PITTSBURGH (AP) — Wesco International Inc. (WCC) on Thursday reported second-quarter net income of $51.8 million.
The Pittsburgh-based company said it had profit of $1 per share.
The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.14 per share.
The maker of electrical and industrial maintenance supplies and construction materials posted revenue of $1.92 billion in the period, also falling short of Street forecasts. Seven analysts surveyed by Zacks expected $1.96 billion.
Wesco International expects full-year earnings to be $4.50 to $4.90 per share, has revised their full year outlook for sales growth of 3 percent to flat.
Wesco International shares have declined 14 percent since the beginning of the year. The stock has dropped 28 percent in the last 12 months.
John J. Engel, Wesco’s Chairman and CEO, commented on the results, saying the sales decline was due to continued foreign exchange headwinds and weakness in the industrial market as well as a slow seasonal start in the non-residential construction market.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WCC at http://www.zacks.com/ap/WCC
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