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Europe Sales Drag Down Anixter Fastener Results-緊固件展-2015第十六屆廣州國際緊固件及設備展覽會-巨浪展覽-The 16th China(Guangzhou)Int’l Fastener & Equipment Exhibition
2/6/2015 緊固件展-緊固件采購會-國際緊固件展-fastener expo |
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Weeks after putting its OEM Supply - Fasteners unit up for auction, Anixter reported Fasteners segment sales declined 12.2% to $217.3 million in the fourth quarter of 2014.
"Excluding the $6.5 million unfavorable impact from foreign exchange, Fasteners organic sales decreased by 9.6% which equates to a 3.7% decrease on an adjusted per day basis."
Further excluding the $17.1 million impact resulting from the previously disclosed transition of an existing European customer to dual source supply, organic sales growth would have been 3.4% on a per day basis.
Fasteners segment sales in North America dropped 1.9% to $92.1 million on an organic basis during Q4, "reflecting unplanned shutdowns by customers during the holidays."
In Europe, Fasteners sales fell 18.3% on an organic basis to $103.9 million. And Emerging Markets sales for Fasteners jumped 19.5% on an organic per day basis, "reflecting continued strong growth in these geographies."
Fasteners adjusted operating income dropped 51% to $6.6 million in Q4. Including $1.1 million of acquisition and strategic tax project costs, Fasteners operating income was $5.5 million. Adjusted operating margin of 3% compares to operating margin of 5.5% in the prior year quarter and 3.8% in the third quarter of 2014.
"The decline in margin is primarily a result of the previously disclosed inventory sale that favorably impacted year-ago margins and customer mix."
Full-year Fasteners segment sales edged up 0.3% to $938.5 million.
Fasteners sales in North America gained 1.7% to $396.2 million. Segment sales in Europe fell 6.1% to $445 million, while Emerging Markets sales increased 28.5% to $92.6 million.
Fasteners segment operating margin in 2014 improved to 4.2% compared to 3.5% in 2013.
Fasteners adjusted EBITDA declined 46% to $8 million.
Overall Anixter sales rose 4% to $6.4 billion, with operating income up 2% to $360.9 million and net income down 3% to $194.8 million.
緊固件展-2015第十六屆廣州國際緊固件及設備展覽會-巨浪展覽-The 16th China(Guangzhou)Int’l
Fastener & Equipment Exhibition
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