WESCO posts 7.8 percent sales gain
WESCO International posted net sales for the third quarter of $2.00 billion, a 7.8 precent increase compared to $1.86 billion for the third quarter of 2016.
Organic sales for the quarter grew by 8.6 percent, as foreign exchange rates positively impacted net sales by 0.8 percent and were more than offset by a 1.6 percent impact from the number of workdays.
Net income was $53.7 million, compared to a net loss of $31.6 million for the third quarter of 2016. Earnings per diluted share was $1.12 for the quarter, compared to a loss per diluted share of 73 cents for the third quarter of 2016.
"Our third quarter results exceeded our expectations and reflect improving momentum in our business. Sales grew 9% organically, our highest growth rate in over five years, driven by all end markets and geographies," said John J. Engel, WESCO's chairman, president and CEO. "Hurricane activity accounted for less than one point of sales growth. Building on our return to growth in June, our sales momentum accelerated in July and remained consistently high throughout the quarter and into October.
Net sales were $5.68 billion for the first nine months of 2017, compared to $5.54 billion for the first nine months of 2016, an increase of 2.5 percent.
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.
