10/26/2010 11:24:00 AM
NEWS BRIEFS
Anixter Fastener Segment Post Double Digit Growth

Anixter International reported sales at its U.S. OEM supply business, including Anixter Fasteners, grew 11.3% to $140 million in the third quarter of 2010. OEM sales in Europe jumped 36% to $92.7 million.
 

Nine-month OEM sales in the U.S. gained 2.1% to $403.1 million, while sales in Europe increased 27.3% to $278.6 million.
 

Overall Q3 sales at Anixter climbed 10% to $1.4 billion, while operating income grew 33% to $77.5 million and net income rose to $36.5 million, or $1.03 per diluted share, as compared to $22.1 million, or $0.61 per diluted share, reported in the year ago quarter.
 

In September Anixter International’s Board of Directors declared the payment of a special dividend of $3.25 per common share, or a total cash outlay of approximately $110 million. 
 

“Over the course of the last 18 months, we successfully navigated through one of the most serious economic recessions that our company has ever experienced,” explained CEO Robert Eck. “During this time, we were not only able to maintain a solid level of profitability, but also generated record levels of cash flow.”
 

In the last six quarters Anixter generated $520 million in free cash flow, or $14.77 per share, while using $330 million of this cash to reduce outstanding debt.  ©2010 GlobalFastenerNews.com

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Related Links:

• Anixter