- Anixter (NYSE:AXE) reports organic net sales fell 2.3% in Q3.
- Network & Security Solutions net sales rose 0.3% to $1.05B.
- Electrical & Electronic Solutions net sales increased 26.3% to $535.1M.
- Utility Power Solutions net sales were $371.3M vs. $18.7M in Q315.
- North America net sales increased 45.6% to $1.65B.
- Gross margin rate declined 190 bps to 20.3% primarily due to the Power Solutions acquisition.
- Adjusted operating margin rate squeezed 110 bps to 5%.
- Adjusted EBITDA margin dropped 120 bps to 5.5%.
- FY2016 Guidance: Net sales: +21% to +22%; Cash flow from operations: $280M to $300M.
More on Anixter's Q3
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