Anixter International Inc., Glenview, IL, reported sales increased 22% to $1.07 billion in first quarter 2006, compared to sales of $876 million in the year-ago quarter. Net income rose 53% to $31.3 million, from $20.4 million in last year's first quarter. Sales included $70.1 million from the July 8, 2005 acquisition of Infast Group plc.
'Sales in the most recent quarter reflect a continuation of the trends of the past several quarters,' said Robert Grubbs, president and CEO. 'We again saw solid, broad-based sales growth in nearly all of the end markets we serve. Growth was particularly strong in the electrical and electronic wire and cable market due to solid end-market customer demand.'
Anixter is a distributor of communication products, electrical and electronic wire and cable and a distributor of fasteners and other small parts to OEMs. The first quarter 2006 ended March 31, 2006.
'The overall economic outlook appears to be reasonably stable,' Grubbs said. 'As always, our ability to execute our strategic initiatives, such as continued development of our security products business on a global basis, integration and consolidation of recent acquisitions and product line expansion in our European and Emerging Markets businesses will be a key to how successful we are for the full year. As we look to the remainder of 2006, the largest potential negative we face would be a drop in copper prices from the historic high levels of recent months.'
For more details on Anixter's 1Q earnings, click here.