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WESCO reports double digit growth for first quarter

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.” 

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