0.5 0.4 Amortization of deferred
financing costs 0.5 0.4 Deferred income taxes 0.5 — Pension plan
contributions (4.6 ) (4.8 ) Pension plan expenses 2.7 2.9 Excess
income tax benefit from employee stock plans (0.2 ) (0.4 ) Changes
in current assets and liabilities, net 26.3 (15.5 ) Other, net (4.3
) 0.8
Net cash provided by operating activities
65.0 18.0 Investing activities: Capital
expenditures, net (7.0 ) (10.9 ) Other, net — 2.3
Net cash used in investing activities (7.0 )
(8.6 ) Financing activities: Proceeds from
borrowings 359.1 346.8 Repayments of borrowings (450.6 ) (151.5 )
Retirement of Notes due 2015 — (200.0 ) Repayments of term loan —
(1.3 ) Excess income tax benefit from employee stock plans 0.2 0.4
Deferred financing costs — (1.0 )
Net cash used in
financing activities (91.3 ) (6.6 )
(Decrease) increase in cash and cash equivalents
(33.3 ) 2.8 Effect of exchange rate changes
on cash balances (2.7 ) 6.4 Cash and cash
equivalents at beginning of period 151.3 92.0
Cash
and cash equivalents at end of period $ 115.3
$ 101.2 ANIXTER INTERNATIONAL
INC. Financial Measures That Supplement GAAP (Unaudited)
First Quarter 2016 Sales Growth Trends
Q1 2016
Q1 2015 Foreign
Organic As Exchange
Copper As As Acquisition Pro
Growth/ ($ millions) Reported Impact
Impact Adjusted Revised* Impact
Forma (Decline) Network & Security
Solutions North America $ 748.0 $ 7.8 $ — $ 755.8 $ 726.6 $ — $
726.6 4.0 % Europe 81.4 2.4 — 83.8 84.2 — 84.2 (0.4 )% Emerging
Markets 119.7 6.3 — 126.0 117.2
— 117.2 7.6 %
NSS $ 949.1
$ 16.5 $ — $
965.6 $ 928.0 $ —
$ 928.0 4.1 %
Electrical & Electronic Solutions North America $ 404.8
$ 5.4 $ 17.2 $ 427.4 $ 312.1 $ 136.2 $ 448.3 (4.7 )% Europe 57.7
3.0 1.2 61.9 70.8 — 70.8 (12.5 )% Emerging Markets 43.5 1.6
1.6 46.7 57.9 — 57.9
(19.5 )%
EES $ 506.0 $
10.0 $ 20.0 $
536.0 $ 440.8 $
136.2 $ 577.0 (7.1
)% Utility Power Solutions North America $
361.1 $ 5.2 $ 0.4 $ 366.7 $ 16.3
$ 346.4 $ 362.7 1.1 %
UPS $
361.1 $ 5.2 $ 0.4
$ 366.7 $ 16.3
$ 346.4 $ 362.7
1.1 %
Total $ 1,816.2 $
31.7 $ 20.4 $
1,868.3 $ 1,385.1 $
482.6 $ 1,867.7 —
% Geographic Sales North America $ 1,513.9 $
18.4 $ 17.6 $ 1,549.9 $ 1,055.0 $ 482.6 $ 1,537.6 0.8 % Europe
139.1 5.4 1.2 145.7 155.0 — 155.0 (5.9 )% Emerging Markets 163.2
7.9 1.6 172.7 175.1 —
175.1 (1.4 )%
Total $ 1,816.2
$ 31.7 $ 20.4 $
1,868.3 $ 1,385.1 $
482.6 $ 1,867.7 —
%
* Revised due to change in composition
of our reportable segments.
ANIXTER INTERNATIONAL INC. Financial Measures That
Supplement GAAP (Unaudited) - continued (In millions,
except per share amounts) Positive (Negative) impact
Three Months Ended
April 1,2016
April 3,2015
(As revised*) Continuing operations Items
impacting comparability of results: Items impacting operating
income: Acquisition and integration costs $ (2.2 ) $ — Amortization
of intangible assets (9.7 ) (5.1 )
Total of items impacting
operating income $ (11.9 ) $
(5.1 ) Items impacting other expenses: Foreign
exchange loss from the devaluation of foreign currencies —
(0.7 )
Total of items impacting other expenses $
— $ (0.7 ) Total of items
impacting pre-tax income $ (11.9 )
$ (5.8 ) Items impacting income taxes: Tax
impact of items impacting pre-tax income above $ 4.5 $ 2.1
Total of items impacting income taxes $
4.5 $ 2.1 Net income impact
of these items $ (7.4 ) $
(3.7 ) Diluted EPS impact of these items
$ (0.22 ) $ (0.11 )
GAAP to Non-GAAP Net Income and EPS Reconciliation for
continuing operations: Net income from continuing operations –
Non-GAAP $ 30.6 $ 30.2 Items impacting net income from continuing
operations (7.4 ) (3.7 ) Net income from continuing operations –
GAAP $ 23.2 $ 26.5 Diluted EPS – Non-GAAP $
0.92 $ 0.90 Diluted EPS impact of these items (0.22 ) (0.11 )
Diluted EPS – GAAP $ 0.70 $ 0.79
* Revised due to change in composition of items impacting
comparability of results to include amortization of intangible
assets.
