Anixter sales up 19% YTY in 1Q 2011

Anixter International Inc., Glenview, Ill., had a solid first quarter and is cautiously optimistic about business conditions for the remainder of 2011. "The stronger-than-expected pace of this recovery not only fueled higher sales growth than we anticipated, but it also was strong enough to overcome the historical patterns that typically produce relatively flat sequential sales from the fourth quarter to the first quarter," said Robert Eck, president and CEO, in a press release announcing the company's 1Q financial results.

"In addition to the better-than-expected year-on-year sales increase of 19 percent, we also experienced a nearly six percent sequential increase in sales, which included $29.5 million of sales from our December 2010 acquisition of Clark Security Products. Consistent with the trends we have experienced in the last few quarters, higher copper prices added approximately $25.2 million or approximately two percent of revenues in the first quarter compared to the prior year quarter. The continued strengthening of foreign currencies also accounted for an additional $20.0 million or approximately two percent of revenues."

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