Anixter Q2 Profit Rises; Lifts 2019 Sales Outlook

(RTTNews) - Anixter International Inc. (AXE) reported that its net income for the second quarter of 2019 rose to $63.5 million or $1.86 per share from $34.8 million or $1.02 per share last year.

Sales increased 5.8% to $2.3 billion from last year. The latest-quarter sales included two months of favorable impact of the security acquisitions completed in the second quarter of 2018 and the unfavorable impacts of lower average copper prices and generally weaker foreign currencies. Adjusting for these impacts, organic sales increased 6.0%.

Adjusted earnings per share increased 34.0% to $2.05.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.56 per share and revenues of $2.23 billion for the quarter. Analysts' estimates typically exclude special items.

For the third quarter, the company expects sales growth of 2.0% - 4.0%, or organic growth of 2.5% - 4.5%.

The company increased the lower end of its full year 2019 sales outlook from 3.5% to 4%, while reaffirming the upper end of the range at 6%. After adjusting for copper and foreign exchange, the organic sales growth outlook is 4.5% - 6.5%.