WESCO reports record sales for 2Q 2014

WESCO International Inc., Pittsburgh, said its net sales for 2Q 2014 were $2,005.2 million compared to $1,894.0 million for the second quarter of 2013, an increase of 5.9%.  Organic sales increased 6.0%, acquisitions positively impacted sales by 1.6%, and foreign exchange negatively impacted sales by 1.7%.  Sequentially, sales increased 10.7%, and organic sales increased 7.9%.  Gross profit was $411.8 million, or 20.5% of sales, for the second quarter of 2014, compared to $392.6 million, or 20.7% of sales, for the second quarter of 2013.

John Engel, WESCO's chairman and CEO, said, "Our second quarter results reflect strong sales execution, along with improvement in our end markets and seasonal recovery from the severe winter weather conditions experienced earlier this year.  Sales grew 6% organically, with growth in all four of our end markets.  Sales in the U.S. were up 5%, sales in Canada were up 7% on a local currency basis, and sales for the rest of world were up over 13%.  Sales growth in the U.S. was steady in the quarter at mid-single-digit rates while sales momentum in Canada accelerated through the quarter.  July is off to a good start with sales growth rates trending in-line with second quarter levels.

“We continue to see favorable indicators with our customers, including further strengthening in non-residential construction, which we expect will result in ongoing growth in our key markets.  With the improving sales momentum but a softer than anticipated start to the year, we are revising our full year outlook to 4% to 5% sales growth and $5.20 to $5.40 earnings per diluted share from our previous outlook of 3% to 6% sales growth and $5.30 to $5.70 earnings per diluted share."

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