WESCO International, Inc. (NYSE: WCC), a provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, reported net sales of $1880.1 million for the fourth quarter of 2013, compared to $1,644.4 million for the fourth quarter of 2012. This represented an increase of 14.3 percent driven by acquisitions (for a positive sales impact of 13.8 percent) and organic sales (1.5 percent).
WESCO’s gross profit for the quarter was $376.2 million, or 20.0 percent of sales, compared to $337.3 million, or 20.5 percent of sales, for the same period in 2012. The company reported selling, general & administrative (SG&A) expenses of $248.6 million (13.2 percent of sales), for the fourth quarter of 2013, compared to $275.9 million (16.8 percent) for the fourth quarter of 2012.
Operating profit was $110.6 million for the current quarter, up 120 percent over from $50.3 million for the comparable 2012 quarter. WESCO’s interest expense for the fourth quarter of 2013 was $20.6 million, compared to $14.7 million for the fourth quarter of 2012. The company’s earnings per diluted share for the fourth quarter of 2013 were $1.09 per share, based on 53.2 million diluted shares, compared to $0.52 per share in the fourth quarter of 2012, based on 51.4 million diluted shares.
“Our fourth quarter results were consistent with the third quarter reflecting the low growth economic environment and challenging end market conditions,” said John J. Engel, chairman and CEO, in a company press release. “Organic sales increased 1.5 percent versus prior year driven by growth in data communications and lighting, and continued strength in utility.”
Engel noted that on a full-year basis, WESCO posted record sales, profitability and free cash flow. “In 2014, we expect macroeconomic conditions to show some improvement over last year with a continued recovery in non-residential construction,” said Engel. “As a result, we have revised our full-year outlook and now expect sales growth of 3 percent to 6 percent and earnings-per-share (EPS) of $5.30 to $5.70 per diluted share.”
Tagged with tED