July 24--Electrical equipment supplier Wesco International Inc. lowered its outlook for full year earnings despite recording record sales in the second quarter.
The South Side-based company said it was seeing "improving sales momentum," but not enough of a recovery to overcome "a softer than anticipated start to the year" when severe winter weather hampered construction projects.
Wesco said 2014 net income would be between $5.20 a share and $5.40 a share, down from an earlier prediction of $5.30 a share to $5.70 a share.
Share fell $1.99, or 2 percent, to $82.34 in morning trading.
"July is off to a good start with sales growth rates trending in-line with second quarter levels," CEO John Engel said in a written statement. "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."
For the second quarter, the company said net income was $68.9 million, or $1.29 a share, compared with $65.3 million, or $1.25 a share, in the same quarter last year. Sales were a record $2 billion in the April-June quarter, up from $1.9 billion a year earlier.
Alex Nixon is a staff writer for Trib Total Media. He can be reached at 412-320-7928 or firstname.lastname@example.org.
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