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Anixter International 1Q sales up 31 percent

GLENVIEW - Anixter International today reported first quarter 2016 sales of $1.82 billion, a 31.1 percent increase compared to the year-ago quarter.

Adjusted net income of $30.6 million compares to $30.2 million in the prior year quarter and adjusted earnings per diluted share of 92 cents compares to 90 cents in the prior year quarter. On a year-over-year basis, currency fluctuations and lower average copper prices negatively impacted earnings by $4.7 million pre tax and $2.9 million net of tax. Excluding the 9 cent negative impact of currency and copper, our core adjusted diluted earnings per share would have been $1.01, a 12 percent increase from the prior year quarter.

"Reflecting the underlying strength in our network infrastructure business, we delivered organic sales growth of 4.1 percent in our Network and Security Solutions segment, driven by an acceleration in our North America and emerging markets geographies," said President and CEO Bob Eck. "In our EES and UPS segments, the combined effects of the weaker industrial economy and lower commodity prices on a year-over-year basis continue to be headwinds. While the industrial landscape shows signs of stabilizing, we maintain our cautious outlook for near term improvement in market conditions and consequently will continue to focus on margin improvement, ongoing expense discipline and working capital efficiencies."

The current and year-ago quarters each had 65 billing days. Excluding the impact of the following items, organic sales were flat year-over-year.

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