Anixter Reports Record Q2 Sales
Anixter – No. 6 on Industrial Distribution’s 2014 Big 50 List – reported its 2015 second quarter financial earnings on Tuesday for the period ended July 3.
Fresh off last week’s major announcement that it is buying HD Supply’s Power Solutions unit for $825 million, Anixter reported quarterly sales of $1.48 billion in Q2, a 10.2 percent increase over last year. Adjusted organic sales increased 3.4 percent.
Meanwhile, profit had a substantial quarterly decrease as net income of $29.5 million was 33.7 percent lower than last year. Adjusted net income was $38.4 million, down 10.7 percent. Operating income of $64.5 million was also down 16.5 percent, while adjusted operating profit was up 1.8 percent.
Operating expenses of $264.4 million were 16.9 percent higher than last year’s, which included $14.1 million restructuring costs.