Anixter Pentacon Sales Strong

Jason Sandefur

In what CEO Robert Grubbs labeled “an encouraging start to the new fiscal year,” Anixter International reported sales for the first quarter of 2004 rose 15% to $764.2, while net income gained 77.4% to $18.1 million. Results included $23.7 million in revenue from recently acquired UK-based Walters Hexagon Group.
Q1 sales at Anixter Pentacon rose 9% to about $54 million.
Grubbs noted that sales gains were driven by increased customer demand and a weak U.S. dollar, which added $25.6 million to quarterly revenue. “These sales gains produces a 28% increase in operating profitability. Most importantly, the sales trends of the first quarter seem to point to a gradually improving economy,” Grubbs added. Web: anixter.com �2004 FastenerNews.com