Anixter Q3 Profit Up - Quick Facts

(RTTNews) - Anixter International Inc.(AXE), Tuesday reported an increase in earnings for the third-quarter reflecting absence of impairment charges. Sales, however declined.

For the three-month period, the company reported net income of $53.8 million or $1.62 per share, compared with $20.5 million or $0.61 per share last year. The third-quarter 2013 results included a $4.7 million after-tax benefit primarily related to closing prior tax years and related interest. The third-quarter 2012 results had an impairment charge of $27.2 million.

The company reported on an adjusted basis, earnings per share from continuing operations of $1.52.

On average, ten analysts polled by Thomson Reuters expected the company to report earnings per share of $1.62 for the quarter. Analysts' estimates typically exclude one-time items.

Sales for the period decreased 3.2 percent to $1.56 billion, from prior year's $1.60 billion. Analysts expected the company to generate revenues of $1.64 billion for the quarter.

Looking forward, the company said: "We experienced some delays in shipments across all of our businesses, resulting in some revenue that we expected to realize in the third quarter shifted into the fourth quarter and early 2014. As a result, we now expect to deliver fourth quarter organic sales growth in the low single digit range, which will result in relatively flat sales performance for the full year."