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WESCO Releases 2nd Quarter Results

WESCO International, Inc. (NYSE: WCC), reported second quarter sales of $1.9 billion for the second quarter of 2013, compared to $1.7 billion for the second quarter of 2012, an increase of 13.2 percent. Acquisitions positively impacted sales by 14.6 percent, foreign exchange negatively impacted sales by 0.2 percent, and organic sales declined 1.2 percent.

For the quarter, WESCO’s gross profits of $392.6 million – or 20.7 percent of sales – improved 60 basis points compared to $335.6 million, or 20.1 percent of sales, for the second quarter of 2012.

Selling, general & administrative (SG&A) expenses of $265.5 million, or 14.0 percent of sales, for the second quarter of 2013 increased 20 basis points, compared to $231.2 million, or 13.8 percent of sales, for the second quarter of 2012. Excluding acquisitions, WESCO’s SG&A declined $3.2 million from the prior year quarter.

WESCO’s operating profit was $109.9 million for the current quarter, up 14.4 percent from $96.0 million for the comparable 2012 quarter. Operating profit as a percentage of sales was 5.8 percent in 2013, up 10 basis points from 5.7 percent in 2012. The firm’s earnings per diluted share for the second quarter of 2013 were $1.25 per share, based on 52.3 million diluted shares, and were up 8.7 percent from $1.15 per share in the second quarter of 2012, based on 51.1 million diluted shares.

“Our second quarter results reflect continued solid execution in a challenging economic environment with end market conditions consistent with our prior expectations,” said John J. Engel, chairman and CEO, in a press release. “While organic sales declined 1 percent versus prior year, business momentum improved through the quarter with June sales per workday up 2 percent, driven by growth in lighting and continued strength in utility.”

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