Anixter International (AXE) reported fiscal Q4 earnings that fell short of analysts’ estimates, weighed down by currency and copper prices and forecast up to 5% organic sales growth in 2015.
The distributor of communications and security products and electrical wire and cable products said adjusted earnings in the quarter ended Jan. 2 fell to $1.39 per diluted share from $1.61 a year ago with 70% of the decline driven by currency, copper and the tax rate. Analysts had expected EPS of $1.58. Net sales rose to $1.67 billion from $1.60 billion, also missing the $1.70 billion consensus.
The reported net income fell to $41.1 million or $1.23 per diluted share from $58.1 million or $1.75 a year earlier.
“We believe that lower energy prices will benefit our business in the long term through the positive impact on domestic GDP growth although the full benefit may be largely mitigated by dollar strength.,” CFO Ted Dosch said in a statement. “As we move into 2015, we believe that the full year organic sales growth will be in the 3% to 5% range.”
AXE closed higher 2.1% on Monday, near the lower end of the 52-week range between $74.95 and $115.84. It was inactive in recent pre-market trade.