PITTSBURGH, Aug. 29, 2024 /PRNewswire/ -- The Board of Directors of Wesco International (NYSE: WCC) today declared a quarterly cash dividend on all of the issued and outstanding shares of common stock, in an amount equal to $0.4125 per share. The dividend is payable on September 30, 2024 to the holders of record of the common stock at the close of business on September 13, 2024. In addition, the Board of Directors declared cash dividends on the company's 10.625% Series A Fixed-Rate Reset Cumulative Perpetua ...

WESCO International (WCC) reported second-quarter 2024 adjusted earnings of $3.21 per share, down 13.5% year over year. The bottom line lagged the Zacks Consensus Estimate by 7.76%. Net sales of $5.48 billion fell 4.6% year over year. The figure missed the Zacks Consensus Estimate by 1.48%. Organic sales declined 0.8% year over year. Top-Line Details EES (39.7% of Net Sales): Sales in the segment were $2.17 billion, down 1.2% year over year. Organic sales declined 0.6% year over year. CSS (34.1% of Net Sale ...

Financial Data and Key Metrics Changes - The second quarter results showed a low single-digit decline in reported sales, with organic sales down less than 1% year-over-year, impacted by market weakness in Utility & Broadband Solutions [4][8] - Free cash flow generation reached a record $500 million in the first half, with a full-year outlook of $800 million to $1 billion [5][31] - Adjusted EBITDA margin is now projected to be in the range of 7% to 7.3%, with a reduction in the full-year EBITDA outlook to $1.55 billion from $1.7 billion [30][31] Business Line Data and Key Metrics Changes - The EES business saw organic sales down about 1%, but there was stabilization in the top line, with sales in Canada up low single digits due to large project wins [14][15] - CSS sales were up approximately 1% year-over-year, with data center sales growing high teens, driven by AI applications [16][17] - UBS experienced a 3% decline in organic sales, with reported sales down 15% due to the integrated supply divestiture, reflecting short-term softness in the utility market [20][21] Market Data and Key Metrics Changes - The utility market is facing destocking and lower project activity, expected to continue through the end of the year, impacting sales [20][21] - Broadband sales declined high single digits, with delays in government funding affecting customer purchasing [21] - Overall quoting and bid activity levels remain healthy, supporting a view for sales growth in the second half against easier year-over-year comparisons [8][20] Company Strategy and Development Direction - M&A remains a critical component of the growth strategy, with two software-based acquisitions completed to enhance capabilities [5][6] - The digital transformation initiative aims to increase shareholder value through cost efficiencies and cross-sell opportunities [6] - The company is focused on long-term EBITDA margin expansion goals, with a commitment to return approximately 40% of operating cash flow to shareholders [24][31] Management's Comments on Operating Environment and Future Outlook - Management noted a mixed economic environment, with no cancellations in backlog but a slowdown in utility purchases extending into the second half [36][40] - Confidence in long-term growth remains, driven by trends in electrification, green energy, and grid modernization [52] - The company has adjusted its full-year sales outlook to reflect current market conditions, now expecting a decline of 1.5% to 3.5% [29][30] Other Important Information - The company plans to provide more details on its digital transformation and growth strategy at the upcoming Investor Day [33] - The Integrated Supply divestiture is expected to contribute approximately 30 basis points to full-year gross margin [55] Q&A Session Summary Question: Insights on pockets of weakness in the market - Management confirmed no cancellations in backlog, but noted a slowdown in utility purchases and extended destocking [35][36] Question: Impact of project delays versus destocking in utilities - The destocking continues, with capital spending being executed but not translating into new projects [39][40] Question: Changes in sales guidance and EBITDA expectations - The sales guidance was cut primarily due to Utility & Broadband Solutions, with a significant impact on EBITDA margins [44][45] Question: Performance of data center margins - Data center gross margins improved, but the enterprise network infrastructure faced contraction, impacting overall CSS margins [42][57] Question: Inventory levels at customer base - Inventory levels vary by customer, but overall purchasing has paused, leading to destocking [49] Question: Confidence in utility market recovery - Management expressed confidence in a temporary pause, citing long-term demand driven by electrification and green energy trends [50][52]

NYSE: WCC Second Quarter 2024 Webcast Presentation August 1, 2024 Forward-Looking Statements All statements made herein that are not historical facts should be considered as "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. These statements include, but are not limited to, statements regarding business strategy, growth str ...

Core Insights - Wesco International reported revenue of $5.48 billion for the quarter ended June 2024, a decrease of 4.6% year-over-year, with EPS at $3.21 compared to $3.71 in the same quarter last year [1] - The reported revenue fell short of the Zacks Consensus Estimate of $5.56 billion, resulting in a surprise of -1.48%, while the EPS also missed the consensus estimate of $3.48 by -7.76% [1] Revenue Performance by Segment - Electrical & Electronic Solutions revenue was $2.17 billion, slightly below the average estimate of $2.20 billion, reflecting a year-over-year decline of -1.3% [3] - Utility & Broadband Solutions revenue reached $1.44 billion, missing the average estimate of $1.52 billion, marking a significant year-over-year decrease of -15% [4] - Communications & Security Solutions revenue was $1.87 billion, exceeding the average estimate of $1.83 billion, showing a year-over-year increase of +0.8% [5] Adjusted EBITDA Analysis - Adjusted EBITDA for Corporate was reported at -$119.10 million, better than the estimated -$124.62 million [6] - Adjusted EBITDA for UBS was $173.50 million, slightly below the average estimate of $176.42 million [7] - Adjusted EBITDA for CSS was $150.80 million, significantly lower than the average estimate of $172.90 million [8] - Adjusted EBITDA for EES was $194.90 million, surpassing the average estimate of $190.71 million [9] Stock Performance - Shares of Wesco International have increased by +9.9% over the past month, outperforming the Zacks S&P 500 composite, which saw a +1.1% change [9] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [9]

Wesco International (WCC) came out with quarterly earnings of $3.21 per share, missing the Zacks Consensus Estimate of $3.48 per share. This compares to earnings of $3.71 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -7.76%. A quarter ago, it was expected that this maker of electrical and industrial maintenance supplies and construction materials would post earnings of $2.46 per share when it actually produced earnings of $ ...

Second quarter net sales down 4.6% YOY, organic sales down 0.8% YOY and up 4.7% sequentially Second quarter operating profit of $324 million; operating margin of 5.9% Gross margin of 21.9%, up 30 basis points YOY and up 60 basis points sequentially Adjusted EBITDA margin of 7.3%, up 90 basis points sequentially and down 40 basis points YOY Divestiture of Wesco Integrated Supply (WIS) completed on April 1, 2024 Utilized net proceeds to complete $300 million of share repurchases Operating cash flow of $523 mi ...

In its upcoming report, Wesco International (WCC) is predicted by Wall Street analysts to post quarterly earnings of $3.48 per share, reflecting a decline of 6.2% compared to the same period last year. Revenues are forecasted to be $5.57 billion, representing a year-over-year decrease of 3.1%. Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.1% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections ...

Great Place To Work® is the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue, employee retention and increased innovation. It recently conducted a workplace trust index survey among randomly selected employees from across Wesco's U.S. operations. At Wesco, our people are our greatest asset. Survey results showed that 90% of employees say they are able to take time off work when necessary, and 84% of employees say they felt welc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14989 WESCO International, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpor ...