WESCO International, Inc. Reports Third Quarter 2013 Results; Achieves Record Quarterly Sales
PITTSBURGH, Oct. 24, 2013 /PRNewswire/ — WESCO International, Inc. (NYSE: WCC), a leading provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, today announced its 2013 third quarter results.
Third quarter results compared to the prior year:
– Consolidated sales of $1.93 billion, growth of 16.6%
– Operating profit of $123.7 million, up 20.0%
– Adjusted earnings per share of $1.42, up 13.6%, excluding non-recurring items
– Free cash flow of $72 million, or 97% of adjusted net income
Mr. John J. Engel, WESCO’s Chairman and Chief Executive Officer, stated, “Our third quarter results reflect solid execution in a low growth economic environment with end market conditions that continue to be challenging. Organic sales increased approximately two percent versus prior year on a same workday basis, driven by growth in Data Communications and continued strength in Utility. Our acquisitions continue to perform well and we remain on track to deliver our full year EPS accretion expectations for EECOL. Free cash flow generation was also strong in the quarter and our financial leverage is now within our targeted range on a proforma basis. We expect organic sales growth in the fourth quarter at the low end of our prior expectations, and have revised our full year EPS outlook to approximately $5.00 to $5.20 per diluted share, which equates to 15% to 19% growth over prior year, excluding the ArcelorMittal litigation and EECOL Argentina divestiture impacts.”
Read the full press release now, which includes the results for the prior three months ended September 30, 2013.