WESCO International(US:WCC)2022-05-06 03:11Financial Performance - Record sales of $4.9 billion, up 22% year-over-year on a reported basis and 21% organically[8] - Gross margin increased by 120 bps year-over-year to 21.3% of sales[8, 31] - Adjusted EBITDA increased by 68% year-over-year to $364 million, with margin up 200 bps to 7.4%[9, 31] - Adjusted diluted EPS increased by 154% year-over-year to $3.63[31] Strategic Initiatives and Synergies - Realized cost synergies of $63 million in Q1[31] - Cross-sell synergies of $160 million were achieved[31] - Increased cross-sell target from $600 million to $850 million[55] - Leverage reduced to 3.6x, a decrease of 2.1x in 21 months since the Anixter acquisition[9] Segment Performance - Electrical & Electronic Solutions (EES) sales increased by 21% year-over-year to $2.09 billion, with adjusted EBITDA up 72% to $192 million[44] - Communications & Security Solutions (CSS) sales increased by 14% year-over-year to $1.434 billion, with adjusted EBITDA up 36% to $123 million[48] - Utility & Broadband Solutions (UBS) sales increased by 30% year-over-year to $1.408 billion, with adjusted EBITDA up 63% to $136 million[52] Outlook - Increased 2022 sales outlook to +12% to +15%[78] - Increased 2022 adjusted EBITDA margin outlook to 7.3% to 7.6%[78] - Increased 2022 adjusted EPS outlook to $14.00 to $15.00, a +40% to +50% increase[78]