Items Impacting Comparability of Operating
Income by Segment Three Months Ended April 1,
2016 (in millions) NSS EES
UPS Corporate Total
Adjusted operating income - Non-GAAP $ 62.4 $ 24.7 $ 18.5 $ (33.4 )
$ 72.2 Adjusted operating margin - Non-GAAP 6.6 % 4.9 % 5.1 % nm
4.0 %
Total of items
impacting operating income $ (3.6 )
$ (2.2 ) $ (4.2 )
$ (1.9 ) $ (11.9 )
Operating income - GAAP $ 58.8 $ 22.5 $ 14.3 $ (35.3 ) $ 60.3
Operating margin - GAAP 6.2 % 4.4 % 3.9 % nm 3.3 %
nm -
not meaningful
Items Impacting
Comparability of Operating Income by Segment Three
Months Ended April 3, 2015 (As revised*) (in millions)
NSS EES UPS
Corporate Total Adjusted operating
income - Non-GAAP $ 59.4 $ 37.2 $ 2.0 $ (34.2 ) $ 64.4 Adjusted
operating margin - Non-GAAP 6.4 % 8.4 % 12.3 % nm 4.6 %
Total of items impacting operating
income $ (3.7 ) $ (1.4
) $ — $ — $
(5.1 ) Operating income - GAAP $ 55.7 $ 35.8 $
2.0 $ (34.2 ) $ 59.3 Operating margin - GAAP 6.0 % 8.1 % 12.3 % nm
4.3 %
nm - not meaningful * Revised due to
change in composition of our reportable segments.
ANIXTER INTERNATIONAL INC.
2016 and 2015 Effective Tax Rate – GAAP and Non-GAAP
Three Months Ended April 1,
April 3, (in millions) 2016 2015
(As revised*) Income from continuing operations before taxes
– GAAP $ 37.4 $ 41.1 Income tax expense – GAAP 14.2 14.6 Effective
income tax rate 37.9 % 35.6 %
Total of items impacting
pre-tax income above $ (11.9 ) $
(5.8 ) Total of items impacting income taxes
above $ 4.5 $ 2.1
Income from continuing operations before income taxes –
Non-GAAP $ 49.3 $ 46.9 Income tax expense – Non-GAAP 18.7 $ 16.7
Adjusted effective income tax rate 37.9 % 35.6 %
* Revised due to change in composition of items impacting
comparability of results to include amortization of intangible
assets.
2016 EBITDA by Segment Three Months Ended
April 1, 2016 (in millions) NSS EES
UPS Corporate Total Net
income from continuing operations $ 58.8 $ 22.5 $ 14.3 $ (72.4 ) $
23.2 Interest expense — — — 20.1 20.1 Income taxes — — — 14.2 14.2
Depreciation 0.9 0.5 1.4 4.2 7.0 Amortization of intangible assets
3.6 2.2 3.9 — 9.7
EBITDA
$ 63.3 $ 25.2 $
19.6 $ (33.9 ) $
74.2 EBITDA leverage 2.2x nm
0.4x nm 0.4x EBITDA as a % of sales
6.7 % 5.0 % 5.4 %
nm 4.1 % Foreign exchange and other
non-operating expense $ — $ — $ — $ 2.8 $ 2.8 Stock-based
compensation 0.5 0.2 0.2 3.2 4.1 Acquisition and integration costs
— — 0.3 1.9 2.2
Adjusted
EBITDA $ 63.8 $ 25.4
$ 20.1 $ (26.0 ) $
83.3 Adjusted EBITDA leverage 2.2x
nm 0.4x nm 0.5x Adjusted EBITDA as a
% of sales 6.7 % 5.0 % 5.6
% nm 4.6 % nm - not
meaningful
2015 EBITDA by Segment
Three Months Ended April 3, 2015 (As revised*) (in
millions) NSS EES UPS
Corporate Total Net income from continuing
operations $ 55.7 $ 35.8 $ 2.0 $ (67.0 ) $ 26.5 Interest expense —
— — 14.2 14.2 Income taxes — — — 14.6 14.6 Depreciation 0.9 0.2 —
4.0 5.1 Amortization of intangible assets 3.7 1.4 —
— 5.1
EBITDA $ 60.3
$ 37.4 $ 2.0
$ (34.2 ) $ 65.5
EBITDA leverage 0.3x nm nm nm
-0.2x EBITDA as a % of sales 6.5 %
8.5 % 12.1 % nm 4.7
% Foreign exchange and other non-operating expense $
— $ — $ — $ 4.0 $ 4.0 Stock-based compensation 0.4 0.3
— 2.6 3.3
Adjusted EBITDA
$ 60.7 $ 37.7 $
2.0 $ (27.6 ) $
72.8 Adjusted EBITDA leverage 0.3x
nm nm nm -0.9x Adjusted EBITDA as a
% of sales 6.5 % 8.6 % 12.1
% nm 5.3 % nm - not
meaningful * Revised due to change in composition of
our reportable segments.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160426005443/en/
INVESTOR CONTACTSAnixter International Inc.Ted
DoschEVP - Finance & Chief Financial Officer(224)
521-4281orLisa Micou Meers, CFAVP - Investor
Relations(224) 521-8895
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