Anixter reports 1% sales increase for 2012’s second quarter

Anixter International Inc. (NYSE: AXE) of Glenview, Ill., a leading global distributor of communication and security products, electrical and electronic wire & cable, and fasteners, reported sales of $1.58 billion for the second quarter of 2012.

The number represents a 1 percent increase over the same quarter in 2011, when Anixter reported sales of $1.57 billion. According to the company, sales increased 4 percent organically on 1 percent reported growth.

Second quarter operating income of $89.9 million declined 2 percent compared to $92.0 million during the same period in 2011. Excluding the $3.7 million impact of unfavorable copper pricing and $0.9 million of unfavorable foreign exchange effects, operating income was favorable to the prior year period by 3 percent.

Anixter’s net income from continuing operations for the second quarter was $44.0 million compared to $48.4 million one year ago. Diluted earnings per share of $1.28 declined 4 percent from $1.33 per diluted share reported for the second quarter of 2011.

During the second quarter, Anixter returned over $150 million to shareholders through a special dividend of $4.50 per common share while generating $124 million of cash from operations. It also acquired Peruvian Wire & Cable distributor, Jorvex S.A., thus expanding its geographic reach in the emerging markets.

Tagged with

Comment on the story

Your email address will not be published. Required fields are marked *