Posted April 22, 2010
WESCO posts 2.6 percent sales decline
WESCO International reported net sales of $1.14 billion for the first quarter of 2010, a 2.6% decline compared to $1.17 billion for the first quarter of 2009.
Gross profit was $227.4 million, or 19.8% of sales, compared to $238.2 million, or 20.2% of sales, for the first quarter of 2009. Net income for the current quarter was $21.7 million compared to $23.3 million for the prior year quarter.
"After stabilizing the business in the second half of last year, it is encouraging to see improving momentum in early 2010 and a return to positive year-over-year sales growth late in the first quarter," said CEO John J. Engel. "Our industrial sales grew 13%, and we increased our construction backlog in the quarter despite facing continued pressure in non-residential construction and utility markets. The decisive actions we took over the last eighteen months have positioned us well as we begin to move into the recovery phase of this cycle."
