Anixter Sales Increase 4%
Anixter Sales Increase 4%
Jason Sandefur
Anixter Pentacon added $47 million in sales to parent company Anixter International Inc.�s overall revenue during the third quarter of 2003. Q3 sales for Anixter rose 4% to $653.4 million, while net income dipped 2% to $11.3 million. Third quarter highlights include the Sept. 26 acquisition of U.K. fastener distributor Walters Hexagon Group Ltd. for $41.6 million.
For the first nine months of 2003, Anixter Pentacon contributed $142.1 million in sales to Anixter�s overall 5% revenue increase to $1.96 billion. However nine-month net income slipped 13% to $28.8 million.
“In recent months, analyst reports, media stories and government statistics have pointed to an improving economic environment,� noted CEO Robert Grubbs. �Looking at our business, however, while customers acknowledge the long-term need to upgrade their network infrastructure, we have not seen a significant pick up in larger capital spending projects across a broad portion of our customer base.” Web: anixter.com �2003 FastenerNews.com
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