WESCO International Inc., Pittsburgh, said its net sales for the fourth quarter of 2003 were $850.1 million versus $815.5 million in 2002, an increase of 4.2 percent.
Gross margins for the quarter improved to 18.8 percent versus 18.3 percent for the comparable quarter in 2002. Operating income for the fourth quarter totaled $24.7 million versus $18.3 million in last year’s comparable quarter. Net income in 2003’s fourth quarter was $9.4 million versus $4.7 million in the comparable 2002 quarter.
For fiscal 2003, net sales were $3.28 billion versus $3.32 billion in last year’s comparable period, a 1.2 percent decline. Gross margins in 2003 were 18.6 percent versus 17.8 percent in 2002 and operating income totaled $86.1 million versus $76.6 million last year.
WESCO’s Chairman and Chief Executive Officer Roy W. Haley, said,“The last three years have been difficult but constructive ones for WESCO. The company has successfully weathered the economic downturn that has been unlike any seen by the electrical distribution industry in several decades. WESCO’s strategic platform combining national accounts, integrated supply and a North American footprint of local branch operations has been very effective and continues to be sound.”