WESCO International sales flat
WESCO International reported first quarter net sales were $1.816 billion, compared to $1.810 billion for the first quarter of 2014, an increase of 0.3%.
Organic sales increased 3.2%, acquisitions positively impacted sales by 1.2%, and foreign exchange rates negatively impacted sales by 2.5%.
Net income of $47.0 million, or 90 cents per share, was down 9.4% from $51.9 million, or 97 cents, for the prior year quarter.
"We had a challenging start to the year where reduced demand in the industrial market, winter weather impacts, and foreign exchange headwinds weighed heavily on our results in the first quarter," said John J. Engel, chairman and chief executive officer. "While organic sales per workday grew 3%, sales momentum decelerated through the quarter.
Engel added that WESCO anticipates reduced demand in commodity-driven industrial end markets and foreign exchange headwinds to continue throughout this year. As a result, the company plans to consolidate a series of branches and reduce structural costs while adding to its salesforce to address underserved territories and customer accounts.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
