Axis Q1 2016 Financial Results - Asia Down / Terrorism Up

By: 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.

**** ** **** ****** *** ******* solid *** **** *** diverging ****** - **** and *********.

** **** ****, ** breakdown *** ******* *** analyze **** **** ****.

[***************]

Sales ********

**** **** **%, ** local ********** **, ** ****, **** **** ****. In *** ******** ******* (** ****), **** **** **** 7% ** ***** **********. 

Asia ***** ****

****** ** **** ******** 5% ** ***** ********, most ****** ******* *** to ****** ******** ****** in ***** ******* **** strong *********** **** ***** ********* like ********* ** *****. Though **** ********** ***** of ****** ** ******** markets, **** ********* ** do ****** ** ****, though ** *** ******** quarter, ***** **** **** 24% ** '****' ***** down *% *** ********** good.

America ***** ****

*******'* ****** *** *% in ***** ********, ********** **** the *** ***** ** last *******'* *%. ******* looks ** ** ***** in **** ****** **** for ****, ******* *** overall ***** *******. ** believe *********'* ********* ***** growth ** *** ******** is * ***** ****** on **** ****.

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

*** *** ****** ******* in * ***, **** delivered *********** ******, **** ~29% **** *******, ********* last *******'* **%. **** specifically ****** *** ******** Europe *** *** ****** East ** ******* ******. 

** ******* ********* ******* are * ***** ****** of **** ****** (*.*., the******* **** ******* ***** shootings******** **** ***** *******, ***.). ******, ******** ******** ********** ****** ** ********** the ****** *** **** end ************ ********* **** Axis.

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

*********** **** **% ** the **** ****, ****** an ********* ** ***** ratio ** **%, ******** to **% **********. ** 2016 ********* ****** ********* to **** **** ****** than *****, * ***** we *** ** **** as ****. **** ** worth ********** ** ******* as **** ********* *** be * ******* ****. 

*******

**** ***** **** ******* their **** ******* ********* over ** **** ******, citing *** **** *** penetration ** ******* ******* and ******** *******.  

****** **** *** **** major ***** **** ******* ************ ***** ***** ******** ***** ****** **** ******** ever, ** ******* **** will **** ** ******* modest ****** ** **** competitive *********** ******** ** continued ********* *******.

Comments (1)

Interestingly, this is in line with what manufacturers said going into 2016: 2016 Security Manufacturer Outlook Revealed

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