Anixter International Inc. (AXE: Quote) said its net income for the first quarter improved to $55.6 million or $1.62 per share from $40.9 million or $1.13 per share in the prior year.
Net sales for the quarter advanced to $1.52 billion from $1.47 billion in the previous year.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.42 per share on revenues of $1.53 billion for the quarter. Analysts' estimates typically exclude special items.
Separately, Anixter announced that its Board of Directors declared the payment of a special dividend to shareholders of $4.50 per common share, or a total cash outlay of approximately $150 million. The special dividend is payable on May 31, 2012 to shareholders of record on May 16, 2012.
by RTT Staff Writer
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