Anixter International Profit Soars 146% To $31.5 Million (AXE)

Glenview, Illinois-based Anixter International Inc. AXE on Tuesday morning released financial results that beat Wall Street expectations. Anixter International Inc. AXE reported that its 4th quarter net income surged 146% to $31.5 million, or 88 cents per share, up from $12.7 million, or 35 cents per share, a year earlier. Excluding special items, the company earned $1.19 per share. Anixter International Inc reported revenue of $1.43 billion, up 18% from $1.22 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 94 cents per share, on revenue of $1.35 billion. President and CEO Robert Eck said, "Our fourth quarter sales were not only stronger than we anticipated, but they also were strong enough to overcome the historical patterns that typically produce consecutive quarter sales declines from the third to fourth quarter due to the larger number of holidays in the fourth quarter." Anixter International Inc. (AXE) ended the previous trading session at $63.27 per share. Analysts covering the company's stock have a consensus price target of $67.00 per share. Anixter International Inc is a leading global distributor of communication and security products, electrical and electronic wire & cable, fasteners and other small parts. Read more from Benzinga's Company news.