The 2020 Mid-Year Economic Update_long

Anixter Sales Up 3.5% in 2014

Profit fell 2.8 percent to $194.8 million.

Anixter International Inc. (NYSE: AXE), Glenview, IL, reported sales for 2014 of $6.4 billion, up 3.5 percent over sales in 2013. Profit fell 2.8 percent to $194.8 million.

For the fourth quarter, sales were $1.7 billion, up 4.4 percent over the year-ago quarter. Organic sales decreased 2.1 percent. Profit fell 29.3 percent to $41.1 million.

"While enterprise cabling and security solutions, our largest segment, delivered its second consecutive quarter of strong global performance, our electrical and electronic wire and cable segment performed below our expectations," said Bob Eck, president and CEO. "Our fasteners segment experienced strong favorable trends in both North America and Emerging Markets geographies, which were offset by the impacts of the challenging economic environment in continental Europe and the previously disclosed transition of one customer to a dual source supply program at the end of 2013."

Enterprise cabling and security solutions fourth-quarter sales of $949.5 million increased 17 percent over the prior fourth quarter. The increase resulted primarily from the Tri-Ed acquisition. ECS organic sales increased 0.7 percent.

Electrical and electronic wire and cable fourth-quarter sales of $502.3 million fell 6.9 percent compared to the prior-year period. W&C organic sales fell 3 percent.

OEM supply – fasteners fourth-quarter sales of $217.3 million decreased by 12.2 percent from the prior year quarter. Fasteners organic sales decreased by 9.6 percent.

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