Anixter Pentacon Sales Slip

Jason Sandefur

A $19 million sales boost from British fastener distributor Walters Hexagon Group Ltd. helped Anixter International post revenue of $664.8 million during the fourth quarter of 2003. Anixter acquired Walters Hexagon in September 2003. Q4 operating profit gained 16% to $25.1 million, while net income increased 29% to $13.1 million.
CEO Robert Grubbs said increased activity in foreign markets contributed to fourth quarter results. �However, while the fourth quarter results were encouraging it is still premature to conclude that there is a broader based trend of increased capital spending within our customer base.”

For the year, Anixter Pentacon sales slipped 10% to $184.8 million.
Overall Anixter revenue for 2003 rose 4.3% to $2.63 billion, while net income dropped 2.8% to $41.9 million.
Grubbs predicted 2004 results will improve.
�The addition of Walters Hexagon in September, combined with a continued focus on enhancing our product and service offerings for our customers, have improved our competitive position and provide us with a strong foundation going into 2004,” Grubbs stated. Web: anixter.com �2004 FastenerNews.com