WESCO Reports Fourth Quarter 2013 Results; Achieves Record Annual Sales, EPS and Free Cash Flow
PITTSBURGH, Jan. 30, 2014 /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 fourth quarter results.
Fourth quarter results compared to the prior year:
- Consolidated sales of $1.9 billion, growth of 14.3%
- Operating profit of $110.6 million, up 25.1% from prior year adjusted results
- Adjusted earnings per share of $1.26, up 18.9% from prior year adjusted results
- Free cash flow of $128 million, or 191% of adjusted net income
Full year results compared to the prior year:
- Record consolidated sales of $7.5 billion, growth of 14.2%
- Record adjusted operating profit of $445 million, up 20.0% from prior year adjusted results
- Record adjusted earnings per share of $5.02, up 11.8% from prior year adjusted results
- Record free cash flow of $308 million, or 117% of adjusted net income
Mr. John J. Engel, WESCO’s Chairman and Chief Executive Officer, stated, “Our fourth quarter results were consistent with the third quarter reflecting the low growth economic environment and challenging end market conditions. Organic sales increased 1.5% versus prior year driven by growth in Data Communications and Lighting, and continued strength in Utility. Our sales growth was below expectations while effective cost controls and acquisition performance resulted in an adjusted EPS of $1.26, up 19% versus prior year. Free cash flow generation was particularly strong in the quarter and our financial leverage is now well within our targeted range.”
Click here to read the full press release on WESCO.com.