Anixter Third Quarter Sales Climb 20%

Anixter International Inc. (NYSE: AXE), Glenview, IL, No. 5 on MDM's list of top electrical distributors, reported sales for the third quarter were $1.6 billion, up 20 percent over sales in the third quarter of 2010. Organically, sales improved 13 percent. Profit increased 19.2 percent to $43.5 million.

The previously announced strategic divestiture of the Anixter Aerospace Hardware Division closed on Aug. 26, 2011. As a result of the sale, the company reported a net loss from discontinued operations in the third quarter of $18.1 million, which included a net loss on the sale of $21 million primarily due to the write-off of goodwill of $19 million.
For the first nine months, sales were $4.6 billion, up 20 percent over the same period a year ago. Profit increased 44 percent to $150.9 million.

Third quarter sales in North America increased 15.1 percent to $1.1 billion. Operating income improved 36.5 percent to $86 million.

In Europe, third quarter sales were up 19.7 percent to $291.7 million. The segment reported operating income of $5.7 million for the period, compared to a year-ago operating loss of $1.5 million.
Emerging Markets reported sales in the third quarter of $176.7 million, up 21.1 percent over the prior year period. Operating income improved 7.5 percent to $10 million. (Source: Modern Distribution Management)