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%, 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, “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.”