WESCO Reports Double-Digit Quarterly Sales

A provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, WESCO International, Inc. (NYSE: WCC) posted net sales of $1,931.3 million for the third quarter. The results represented a 16.6 percent compared to the $1,656.2 million in sales that the company reported for the same period last year.

According to a company press release, acquisitions positively impacted sales by 14.1 percent, organic sales increased 3.2 percent, and foreign exchange negatively impacted sales by 0.7 percent. WESCO’s earnings per diluted share for the third quarter of 2013 were $1.32 per share, based on 52.5 million diluted shares, and were up 5.6 percent from $1.25 per share in the third quarter of 2012 (based on 50.8 million diluted shares).

“Our third quarter results reflect solid execution in a low growth economic environment with end market conditions that continue to be challenging,” said John J. Engel, chairman and CEO, in the press release. “Organic sales increased approximately two percent versus prior year on a same workday basis, driven by growth in data communications and continued strength in utility.”

For the first nine months of 2013, WESCO’s net sales were $5,633.3 million, compared to $4,934.9 million for the first nine months of 2012, an increase of 14.2 percent. The firm’s gross profit of $1,169.3 million, or 20.8 percent of sales, for the first nine months of 2013 was up 70 basis points, compared to $994.1 million, or 20.1 percent of sales, for the first nine months of 2012.

“As consolidation and outsourcing continues in our industry, customers are looking for a one-stop-shop to manage their global supply chain needs,” Engel said. “We are encouraged with the accelerating momentum of our One WESCO initiatives, and are continuing to make investments in our people, our processes, and our business.”

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