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United Stationers reports Q4 Earnings
United Stationers Inc. on Monday reported a 10 percent decline in profit for the fourth quarter as higher costs and lower margins offset a slight increase in sales. However, adjusted earnings per share rose from the prior year.
Looking ahead, the company said it expects to incur a pre-tax charge of up to $8 million in the first quarter in connection with a distribution network optimization and targeted cost reduction program.The Illinois-based wholesale distributor of business products said its fourth-quarter net income was $27.93 million, down from $31.06 million in the year-ago quarter. However, earnings per share were flat with the prior-year quarter at $0.65, on lower number of weighted shares outstanding.
The latest quarter’s results were adjusted down by $0.01 per share for a partial reversal of a workforce realignment charge, while the prior-year quarter was adjusted down by $0.07 per share for employee-related items.
Adjusted net income was $27.49 million, down slightly from $27.67 million in the prior-year quarter. However, adjusted earnings per share rose 10 percent to $0.64 from $0.58 in the prior year.On average, analysts polled by Thomson Reuters expected the company to earn $0.63 per share for the quarter. Analysts’ estimates typically exclude special items.
Net sales for the quarter edged up 1.3 percent to $1.20 billion from $1.19 billion in the year-ago quarter, but missed analysts’ consensus estimate of $1.22 billion.
Industrial supplies sales grew 23.4 percent and the janitorial & breakroom category expanded 10.8 percent. These gains were partially offset by 4.8 percent decrease in technology sales, 1.0 percent in office products sales, and 11.7 percent in office furniture sales.
Operating expenses declined to $127.84 million from $131.45 million in the same period last year.For fiscal year 2011, United Stationers’ net earnings declined to $109.00 million from $112.76 million in the prior year. However, earnings per share rose to $2.42 from $2.34 in the previous year. Adjusted earnings grew 15 percent to $2.51 from $2.19 in the previous year.
Net sales for the year grew 3.6 percent to $5.01 billion from $4.83 billion last year.
Analysts expected the company to earn $2.50 per share on revenues of $5.02 billion.
Looking ahead, United Stationers said that during the first quarter of 2012, it plans to take a pre-tax charge of about $7 million to $8 million in connection with a distribution network optimization and targeted cost reduction program aimed at improving the effectiveness and efficiency of operations.
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