11/3/2014 3:25:00 PM
HEADLINES
Anixter Fasteners Finds Success in North America
Anixter International reported OEM Supply – Fasteners segment sales rose 1.7% to $228.6 million in the third quarter of 2014.
Excluding the $2 million favorable impact from foreign exchange, Fasteners organic sales growth increased by 0.8%, which equates to a 0.8% decrease on an adjusted per day basis. Further excluding the $10 million impact resulting from the transition of an existing customer to dual source supply, organic sales growth would have been 5.5%.
Fastener segment sales in North America sales increased 7.2% on an organic basis, while fastener sales in Europe declined 8.4% to $102.7 million and Emerging Market sales jumped 24% to $23.1 million.
On a sequential basis, global fastener sales decreased by 6% “reflecting normal seasonality.”
Fasteners operating income gained 2.3% to $8.6 million, while Q3 operating margin of 3.8 percent compares to operating margin of 3.7% in the prior year quarter and 5% in the second quarter of 2014.
Anixter said the decline in margin versus the second quarter is a result of a higher expense ratio for the third quarter, which is typically the lowest volume quarter of each year.
Nine-month OEM Supply – Fasteners sales increased 3.2% to $721.2 million, with North American sales gaining 2.9% to $304 million, sales in Europe dipping 1.3% to $340.2 million and Emerging Market sales growing 34.7% to $70.4 million.
Related Stories:
• TRW Automotive Profit Steady Despite Sales Dip
• Bulten Inaugurates Facility in Russia
• Tree Island Reports Higher Sales & Profit
Related Links:
Share: