Anixter Pentacon Sales Drop
Anixter Pentacon Sales Drop
Jason Sandefur
Anixter Pentacon sales for the second quarter of 2003 fell 13% to $45.5 million. For the first half of 2003, Pentacon sales slipped 12% to $95.1 million.
Pentacon sales �had no effect on net income in the second quarter,� Anixter CEO Robert Grubbs noted. However, sales from the Chatsworth, CA-based distributor added two cents per share of net income during the first six months of 2003.
Overall, Glenview, IL-based Anixter reported Q2 sales grew 4% to $644.8 million, while net income dropped 41% to $7.3 million. First half sales increased 6% to $1.3 billion, while net income declined 18% to $17.4 million.
�Customers remain very cautious about committing to larger capital projects. At the same time, weak levels of industrial production are having a negative impact� on OEM suppliers, Grubbs commented.
Q2 sales in North America rose 3.8% to $511.8 million, while North American operating income slipped 13.3% to $18.2 million. For the first half of 2003, sales in North America gained 5% to $1.03 billion, and net income dropped 4.4% to $37.3 million. Web: anixter.com �2003 FastenerNews.com
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