All four of WESCO’s major end markets and all six major product categories experienced growth over first quarter results.
This is the MDM Public Distributor Report, provided on a quarterly basis to subscribers of Modern Distribution Management. This report includes an overview of public distributor earnings calls, Airgas and Air Products acquisition talk, and financial metrics for publicly traded distribution companies.
Fourth-quarter sales for WESCO were down 20.8% from the prior-year period.
WESCO’s sales to the government grew 15% in the third quarter.
Electrical MRO and construction materials distributor WESCO International Inc., Pittsburgh, PA, reported sales for the second quarter 2009 were $1.2 billion, compared with $1.5 billion in the second quarter 2008, a decrease of 27%.
Profit for the second quarter was $26.4 million, about half that of the comparable quarter 2008.
"We are taking quick and decisive actions to manage the company through the global economic downturn," said John J. Engel, senior vice president and COO. "WESCO is currently facing weaker end market demand across most of our served markets. We continue to focus our energies on a series of sales and cost reduction programs and LEAN productivity initiatives to efficiently serve our customers and take market share in this challenging environment."
WESCO …
The Board of Directors of WESCO International, Inc., a distributor of electrical MRO products, construction materials and advanced integrated supply procurement outsourcing services, will name John J. Engel, president and CEO, effective September 1. He will succeed Roy W. Haley, CEO since 1994. Haley will continue with WESCO as executive chairman until his term expires in 2011.
In addition, Stephen A. Van Oss will assume the responsibilities of COO on September 1, while continuing to serve as Senior Vice President. Van Oss currently serves as senior vice president of finance and administration and CFO. Richard P. Heyse will join WESCO as Vice President and Chief Financial Officer on June 15, 2009.
For the past several years the Board of Directors and …
WESCO International, Inc., Pittsburgh, PA, distributor of electrical MRO products, construction materials and integrated supply services, reported sales in the third quarter 2008 were $1.62 billion, up 5.3% from the prior-year period. Profit was $66 million, down from $72 million in the prior-year period.
Stephen A. Van Oss, chief financial and administrative officer, said gains were driven primarily by strength in commercial construction and utility end markets.
We are very mindful of the extraordinary challenges being experienced in the financial industry and the anticipated spillover into the commercial end markets,” said Roy W. Haley, CEO. “We have taken a conservative approach to managing our overall cost structure while investing to expand our sales …
In WESCO’s recent conference call on its first-quarter earnings, CFO Stephen Van Oss addressed the distributor’s ultimately withdrawn bid for Industrial Distribution Group in April:
(IDG) strategically fit our business well and they have done a good job on those types of programs with smaller customers, where WESCO’s programs tend to be with much larger engagements. … Additionally, they had a number of specialty businesses, some of which lined up nicely with WESCO’s strength, such as the manufactured housing area, where we could leverage our infrastructure nicely and bring in some new products sets to get better penetration.”
Van Oss said that WESCO felt it had a “full and fair valuation”with its $11.75 bid ($0.05 less than Platinum Equity’s bid) and the …
WESCO International, Inc., Pittsburgh, PA, provider of electrical MRO products, construction materials and integrated supply services, reported sales for the first quarter 2008 were $1.46 billion, up 2.9% after adjusting for a divestiture.
Sales for the quarter from acquisitions were $12 million.
Net income in the first quarter was $44.8 million versus $48.2 million in the comparable 2007 quarter.
Mr. Roy W. Haley, WESCO’s Chairman and Chief Executive Officer said: We have seen some deterioration in certain markets related to residential construction activity. We are cognizant of the near-term risks of a slowing economy, and we are balancing the increased investment in business development initiatives with cost containment actions in other areas of …
Atlanta, GA-based Industrial Distribution Group’s board of directors announced it was prepared to accept WESCO Distribution Inc.’s offer of $11.75 per share, or $130 million, and withdraw its recommendation of the pending acquisition by Platinum Equity. WESCO was the previously unnamed bidder in the war for the industrial distributor, which had $537 million in sales last year.
