WESCO posts sales growth during third quarter of 2012

WESCO International, Inc. (NYSE: WCC) reported net sales of $1,656.2 million for the third quarter of 2012, compared to $1,580.4 million for the third quarter of 2011, an increase of 4.8%. The Pittsburgh-based provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, posted a gross profit of $338.8 million, or 20.5% of sales, for the quarter.

In a press release, the company said that acquisitions positively impacted sales by 4.0%, while one less workday negatively impacted sales by 1.6% and foreign exchange provided a 0.6% negative impact resulting in normalized organic growth of approximately 3.0%. Sequentially, WESCO’s sales decreased 1.0%. Selling, general & administrative (SG&A) expenses of $225.8 million, or 13.6% of sales, for the third quarter of 2012 improved 10 basis points, compared to $216.2 million, or 13.7% of sales, for the third quarter of 2011.

WESCO’s operating profit was $103.1 million for the current quarter, up 12.3% from $91.8 million for the comparable 2011 quarter. Operating profit as a percentage of sales was 6.2% in 2012, up 40 basis points from 5.8% in 2011. WESCO’s net income of $63.4 million for the current quarter was up 17.7% from $53.9 million for the prior year third quarter.

Earnings per diluted share for the third quarter of 2012 were $1.25 per share, based on 50.8 million diluted shares, and increased 12.6% from $1.11 per share in the third quarter of 2011, based on 48.5 million diluted shares.

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