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Anixter 3Q Sales Boosted by Copper Prices, Acquisitions

Anixter International Inc., Glenview, IL, distributor of communication products, electrical and electronic wire & cable and a distributor of fasteners and other small parts to Original Equipment Manufacturers,  reported third-quarter 2006 sales of $1.33 billion, including $13.6 million from the acquisition of IMS. Revenues rose 32% compared with the year-ago quarter.

Profit rose 204% to $76.2 million from $25.1 million in the same period last year.

For the nine months ended Sept. 29, 2006, sales were $3.6 billion, up 29%, and profit was $156.9 million, up 125%.

When compared to the first nine months of the prior year, 2006 year-to-date sales were favorably affected by $165.4 million related to the acquisitions of Infast in July 2005 and IMS in May 2006.

Organic sales were up 28%. Anixter reported it continues to see strong customer demand across a broad mix of its business. The distributor saw strong growth in larger project business, especially data center builds in the enterprise cabling market and energy and natural resources customers within its electrical and electronic wire & cable market. Anixter has also seen growth in the security and OEM markets. Rising copper prices also contributed to the distributor’s organic growth in the most recent quarter.

Third-quarter copper prices averaged $3.54 per pound, versus $1.70 per pound in the year-ago quarter, adding an estimated $68 million to sales and $11 million to profit.

More details here.

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