Anixter Reports Second Quarter Sales of $1.59 Billion

Anixter International Inc. (NYSE: AXE) reported sales of $1.59 billion for the quarter ended July 4, 2014, a 0.4 percent increase compared to the same period in 2013. Excluding the impact of the following two items, the company’s organic sales increased by 0.6 percent year-over-year, with $5.3 million from the unfavorable effect of copper pricing and $3 million from the favorable effect of foreign exchange.

Anixter’s operating income of $92.4 million increased by 7.8 percent compared to $85.8 million for the second quarter of 2013. The company’s operating margin of 5.8 percent increased by 40 basis points versus the prior year and increased by 20 basis points sequentially. Net income of $53.8 million increased by 16.5 percent versus $46.1 million in the year-ago quarter.

“We were pleased to achieve continued strong results across our European and emerging markets geographies, as steadily improving markets, combined with our unique global capabilities, offer a compelling value proposition to an increasing number of global customers,” said Bob Eck, president and CEO, in a company press release. “This is the sixth consecutive quarter we have achieved significant performance improvements in our OEM Supply – Fasteners segment, reflecting operational actions we took to reposition the business for profitable growth.”

“While the recovery in our enterprise communications business has been slower than we had anticipated, we continue to experience gradual growth, and are encouraged by the strong backlog in our North America business,” Eck continued. “As we enter the second half of the year, we expect to see accelerating revenue growth from our first half trends, driven by improving North American markets.”

Tagged with

Comment on the story

Your email address will not be published.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