Anixter Q1 2011 Security Sales Results Examined

Author: John Honovich, Published on May 28, 2011

In this note, we examine the security sales results and growth of Anixter for Q1 2011. While Anixter is traditionally a large scale distributor in the cabling and electronics market, their security presence has increased significantly in the last few years. Q1 2011 was the first full quarter after the acquisition of Clark Security Products (paying $36.6 Million for a company with $115 Million in sales - primarily for door and access hardware). The combination of Clark Security and organic growth in their security division combined for a 38% increase year over year.

A few key highlights from the Anixter Q1 2011 investor's call

  • "Security sales grew an estimated 18% compared to the first quarter of 2010, exclusive of foreign exchange effects and the Clark Security acquisition."
  • "Sales from security products now account for 24% of our worldwide Enterprise Cabling and Security end market."
  • "The trends toward Internet protocol-based security systems continue to create growth opportunities in both video surveillance and access control. The technology shift toward IP has further raised focus on the importance of infrastructure capable of supporting the IP-centric, higher-bandwidth applications increasingly being deployed."

Total Security Sales

We estimate that Anixter annual security sales is approximately $700 - $750 Million. While Anixter does not disclose this specific category in their regular reports, this can be deduced from statements in the call transcript.

  • Anixter's overall revenue is ~$5.5 Billion to $6 Billion
  • Anixter's Enterprise Cabling and Security group generates about 52% of overall revenue - ~$3 Billion
  • Anixter says that security products are 24% of overall Enterprise Cabling and Security (~$3 Billion x 24%)

Of this nearly 3/4 Billion in Annual Revenue, we can not reasonably guess the breakdown between video, access, etc. That noted, relative to the size of the global market, shows how significant a sales force Anixter has become in the last decade.

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