Anixter Q3 Profit Rises; Stock Surges
(RTTNews) - Anixter International Inc. (AXE) reported that its third-quarter net income rose to $59.3 million or $1.73 per share from $47.6 million or $1.40 per share last year.
In Wednesday pre-market, AXE is trading at $81.66, up $10.26 or 14.37%.
Adjusted earnings per share increased 19.3% to $1.92 from the prior year.
Sales for the quarter increased 2.0% to $2.2 billion from last year. The latest quarter sales include the unfavorable impacts of lower average copper prices and generally weaker foreign currencies. Adjusting for these impacts, organic sales increased 2.6%.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.65 per share and revenues of $2.24 billion. Analysts' estimates typically exclude special items.
For the fourth quarter, the company expects sales growth to be in the range of 2.0% - 4.0%, or organic growth of 2.5% - 4.5%.
The company reaffirmed its full year 2019 sales outlook of 4.0% - 5.0%. After adjusting for copper and foreign exchange, the organic sales growth outlook is 4.5% - 5.5%.
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