WESCO International, Inc. (NYSE: WCC), posted net sales of $1808.1 million for the first quarter of 2013, an increase of 12.6 percent compared to the same period in 2012. In a press release, the company said acquisitions positively impacted sales by 16.0 percent and organic sales declined 3.4 percent.
A provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, Pittsburgh-based WESCO reported a gross profit of $381.1 million during the first quarter (21.1 percent of sales) compared to $319.7 million (19.9 percent of sales) for the first quarter of 2012.
WESCO’s operating profit was $136.9 million during the first quarter of 2013, up 64.0 percent from $83.5 million for the comparable 2012 quarter. Operating profit as a percentage of sales was 7.6 percent in 2013, up 240 basis points from 5.2 percent in 2012.
WESCO’s net income of $84.1 million for the first quarter increased 59.0 percent over the $52.9 million reported for the prior year quarter. Excluding the favorable impact of non-recurring items in both years, first quarter 2013 adjusted net income was $58.6 million, compared to $50.9 million in the prior quarter, an increase of 15.1 percent.
Earnings per diluted share for the first quarter of 2013 were $1.60 per share, based on 52.4 million diluted shares, and were up 55.3 percent from $1.03 per share in the first quarter of 2012, based on 51.3 million diluted shares. Excluding the favorable impact of non-recurring items in both years, adjusted earnings per diluted share in first quarter 2013 were $1.12, compared to $0.99 in the prior year quarter and increased 13.1 percent.
“Our first quarter results reflect solid execution in a challenging economic environment and, as expected, a continuation of the market trends experienced in the second half of last year,” said John J. Engel, chairman and CEO, in a press release. “Although organic sales declined 3 percent in the quarter and were softer than expected, we continued to see the positive impact of our One WESCO sales, productivity and LEAN initiatives on our business.”
Tagged with tED