Anixter International 2Q profit, sales climb

Electronics and cable products distributor Anixter International Inc. said Tuesday its second-quarter profit rose 4 percent as sales grew despite the economic uncertainty, thanks to customers in a broad range of markets and geographic regions.

The company earned $66.9 million, or $1.71 per share, up from a profit of $64.6 million, or $1.53 per share, in the same period a year earlier. The latest quarter's results include a non-cash charge of 7 cents per share related to the recent retirement of the company's former chief executive.

Excluding one time items, the company reported an adjusted profit of $1.78 per share, trumping Wall Street's estimate of $1.63 per share by 15 cents.

Revenue rose 7 percent to $1.62 billion from $1.51 billion, and surpassed analysts' target of $1.59 billion in sales, according to a poll by Thomson Financial.

While the quarter's sales growth was "modest due to the difficult comparison to last year's exceptionally strong second quarter," it was stronger than the company had anticipated, said Robert Eck, president and chief executive, in a statement.

The multiple markets Anixter serves, he added, as well as the "breadth of geographies in which we conduct our business continue to support the company's ongoing revenue and earnings growth."

Shares rose $7.21, or 12.2 percent, to $66.37. In the past 52 weeks, the stock has traded between $52.26 and $88.40.