Anixter International Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 29, 2017; Provides Earnings Guidance for the First Quarter and Full Year of 2018; Reports Impairment of Intangible Assets for the Fourth Quarter Ended December 29, 2017
For the year, the company reported net sales of $7,927.4 million compared to $7,622.8 million a year ago. Operating income was $313.1 million compared to $285.3 million a year ago. Income from continuing operations before income taxes was $237.6 million compared to $197.5 million a year ago. Net income from continuing operations was $109.0 million or $3.21 per diluted share compared to $121.1 million or $3.61 per diluted share a year ago. Net income was $109.0 million or $3.21 per diluted share compared to $120.5 million or $3.59 per diluted share a year ago. Net cash provided by operating activities was $183.8 million compared to $279.1 million a year ago. The decrease is primarily due to higher working capital investment to support growth in the business. Capital expenditures, net were $41.1 million compared to $32.6 million a year ago. Non-GAAP net income from continuing operations was $175.2 million compared to $165.5 million a year ago. Diluted EPS- Non-GAAP was $5.16 against $4.93 a year ago. Income from continuing operations before income taxes - Non-GAAP was $281.7 million compared to $262.8 million a year ago. Non-GAAP adjusted operating income was $357.2 million compared to $350.6 million a year ago. EBITDA was $376.6 million compared to $341.7 million a year ago. Adjusted EBITDA was $403.5 million compared to $395.0 million a year ago.
For the year 2018, the company expects effective tax rate in the 28.5% - 29.5% range. For the full year 2018, the company estimates organic sales growth of 2.0% - 5.0%, cash flow from operations of $180 - $200 million and capital expenditures of $60 - $70 million.
For the first quarter of 2018, the company estimates organic sales growth in the 2.0% - 3.0% range.
For the fourth quarter of 201, the company reported impairment of intangible assets of $5.7 million.