Axis Q1 2016 Financial Results - Asia Down / Terrorism Up

Author: Brian Karas, Published on Apr 14, 2016

Axis Q1 2016 growth was overall solid but with two diverging trends - Asia and terrorism.

In this note, we breakdown the results and analyze what they mean.

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Sales ********

**** **** **%, ** ***** ********** **, ** ****, **** **** ****. ** *** ******** ******* (** ****), **** **** **** *% ** ***** **********. 

Asia ***** ****

****** ** **** ******** *% ** ***** ********, **** ****** largely *** ** ****** ******** ****** ** ***** ******* **** strong *********** **** ***** ********* **** ********* ** *****. ****** **** repeatedly ***** ** ****** ** ******** *******, **** ********* ** do ****** ** ****, ****** ** *** ******** *******, ***** were **** **% ** '****' ***** **** *% *** ********** good.

America ***** ****

*******'* ****** *** *% ** ***** ********, ********** **** *** *** level ** **** *******'* *%. ******* ***** ** ** ***** in **** ****** **** *** ****, ******* *** ******* ***** economy. ** ******* *********'* ********* ***** ****** ** *** ******** is * ***** ****** ** **** ****.

EMEA ******* ******** / *********

*** *** ****** ******* ** * ***, **** ********* *********** growth, **** ~**% **** *******, ********* **** *******'* **%. **** specifically ****** *** ******** ****** *** *** ****** **** ** driving ******. 

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Inventories ** ************* ******** ** ******

*********** **** **% ** *** **** ****, ****** ** ********* to ***** ***** ** **%, ******** ** **% **********. ** 2016 ********* ****** ********* ** **** **** ****** **** *****, a ***** ** *** ** **** ** ****. **** ** worth ********** ** ******* ** **** ********* *** ** * warning ****. 

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**** ***** **** ******* ***** **** ******* ********* **** ** this ******, ****** *** **** *** *********** ** ******* ******* and ******** *******.  

****** **** *** **** ***** ***** **** ******* ************ ***** ***** ******** ***** ****** **** ******** ****, ** ******* **** **** **** ** ******* ****** ****** on **** *********** *********** ******** ** ********* ********* *******.

Comments (1)

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