Wesco sales up slightly
WESCO International reported first quarter net sales were $1.81 billion, compared to $1.80 billion for the first quarter of 2013, an increase of 0.2%.
Organic sales increased 1.6%, acquisitions positively impacted sales by 0.5%, and foreign exchange negatively impacted sales by 1.9%.
Net income of $51.9 million for the quarter was down 38% from $84.0 million for the prior year quarter.
Earnings per diluted share for the first quarter of 2014 were 97 cents per share, compared to $1.60 per share in the first quarter of 2013.
"Our first quarter results reflect an improving U.S. economy largely offset by the impacts of severe winter weather conditions in both the U.S and Canada. Sales in the U.S. were up approximately 3% with mid-single digit organic sales growth in all of our end markets, except construction, where sales declined primarily due to weather related project delays," said John J. Engel, WESCO's chairman and chief executive officer.
For the full year, the company expects 3% to 6% sales growth.
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.
