Posted July 21, 2011
WESCO International sales up 21.1%
WESCO International said its second quarter net sales were $1.5 billion, compared to $1.2 billion for the second quarter of 2010.
The 21.1% increase includes a 7.4% positive impact from acquisitions and a 1.0% positive impact from foreign exchange rates, resulting in organic sales growth of 12.7%.
Net income of $50.2 million for the current quarter was up 80.6% from $27.8 million for the prior year quarter.
"We have now posted four consecutive quarters of double digit organic sales growth and have built a strong backlog, which is up over 20% versus last year. Operating margins improved 150 basis points to 5.6% in the second quarter, driven by an effective combination of gross margin expansion and operating cost leverage," said CEO John J. Engel. "The three acquisitions that we made over the last year are also exceeding expectations and have strengthened our business. Overall, our growth strategy is on track and we are very pleased with the good momentum and the improving profitability of our business."
For the first six months of the year, consolidated net sales were $2.9 billion, a 22.8% increase from $2.4 billion for the first six months of 2010.
