Anixter International Inc. (NYSE: AXE), Glenview, Illinois, reported first-quarter sales of $2.1 billion, up 7%. Profit was $39.1 million, up 22% over 2018. Organic sales grew by 7.7%.
“Sales growth was above our outlook range, driven by strong results in our NSS and UPS segments. In addition to strong sales growth, we were pleased to continue to deliver meaningful improvement in gross margin and operating margin, driven by margin initiatives implemented across the business," commented Bill Galvin, president and CEO.
Anixter’s Network & Security Solutions segment sales increased 11.8% in the first quarter, to $1.1 billion. Electrical & Electronic Solutions sales decreased 0.5% to $566 million, and Utility Power Solutions sales grew 7.2% to $430 million.