Diluted Earnings per Share from Continuing Operations of $1.27, On First Quarter Sales of $1.49 Billion
First Quarter Highlights
Earnings from continuing operations of $1.27 per diluted share
Record first quarter Electrical and Electronic Wire and Cable segment sales of $517.8 million
Generated $53.1 million in cash from operations
GLENVIEW, Ill.–(BUSINESS WIRE)–Anixter International Inc. (NYSE: AXE) today reported sales of $1.49 billion for the quarter ended March 29, 2013, a 2.1 percent decrease compared to the year ago quarter. Sales growth year-over-year would have been slightly positive excluding the unfavorable impact of the timing of holidays and the conclusion of a large security solutions contract. Organic sales, which excludes the impact of the following items, declined by 3.8 percent year-over-year:“We continue to have a strong financial position and remain committed to both investing in our business for growth and returning excess capital to our shareholders, as we have done consistently over the past five years.”
$34.1 million from the second quarter 2012 acquisition of Jorvex
$5.5 million from the unfavorable effect of copper pricing
$3.2 million from the unfavorable effect of foreign exchange
Operating income of $81.0 million decreased by 6.5 percent from $86.7 million in the prior year period. Operating margin of 5.4 percent compares to 5.7 percent in the prior year period and 5.5 percent in the previous quarter, excluding the fourth quarter of 2012 impairment, pension-related and restructuring charges of $46.7 million. (…)
via Anixter International Inc. Reports First Quarter 2013 Results | Business Wire.