Anixter’s 2007 sales jump 19 percent
Industrial Distribution staff -- Industrial Distribution, 1/29/2008 5:44:00 AM
Anixter International Inc. posted sales of $5.85 billion during 2007, up 18.5 percent compared with $4.94 billion during the prior year.Net income for the Glenview, Ill.-based communication products, wire, cable and fastener distributor rose 21.1 percent to $253.5 million, compared with $209.3 million during 2006.
Fourth-quarter sales reached $1.49 billion, up 14.9 percent over $1.3 billion during the same period in the prior year. Quarterly net income of $70.5 million was 34.5 percent higher than the $52.4 million posted during the fourth quarter of 2006.
“Our success in expanding our product and supply chain offering, along with an intense focus on broadening and diversifying our global customer base, drove record sales, operating margins and net income in 2007. We enter 2008 confident in our ability to continue executing on our growth strategies, including further expanding our customer base as well as growing with our existing customers," president and CEO Robert Grubbs said.
Anixter spent $82.1 million buying back 1.25 million shares of its own stock during the fourth quarter, executive vice president of finance Dennis Letham said. For the full year, the company bought back 4.25 million shares, 10.8 percent of the total number of shares, for $244.8 million, Letham said.
“As we look to the start of a new year, we remain focused on building on our strategic initiatives of growing our security and OEM supply businesses, initiating an industrial automation network sales effort, adding to our supply chain services offering, enlarging the geographic presence of our electrical wire and cable business and expanding our product offering,” Grubbs added.
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