News Column

Wesco's profit doubles on higher sales

January 30, 2014

By Alex Nixon, The Pittsburgh Tribune-Review

Jan. 30 --Profit more than doubled for Wesco International Inc. in the fourth quarter as sales were boosted by acquisitions. The South Side -based distributor of electrical products reported net income of $58 million , or $1.09 a share, in the October-December quarter, compared with net income of $26.5 million , or 52 cents a share, in the prior-year quarter. Wesco expects sales to pick up this year as the economy improves, CEO John Engel said in a statement. "In 2014, we expect macro economic conditions to show some improvement over last year with a continued recovery in non-residential construction," he said. Sales in the quarter were $1.9 billion , up from $1.6 billion the year before. Officials said most of the increase was due to acquisitions. Wesco has purchased four companies in the last two years and expects to close on a fifth acquisition, LaPrairie Inc. of Ontario, Canada , this month. For full year 2013, Wesco posted net income of $276.4 million , or $5.25 a share, on revenue of $7.5 billion . In 2012, Wesco earned $201.8 million , or $3.95 a share, on revenue of $6.6 billion . Wesco shares were trading down $3.33 , or 4 percent, at $81.63 late Thursday morning. Alex Nixon is a staff writer for Trib Total Media . He can be reached at 412-320-7928 or anixon@tribweb.com . ___ (c)2014 The Pittsburgh Tribune-Review (Greensburg, Pa.) Visit The Pittsburgh Tribune-Review (Greensburg, Pa.) at www.pittsburghlive.com/x/pittsburghtrib Distributed by MCT Information Services


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Source: Pittsburgh Tribune-Review (PA)


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