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What: Shares of communications supplier Anixter International (NYS: AXE) are popping today, up by 13% at the high, after the company reported third-quarter earnings that bested consensus estimates.
So what: Third-quarter revenue came in at $1.6 billion and adjusted earnings per share was $1.53. Revenue met consensus estimates, but bottom-line profit topped the $1.42 forecast by $0.11. The top and bottom lines put up healthy growth of 20% and 89% respectively.
Now what: During the quarter, the company closed its previously announced divestiture of the Anixter Aerospace Hardware Division. The transaction resulted in a net loss from discontinued operations of $18.1 million, and the company received net sales proceeds of $137.6 million. Electrical distribution remains a fragmented market, but Anixter is able to throw its weight around and get better deals with suppliers.
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