WESCO International, Pittsburgh, beat its sales, margin, profit and cash generation targets for 3Q 2020 and logged net sales of $8.2 billion for the first nine months of 2020, compared to $6.3 billion for the first nine months of 2019, an increase of +31% due to the merger with Anixter that was completed on June 22.
John Engel, WESCO’s chairman, president and CEO, said the company also built an all-time record third quarter backlog and has found more cost synergies in the acquisition at a faster pace than expected. The press release said the company logged $15 million of cost synergies in the third quarter.
Engel also said the combined WESCO-Anixter service offerings in the electrical, communications and utility distribution and supply chain solutions markets make it “very well positioned to capitalize on the accelerating secular trends of electrification, increased bandwidth demand driven by higher voice, data, video and mobile usage, and the digitization of our B2B value chain.
“Building on our positive momentum, we are looking forward to entering 2021 with accelerating results,” he said.