Bloomberg Businessweek is reporting that Anixter International Inc. (NYSE: AXE) this week posted higher profits for its third quarter, as the distributor of communications and electronics products saw sales increase 10 percent. The company reported net income of $36.5 million, or $1.03 a share, in the quarter ended Oct. 1, compared with earnings of $22.1 million, or 61 cents a share, in the same period last year.
"The sales growth that we are experiencing is being fueled by stronger day-to-day business in both of our cabling businesses along with an increasing number of major projects," said Anixter CEO Robert Eck. The company distributes communication and security products, electrical and electronic wire and cable, fasteners and other small parts.
"Considering the uncertainty that has continued to exist in most major economies, we believe that customer capital spending decisions are impacting company results more than broader macroeconomic factors," Eck added.