WESCO International, Inc., Pittsburgh, reported sales for the first quarter of $1.8 billion, down 3.7% from the last quarter of 2013 and up 0.2% from the same period a year ago. First-quarter profit fell 38% to $51.9 million. Organic sales decreased 3.1% from the previous quarter but increased 1.6% from the first quarter of 2013. Acquisitions contributed 0.5 percentage points.
“Our first quarter results reflect an improving U.S. economy largely offset by the impacts of severe winter weather conditions in both the U.S and Canada,” said John Engel, WESCO’s CEO.
Engel said WESCO saw growth in all end markets except construction, and said the decline in construction sales was primarily due to weather-related project delays.
Schneider Electric SA, Paris, reported strong first-quarter sales, with help from acquisitions and continuing demand in China and emerging markets. Revenue rose to €5.67 billion ($7.84 billion) for the quarter, an increase of almost 8%. The company’s quarterly sales were boosted significantly by its acquisition last year of industrial automation and software specialist Invensys. Schneider predicts low single-digit organic sales growth this year.
Cree, Inc., Durham, N.C., posted revenue of $405.3 million for its third quarter of fiscal 2014, ended March 30, 2014, a 16% increase compared to $348.9 million for the third quarter of fiscal 2013. GAAP net income for the third quarter was $28.2 million, an increase of 27% year-over-year.
Chuck Swoboda, Cree chairman and CEO, said the results were in line with expectations. “These results once again demonstrate our ability to deliver strong operating results while continuing to make longer term investments in new technology and building the Cree brand.”
Hubbell Inc., Shelton, Conn., reported net sales in the first quarter of 2014 were $759.5 million, an increase of 3% compared to $740.1 million in Q1 2013. Operating income was $104.8 million, or 13.8% of net sales, compared to $97.7 million, or 13.2% of net sales, for the comparable period of 2013. Net income in the first quarter of 2014 was $64.2 million, a decrease of 3% compared to the first quarter of 2013.
Electrical segment net sales in the first quarter 5% to $538.8 million from the first quarter of 2013. Acquisitions added 4% to sales in the quarter while organic volume was essentially flat as severe weather conditions in January and February negatively impacted demand.
President and CEO David Nord said, “We expect overall sales to increase in the 5% to 6% range with completed acquisitions contributing between 3% and 4% of the growth. Despite the lower than anticipated demand to start the year, the relative strength of our March orders gives us cautious optimism about the remainder of the year.”