WESCO International Inc., Pittsburgh, logged some softer financials in 1Q 2015, with net income for the current quarter down 9.4% to $47 million from $51.9 million in 1Q 2015, and a 0.3% YOY net sales increase to $1,816.3 million. Gross profit was $367.7 million, or 20.2% of sales, for 1Q 2015, compared to $374.8 million, or 20.7% of sales, for 1Q 2014.
John Engel, WESCO’s chairman and CEO, said in a press release that WESCO’s capital structure is in good shape and that the company’s acquisition pipeline is robust. Based on the first-quarter results, he said the company is revising its full-year outlook to -3% to 3% sales.
“We expect reduced demand in commodity-driven industrial end markets and foreign exchange headwinds to continue throughout this year,” he said. “As a result, we are taking additional actions to accelerate our One WESCO sales initiatives and simplify and streamline our business. These actions include consolidating a series of branches and reducing structural costs while adding to our sales force to address underserved territories and customer accounts. Our One WESCO strategy continues to drive our long-term value proposition, particularly for customers looking to reduce their supply chain costs.”