Anixter International Inc. (AXE) Tuesday posted lower income for the first quarter reflecting a revenue fall for the period. The company cited industry-wide delays in enterprise data infrastructure investment that began in the fourth quarter of 2011, and the continuation of weaker OEM Supply trends from the third and fourth quarters of 2012. Earnings per share were below analyst expectations.
For the quarter, the firm posted net earnings of $42.5 million or $1.27 per share, down from $55.3 million or $1.61 per share recorded last year.
Ten analysts on average polled by Thomson Reuters estimated earnings per share of $1.34 for the quarter. Analysts estimates typically exclude one-time items.
Revenue for the period fell to $1.49 billion from $1.522 billion a year earlier. Analysts were looking for revenue of $1.54 billion.
Looking ahead, the firm said it sees low single digit organic sales growth in 2013.
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