The 2020 Mid-Year Economic Update_long

Anixter Sales Up 0.4% in 2Q

Year-to-date sales up 1.3 percent year-over-year.

Electrical distributor Anixter International Inc. (NYSE: AXE), Glenview, IL, reported sales for the second quarter of $1.6 billion, a 0.4 percent increase year-over-year. Organic sales increased 0.6 percent. Profit increased 16.5 percent to $53.8 million.

"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," said Bob Eck, president and CEO. "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.”

Enterprise cabling and security solutions sales in the second quarter increased 0.4 percent to $817.4 million, driven by growth in the European and emerging markets. Electrical and electronic wire and cable sales decreased 1 percent to $525.5 million, driven by a drop in the average price of copper. OEM supply sales increased 3.4 percent to $243.1 million.

Year-to-date sales were $3.1 billion, up 1.3 percent over the prior-year period. Profit increased 14.2 percent to $101.2 million.

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