Anixter International Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 28, 2012. For the quarter, the company reported net sales of $1,544.4 million against $1,499.0 million a year ago. Operating income was $38.6 million against $91.6 million a year ago. Net income from continuing operations was $5.2 million or $0.16 per basic and diluted share compared to $49.8 million or $1.49 per diluted share in the year ago. Income from continuing operations before taxes was $20.6 million against $77.2 million a year ago. Net income was $5.1 million or $0.16 per basic and diluted share against $48.3 million or $1.44 per diluted share a year ago. Adjusted net income from continuing operations was $43.5 million excluding the impairment, pension-related and restructuring charges of $38.3 million, net of tax. Adjusted net income was $47.8 million in the prior year quarter excluding a net tax benefit of $2.0 million. Adjusted earnings from continuing operations was $1.32 per diluted share compared to an adjusted $1.43 per diluted share in the year ago quarter. The current quarter excluded the previously mentioned charges totaling $1.16 per diluted share while the prior year quarter excluded the previously mentioned tax benefit equating to $0.06 per diluted share. The $0.11 year-over-year decline in adjusted earnings per diluted share was primarily a result of the challenging global economy. Cash flow generated from operations was $16 million compared to $113 million in the year ago quarter. The lower cash generation in the quarter was primarily due to a lower rate of working capital improvement achieved in the current quarter compared to the prior year quarter as well as the $34 million of additional pension plan contribution.

For the full year, the company reported net sales of $6,253.1 million against $6,146.9 million a year ago. Operating income was $282.5 million against $362.8 million a year ago. Income from continuing operations before taxes was $209.2 million against $303.5 million a year ago. Net income from continuing operations was $124.6 million or $3.69 per diluted share compared to $200.7 million or $5.71 per diluted share in the year ago. Net income was $124.8 million or $3.69 per diluted share against $188.2 million or $5.36 per diluted share a year ago. Full year cash flow was $142 million; however, excluding the additional pension plan contribution, full year cash flow would have been $176 million, compared to $144 million in the prior year.

For the fourth quarter ended December 28, 2012, the company reported impairment of goodwill and long-lived assets of $21.3 million.

The company provided earnings guidance for the year of 2013. The company's outlook for 2013 includes low to mid-single digit organic sales growth, which it believes will be weighted to the back half of the year.