Global Fastener News

Infast Sales Boost Anixter Revenue

Jason Sandefur

Anixter International Inc. announced Infast Group, acquired July 8, 2005, reported revenue of $70.1 million during the first quarter of 2006, helping consolidated sales rise 22% to a record $1.07 billion. Q1 results included organic growth of 15%, boosted by increased demand in the electrical and electronic wire & cable markets.
“This was one of the highest rates of organic growth we have experienced in any quarter since the economic recovery began in 2004,” noted CEO Robert Grubbs.
Operating income jumped 51% to $59.6 million during the quarter, while net income soared 53% to $31.3 million.
Sales in North America grew 20%, while European revenue grew 30%. “Our European OEM Supply business had its best operating quarter since the mid-2005 acquisition of Infast, with operating margins of 4.3%,” Grubbs explained. Web: anixter.com �2006 FastenerNews.com