The 2020 Mid-Year Economic Update_long

Anixter Sales Grow 3.6% in 3Q

Profit declined 22 percent for the quarter.

Anixter International Inc. (NYSE: AXE), Glenview, IL, reported third-quarter sales of $1.5 billion, a 3.6 percent increase compared to the year-ago quarter. Profit declined 22 percent to $35.4 million.

Enterprise cabling and security solutions sales increased 14.5 percent to $1 billion, driven by an increase in security sales resulting from the Tri-Ed acquisition and strength in emerging markets and EMEA regions.

Electrical and electronic wire and cable sales decreased 15 percent to $453.8 million over the same period a year ago. Excluding the $24.3 million unfavorable impact from foreign exchange and the $24.9 million unfavorable impact from lower average copper prices, W&C organic sales decreased by 5.8 percent reflecting slower sales growth in all regions.

During the quarter Anixter announced its agreement to acquire the Power Solutions business unit of HD Supply Holdings Inc. (NASDAQ: HDS), Atlanta, GA, for $825 million, though the sale didn't close until after the quarter ended.

For the first nine months, sales were $4.4 billion, an increase of 7.4 percent over the prior-year period. Profit increased 28.4 percent to $91.4 million.

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