Anixter International beats 2Q profit forecasts

Anixter International Inc. (AXE) on Tuesday reported second-quarter profit of $20.5 million. The Glenview, Illinois-based company said it had net income of 61 cents per share. Earnings, adjusted for amortization costs and non-recurring costs, were $1.32 per share. The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share. The maker of security products, wires and fasteners posted revenue of $1.96 billion in the period. Anixter International shares have decreased almost 3 percent since the beginning of the year. The stock has fallen 6 percent in the last 12 months.