Axis Q1 2013 Financial Results

By John Honovich, Published Apr 14, 2013, 08:00pm EDT (Info+)

Axis's growth rate appears to have settled into a slower growth rate range, as shown by just released Q1 2013 and 2012 financial results. In this note, we examine what is holding Axis back and, in particular, Axis's performance in Asia. Plus, we dig into the financial call transcript for greater details and commentary.

Financial Report Overview

*** ******* **** ****' ********** *******:

  • **% ******* ****** **** **** **** in ***** ******** *****; ******** ******* was **% *** *** **** ******. Key ********* *** **** ***** ****** was '************* ***********'.
  • **** ******** *** ******* ****** ** 10% ****** ** ***** ******** *****, though ************* **** ****** *** *** UK ** '* ******** *****' ****** a '********** *****' **** ****** ** IP.
  • *******'* ****** *** **% ** ***** currency *****, ** **** **% *** the **** ****** ** *** *** quarter. **** *** ************ ********** ***** Americas ** *** **% ** ****' total *******.
  • **** ****** *** **% ** ***** currency *****, * ****** **** **** the **% ** *** *** *******. Asia *******, ** ***, ****' ******** market, ** **** **% ** ***** total *******.
  • ******* ****** *** ***** **** ****** stable.

Going *******?

***** **** ********** **** *** **** term ****** ********* **** ** *** 20-25% *****, **** **** **** ******** about *** **** ** **** ****, saying **** **** **** '*** ****** return ** **-**%" ****** *** *** rest ** **** ****. ******* *********, Axis ************ **** ** **** *** strong, *** ***** **** ***** *** comment ** *** **** ***** ****** next *******'* *********** (** ****), ** would *** ** ********* ** **** number *** ***** ** ***** **** this *******'*.

Performance ** ****

**** ************ **** **% ****** ** Asia ** ***** ***** ************ *** that **** **** '*** *****' **** it. ******* **** ***** *** **** included:

  • ****** ******* ******** *********** ****** ****
  • "***** **** *** [*****] *********** [** Asia] ** *** ***"
  • "******* **** * *********** ***********" ** they **** *** ******* *** "******* and ******* ******* *********** ** ***** home ******"

** *** ******* ** ****' ******* to ******* ** ****. ***** ***** budget ********* *** ************ ****** *** the **** ****** *** ****** ******* markets, *** ***** ********* *** *** more ****** ** ******** *******. ************, the ********* ******** ** *** ******* company *** *********** *** *** **** projects ******* ******* *********.

*************, **** **** **** **** *** not ****** ***** ******* ** ** reduced ** ***** ********** ** ******* within **** ****. **** ** ********** to **, ******* ** ***** ****** Axis ***** **** ** *** ****** within **** (******** ***** *******) ** they **** ** ****** ******. **** might ****** **** **** ** ******** more ** ******* **** ******* ****** share *** ** ******* **** *** Asia ***** ****** ***.

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