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UPDATE 1-Anixter results hit by soft demand
July 24, 2012 / 12:11 PM / 5 years ago

UPDATE 1-Anixter results hit by soft demand

July 24 (Reuters) - Anixter International Inc, a distributor of communication products, reported lower-than-expected quarterly results, hurt by softness in the data infrastructure market and cut backs in production by several equipment manufacturers.

Net income from continuing operations fell to $44 million, or $1.28 per share, in the second quarter, from $48.4 million, or $1.33 per share, a year earlier.

Sales for the quarter rose 1 percent to $1.57 billion.

Analysts on average were looking for second-quarter earnings of $1.50 per share on sales of $1.61 billion, according to Thomson Reuters I/B/E/S.

A stronger U.S. dollar and lower copper prices also contributed to the slower revenue growth in the quarter, Chief Executive Robert Eck said in a statement.

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