Anixter International Inc. (NYSE: AXE) reported quarterly sales of $1.84 billion for the quarter ended January 1, 2016, a 26.4 percent increase compared to the year-ago quarter. The current quarter and year-ago quarter each had 61 billing days. Excluding the impact of the following items, organic sales decreased by 0.5 percent year-over-year:
* $479.6 million favorable impact from the acquisition of Power Solutions
* $27.8 million unfavorable impact from the lower average price of copper
* $57.6 million unfavorable impact from the fluctuation in foreign currencies
In the fourth quarter of 2015, in connection with the acquisition of Power Solutions, our legacy Enterprise Cabling & Security Solutions ("ECS") segment was renamed Network & Security Solutions ("NSS"). The low voltage business of Power Solutions was combined with our historical Electrical and Electronic Wire & Cable ("W&C") segment and renamed Electrical & Electronic Solutions ("EES"). The high voltage business of Power Solutions forms the Utility Power Solutions ("UPS") segment. Subsequently, in January 2016, we disclosed pro forma results for historical periods. All commentary in this release reflects these changes and results from continuing operations unless otherwise noted. Please refer to the tables at the end of this release for the reconciliations to GAAP from the adjusted numbers as reported.