Anixter International Inc., Glenview, IL, distributor of communication products, electrical and electronic wire & cable and a distributor of fasteners and other small parts, reported sales of $1.51 billion in the second quarter ended June 29, 2007, up 22% from the year-ago period.
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Profit for the second quarter increased 31% to $64.6 million. Organic growth for the second quarter was 17%.
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For the six-month period ended June 29, 2007, sales were $2.84 billion, up 22%, and profit was $118.2 million, up 46%.
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Factors influencing overall sales included:
- Strong larger project business, particularly as relates to data center builds in the enterprise cabling market and within the energy/natural resources customers in the electrical wire and cable market.
- Strong growth in the security and OEM markets.
- Copper prices had only a marginal impact (just over 1 percent) on organic growth in the most recent quarter as year-on-year price fluctuations stabilized. Market-based copper prices averaged $3.46 per pound during the quarter compared to $3.39 per pound in the year-ago second quarter. Quarterly year-on-year change in copper prices added $15.9 million to sales within the electrical wire & cable market.
Strong large project demand in the North American electrical wire and cable market was the primary contributor to year-on-year sales growth in that market of 22%.
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In Europe, sales climbed by 36%. Favorable exchange rate differences accounted for $21.2 million of the year-on-year growth in sales and $31.8 million was due to the acquisitions. The slightly higher year-on-year copper prices had a minimal effect on sales growth. Europe grew organically by nearly 14%. More specifically, efforts to expand Anixter’s presence in the electrical wire and cable market in Europe resulted in sales of $61.7 million in the quarter as compared to $37 million in the year-ago quarter.
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Sales in the European electrical wire and cable market were more than 50% higher than the year ago quarter.
In Latin America and Asia Pacific, Anixter saw an increase of 49%. Growth was particularly strong in Asia Pacific where, for the second straight quarter, Anixter posted year-on-year growth of 80%.
