The 2020 Mid-Year Economic Update_long

Anixter Sales Grow 7% in Third Quarter

Profit declined 2.4 percent for the quarter.

Anixter International Inc. (NYSE: AXE), Glenview, IL, reported third-quarter sales of $1.7 billion, a 7 percent increase compared to the year-ago quarter. Organic sales increased by 5.5 percent.

Profit declined 2.4 percent to $52.5 million.

Enterprise cabling and security solutions sales of $884.4 million increased 10 percent year-over-year, driven by strong growth in the North America market, the impact from 2.5 weeks of sales from the Tri-Ed acquisition and one additional billing day in the quarter. Excluding the $30.6 million favorable impact of Tri-Ed's results and the $3.4 million unfavorable impact from foreign exchange, ECS organic sales growth increased by 6.6 percent.

Electrical and electronic wire and cable sales of $553.6 million increased 4.7 percent over the same period a year ago, driven by improving sales trends in North America and Emerging Markets. W&C organic sales growth increased by 5.8 percent.

OEM supply – fasteners sales of $228.6 million increased by 1.7 percent from the prior-year quarter. Fasteners organic sales growth increased by 0.8 percent.

For the first nine months, sales were $4.8 billion, an increase of 3 percent over the prior-year period. Profit increased 8 percent to $153.7 million.

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