Anixter Reports First Quarter 2014 Results
Adjusted Diluted EPS Up 13% to $1.44 Versus Diluted EPS of $1.27 in the Year-ago Quarter, On Record 1st Quarter Sales of $1.52 Billion
First Quarter Highlights
GLENVIEW, Ill.--(BUSINESS WIRE)--April 29, 2014-- Anixter International Inc. (NYSE: AXE) today reported sales of $1.52 billion for the quarter ended April 4, 2014, a 2.2 percent increase compared to the year-ago quarter. Despite the negative weather impact in the months of January and February and excluding the impact of the following two items, organic sales increased by 3.8 percent year-over-year:
Operating income in the current quarter of $85.7 million compares to $81.0 million in the year-ago quarter. The 5.7 percent increase would have been 9.0 percent excluding the $2.7 million negative operating income impact of the drop in copper prices year-over-year. Operating margin of 5.6 percent increased by 20 basis points versus the prior year and decreased 40 basis points sequentially.