GLENVIEW, Ill. (AP) -- Security products distributor Anixter International said Tuesday that its net income dropped 53 percent in the third quarter mostly because of impairment and inventory charges. Its adjusted results met Wall Street's estimates.
The Glenview, Ill., company earned $20.5 million, or 61 cents per share, compared with $43.5 million, or $1.26 per share, a year earlier.
Excluding the one-time charges, earnings from continuing operations were $1.41 per share. That met the expectations of analysts polled by FactSet.
Revenue for the three months ended Sept. 28 was flat at $1.61 billion. The results were pressured by weakness in Europe and the stronger dollar.
Wall Street forecast $1.62 billion in revenue.
Shares of Anixter International Inc. rose 91 cents to $56.64 in afternoon trading.