Anixter Sales Up 32.1% in 2Q - Modern Distribution Management

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Anixter Sales Up 32.1% in 2Q

Sales for first six months up 31.6 percent compared to prior-year period.

Electrical distributor Anixter International Inc. (NYSE: AXE), Glenview, IL, reported sales for the second quarter of $2 billion, a 32.1 percent increase year-over-year. Profit decreased 29.5 percent to $20.8 million.

Excluding the impact of the following items, organic sales decreased 0.6 percent year-over-year:

  • $526.8 million favorable impact from the acquisition of Power Solutions
  • $22.2 million unfavorable impact from the lower average price of copper
  • $16.5 million unfavorable impact from the fluctuation in foreign currencies

Network & Security Solutions (NSS) sales increased 3.3 percent to $1 billion. Electrical & Electronic Solutions (EES) sales increased 23.5 percent to $555.1 million. And Utility Power Solutions (UPS) sales decreased 1.4 percent to $355.9 million.

"We were pleased with the significant improvement in our EES segment, exiting the quarter with strong momentum as we integrate the low voltage portion of the Power Solutions acquisition into the segment," said Bob Eck, president and CEO. "Finally, the combined effects of the weaker industrial economy and lower commodity prices on a year-over-year basis continue to be headwinds for both the industrial portion of our EES segment and our UPS segment. In light of a persistent slow global growth environment, we will continue to focus on margin improvement, ongoing expense discipline and working capital efficiencies."

Year-to-date sales were $3.8 billion, up 31.6 percent over the prior-year period. Profit decreased 21.4 percent to $44 million.

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