If the WESCO deal goes through, under the Platinum merger agreement, IDG would have to pay a 3% break-up fee. WESCO has agreed to reimburse the company for that fee.
WESCO Chief Financial and Administrative Officer Stephen Van Oss said IDG was a good fit for the company. Like IDG, WESCO also has a substantial integrated supply business.
IDG’s small-site integrated supply …
WESCO International, Inc., Pittsburgh, PA, provider of electrical MRO products, construction materials, and integrated supply services, reported sales for the full year 2007 were up 13% to $6 billion, compared with $5.3 billion in 2006. Profit was $241 million.
In the fourth quarter, sales were $1.48 billion, up from $1.37 billion in the 2006 period, an increase of 8%. Organic growth was 2.8%.
Profit for the quarter was $61 million, up from $58 million in the year-ago …
WESCO International, Inc., Pittsburgh, PA, provider of electrical MRO products and construction materials, has acquired Monti Electric Supply Inc., Waveland, MS. Monti Electric has three branch locations and annual sales of $20 million.
The addition of Monti Electric will provide WESCO with a broader market position to benefit from the long-term hurricane-related reconstruction of the Gulf Coast region,” Stephen A. Van Oss, WESCO’s Senior Vice President and Chief Financial and Administrative Officer said.
WESCO’s primary operating entity is WESCO Distribution Inc. WESCO Distribution is a distributor of electrical construction products and electrical and industrial maintenance, repair and operating (MRO) supplies, and is a provider of integrated supply …
WESCO International, Inc., Pittsburgh, PA, a provider of electrical MRO products and construction materials, has acquired J-Mark Inc., Phoenix, AZ. J-Mark, with four locations in the U.S. and annual sales of $30 million, is a provider of interior products and components to the manufactured housing industry.
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The move strengthen’s WESCO’s position in the manufactured housing industry. J-Mark’s president and CEO said that its offshore sourcing capabilities would also be of strategic use to WESCO.
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WESCO International’s primary operating entity is WESCO Distribution, Inc. WESCO Distribution is a distributor of electrical construction products and electrical and industrial maintenance, repair and operating (MRO) supplies, and is also a provider of integrated …
Anixter
Anixter International Inc., Glenview, IL, distributor of communication products, electrical and electronic wire & cable and a distributor of fasteners and other small parts, reported sales of $1.52 billion in the third quarter 2007, which includes $31.7 million from acquisitions in the past 12 months. Sales were up 14%.
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Profit fell 15% to $64.8 million.
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For the nine-month period ended Sept. 28, 2007, sales of $4.36 billion produced profit of $183 million. Included in the 2007 nine-month results were sales of $105 million from acquisitions in the past year.
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Robert Grubbs, President and CEO, said: The 14% sales growth generated in the current quarter was particularly encouraging in light of the significant economic …
WESCO International, Inc., Pittsburgh, PA, distributor of electrical MRO products and construction materials, reported sales of $1.5 billion for the second quarter 2007, an increase of 13.6% from the same period a year ago. Organic sales matched last year’s second quarter.
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Profit was $57.1 million, up slightly from the comparable 2006 quarter.
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Wesco also announced it has closed on the acquisition of Cascade Controls Corporation, a distributor of automation and controls in the Northeast with annual sales of $11 million. The acquisition allows Wesco to better serve its OEM customer base.
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Wesco reported that end-market activity was slower than expected during the quarter, slowing organic sales growth. The shortfall resulted primarily from …
WESCO International Inc., Pittsburgh, PA, distributor of electrical MRO products and construction materials, reported sales of $1.45 billion in the first quarter 2007, up 15% from the same period a year ago. Sales from the acquisition of Communications Supply Corp., purchased in the fourth quarter 2006, were about $160 million.
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Profit was $48.2 million, up from $44.5 million in the same period a year ago.
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Core electrical sales rose 2%, while sales at CSC added 13% to consolidated sales revenue.
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WESCO had 2006 sales of $5.3 …
WESCO International Inc., Pittsburgh, PA, reports sales increased 20.3% to $5.32 billion, compared with $4.4 billion in 2005. Profit for the year was $217 million, double the profit of last year.
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