Anixter Q4 Profit Rises - Quick Facts

(RTTNews) - Anixter International Inc. (AXE) reported that its net income for the fourth quarter of 2019 rose to $101.0 million or $2.93 per share from $41.8 million or $1.22 per share last year.

Adjusted earnings per share increased 42.5% to $2.18. Analysts polled by Thomson Reuters expected the company to report earnings of $1.63 per share for the quarter. Analysts' estimates typically exclude special items.

Sales increased 6.3% to $2.3 billion from the prior year. Analysts expected revenues of $2.17 billion. The latest quarter sales included the unfavorable impacts of lower average copper prices and generally weaker foreign currencies. Adjusting for the impacts, organic sales increased 6.5%.

Looking for the first quarter, the company projects sales growth to be 2% - 5%, and organic growth of 2% - 5%.

For full year 2020, the company expects sales growth to be in the range of 1% - 5%, and organic sales growth of 1% - 5%.