Anixter Q1 Profit Down

(RTTNews) - Anixter International Inc. (AXE) reported that its net income for the first quarter of 2020 was $35.7 million or $1.03 per share down from $39.1 million or $1.14 per share in the prior year.

Adjusted net income decreased 2.2% to $44.4 million from the prior year.

Adjusted earnings per share decreased 3.8% to $1.28. The extreme volatility in the financial markets resulted in a $5 million unfavorable FX impact. Excluding this impact, adjusted earnings per share would have been $1.40, an improvement of 5%, to $1.33 in the prior year.

Sales for the quarter decreased 1.7% to $2.1 billion from the prior year. The latest-quarter sales include the unfavorable impacts of lower average copper prices and weaker foreign currencies. Adjusting for these impacts, organic sales decreased 1.3%.

Anixter has withdrawn its outlook for 2020, due to the uncertainty caused by the COVID-19 pandemic.