Anixter International Inc (NYSE: AXE), Glenview, IL, No. 4 on the top 25 electrical distributors, reported sales for the second quarter ended July 2, 2010, were $1.37 billion, an increase of 12 percent over the prior year period. Profit was $34.6 million, compared to a year-ago loss of $89.8 million.
Excluding the impact of foreign exchange and copper prices, sales increased 9.3 percent.
|We Deliver Distribution News to Your Inbox
Sign up below to receive MDM Update, your free weekly distribution news update by email.
For the first six months, sales were $2.64 billion, an increase of 6 percent of the same period a year. Profit was $40.5 million, compared to a loss of $64.1 million the prior year. Excluding the impact of foreign exchange and copper prices, sales increased 2.2 percent.
\”Three months ago we were cautiously optimistic as we saw improving daily sales trends in late March moving into early April,\” said Robert Eck, president and CEO. \”These improving trends accelerated through the current quarter and helped fuel growth in most of our businesses around the world. Improvement in our day-to-day business was supplemented by higher levels of project activity in both our enterprise cabling and industrial wire and cable businesses.\”
North America second-quarter sales were $984.6 million, an increase of 10 percent over the prior year. Operating income increased 53 percent to $63.3 million.
Second quarter sales in Europe increased 15 percent to $251.9 million. The segment recorded an operating loss of $700,000 compared to a year-ago operating loss of $107 million.
Emerging Markets sales were $130.7 million, an improvement of 25 percent over the year-ago period. Operating profit increased 7 percent to $7.5 million.