GLENVIEW, Ill. (AP) — Wire and cable distributor Anixter International Inc. said Tuesday its second-quarter profit jumped 51 percent, boosted by sales stemming from a recent acquisition, along with favorable copper prices and exchange rates.
Anixter posted a second-quarter profit of $52.1 million, or $1.43 per share, up from $34.6 million, or 98 cents per share, for the same quarter last year. Sales rose 18 percent to $1.61 billion from $1.37 billion.
The profit matched Wall Street predictions. Analysts polled by FactSet expected a profit of $1.43 per share on $1.59 billion in sales.
Anixter, based in Glenview, Ill., distributes communication and security products, electrical and electronic wire and cable and other components. The company sells these parts to manufacturers, who in turn use them to make products for the education, healthcare, power distribution, security, shipbuilding, telecommunications and broadcast markets.
Anixter said its acquisition of Clark Security Products in the fourth quarter of 2010 boosted the current quarter's revenue by $29.8 million, while favorable copper prices added about $30.4 million and exchange rates accounted for $47.2 million. Excluding those factors, Anixter said its revenue rose 10 percent.
In afternoon trading, Anixter shares fell $1.06 to $65.51.