Glenview cable distributor sees sales, profit fall

Anixter International Inc., North America's largest distributor of communication cables and wires, sank as much as 19 percent in U.S. trading after a second-quarter loss and sales that trailed analysts' estimates.

The net loss was $89.8 million, or $2.53 a share, for the period ended July 3, Anixter said in a statement. Analysts had expected net income of $27.5 million, the average of three estimates in a Bloomberg survey. Sales dropped 25 percent to $1.22 billion from the same quarter last year, the company said. Analysts anticipated $1.31 billion, the average of seven estimates.

The Glenview-based company dropped $6.15, or 16 percent, to $32.99 at 11:15 a.m. in New York Stock Exchange composite trading after falling to $31.57, the largest intraday decline since Oct. 23. The shares rose 30 percent this year before today.