WESCO International(US:WCC)2021-11-04 20:40Financial Performance - Sales increased by 14% year-over-year to $4,728 million[15] and 3% sequentially on an organic basis[9] - Gross profit increased by 24% year-over-year to $1,008 million[15] - Adjusted EBITDA increased by 31% year-over-year to $330 million[15], representing 7% of sales[16] - Adjusted diluted EPS increased by 65% year-over-year to $2.74[15] - Realized cost synergies in Q3 were $50 million[15] Business Segments - Electrical & Electronic Solutions (EES) sales increased by 19% organically[24], with adjusted EBITDA at $174 million, representing 8.8% of sales[24] - Communications & Security Solutions (CSS) sales increased by 6% organically[27], with adjusted EBITDA at $134 million, representing 9% of sales[28] - Utility & Broadband Solutions (UBS) sales increased by 15% organically[31], with adjusted EBITDA at $115 million, representing 9.1% of sales[31] Synergies and Leverage - $105 million of incremental sales generated in Q3 with $220 million generated since merger closed[11] - On track to deliver $500 million in cross-sell synergies by 2023[13] - Leverage improved by 1.6x since the Anixter merger 15 months ago, reaching 4.1x[10, 39] Outlook - The company raised its 2021 outlook, expecting reported sales growth of 11%-13% compared to 2020 pro forma sales of $16 billion[10, 41] - Adjusted EBITDA margin is expected to be 6.4%-6.5%[41] - Adjusted EPS is projected to be $9.20-$9.40[41]