Anixter International Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 29, 2017; Provides earnings Guidance for the Fourth Quarter and Full Year of 2017
For the nine months, the company reported net income of $108.6 million or $3.20 per diluted share on net sales of $5,913.6 million compared to net income of $83.7 million or $2.50 per diluted share on net sales of $5,728.2 million reported in the same period last year. Net income from continuing operations was $108.6 million or $3.20 per diluted share against $84.3 million or $2.52 per diluted share reported last year. Operating income was $232.7 million against $204.3 million reported last year. Income from continuing operations before income taxes was $176.1 million against $138.9 million reported last year. Net cash provided by operating activities was $110.1 million against $238.6 million reported last year. Capital expenditures, net was $30.9 million against $24.9 million reported last year. Non-GAAP net income from continuing operations was $127.4 million or $3.75 per diluted share against $121.1 million or $3.62 per diluted share reported last year. Adjusted operating income - Non-GAAP was $260.6 million against $259.8 million reported last year. EBITDA was $280.4 million against $248.3 million reported last year. Adjusted EBITDA was $295.4 million against $293.3 million reported last year.
Reflecting its current sales and backlog trends through early October, the company expects fourth quarter 2017 organic sales growth in the 2.5 - 3.5% range. The company expects adjusted operating expense as a percent of sales to improve by approximately 10 basis points year-over-year, as saw in the current quarter.
For the full year 2017 the company now expects organic sales growth on a per day basis in the 3.0 - 3.5% range. The company currently estimate a full year 2017 adjusted tax rate of approximately 37.6%. The company currently expects to invest $45 million to $50 million for the full quarter -- for the full year. Finally, the company continue to estimate cash flow from operations for the full year to be approximately $200 million to $220 million.