Anixter’s 1Q sales rise 11 percent

Industrial Distribution staff -- Industrial Distribution, 4/22/2008 8:51:00 AM

Anixter International Inc. posted first-quarter sales of $1.47 billion, up 11 percent compared with $1.33 billion during the same period last year.

Net income for the Glenview, Ill.-based Communication, electrical and fastener distributor rose 8 percent to $57.7 million, compared with $53.6 million during the first quarter of fiscal 2007.

Anixter said the results include a $12.3 million contribution from acquisitions it made over the past 12 months.

"We remain focused on building on our strategic initiatives, including 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. Short-term macro-economic conditions may slow our organic sales growth from the rates of the past couple of years, which when combined with the investment in these initiatives may limit near-term earnings growth. We believe, however, that continued focus, investment and successful execution on these strategies will drive full-year and longer-term growth and profitability of the business,” executive vice president and COO Bob Eck said.

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