Anixter International ( AXE), a parts distributor whose business can be viewed as a proxy for the electronics industry, said it isn't seeing the usual seasonal pickup in second-quarter sales.

The company expects second-quarter sales to be $630 million to $640 million, lower than the Thomson First Call consensus of $669 million. That level of sales will cause earnings to be about 25 cents to 27 cents a share, compared with the First Call consensus of 29 cents a share.

"Over the past several months we have seen very steady, but flat, daily sales. The current market can best be categorized as one where customers are focused primarily on doing maintenance spending and smaller projects," Anixter said in a release. "In this environment, customers are continuing to approach larger capital projects in a very cautious manner, and spending money only when they absolutely must."

The shares closed at $24.38 Thursday, up 42 cents, or 1.75%.