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Anixter

May 1, 2003
Anixter up

Anixter International Inc. (NYSE:AXE - News), a distributor of communications products, on Tuesday posted a quarterly profit despite weak industrywide spending, and said its sales seem to have bottomed out. The Chicago area-based company reported a first-quarter net profit of $10.2 million, or 27 cents a diluted share, compared with $8.9 million, or 23 cents a diluted share, in the year-ago quarter. Excluding one-time items, it earned 28 cents a share. Analysts were expecting Anixter to post earnings before one-time items of 28 cents a share, according to research firm Thomson First Call (News - Websites). Revenue in the quarter ended April 4 rose 8 percent to $662.2 million from $614.7 million last year. The results included $49.6 million in revenue from the recent Pentacom acquisition. Anixter, whose products include electrical wiring systems and fiber-optic transmission cable, said in February that it expected to earn 26 to 30 cents a share in the first quarter on sales of $655 million to $670 million.