WESCO International 2Q sales flat
WESCO International reported net sales were $1.911 billion for the second quarter of 2016, compared to $1.916 billion for the second quarter of 2015, a decrease of 0.3%.
Acquisitions had a 3.7% positive impact on net sales and were partially offset by a 0.9% impact from foreign exchange rates, resulting in a 3.1% decrease in normalized organic sales. Sequentially, net sales increased 7.6% and normalized organic sales increased 4.8%.
Net income was $49.8 million, or $1.02 per share, for the current quarter, compared to $51.8 million, or $1.00 per share, for the second quarter of 2015.
"While the industrial end market continues to pressure our top-line, all three of our other end markets posted positive organic sales growth in the quarter, including construction," said John J. Engel, WESCO's chairman, president and CEO.
For the first six months of the year, net sales were $3.68 billion compared to $3.73 billion for the first six months of 2015, a decrease of approximately 1.2%. Acquisitions and workdays had positive impacts on net sales of 3.8% and 1.6%, respectively, and were partially offset by a 1.7% impact from foreign exchange rates, resulting in a 4.9% decrease in normalized organic sales growth.
Net income was $85.9 million for the first six months of 2016, compared to $98.7 million for the first six months of 2015.
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.
