Welcome to our dedicated page for Wesco Intl news (Ticker: WCC), a resource for investors and traders seeking the latest updates and insights on Wesco Intl stock.
Wesco International supplies business-to-business distribution, logistics services and supply chain solutions for electrical and electronic, communications and security, and utility and broadband markets. Company news commonly covers operating results, organic sales, margins, cash flow, backlog, data center demand, and outlook updates tied to commercial, industrial, technology, telecommunications and utility customers.
Recurring announcements also include common-stock dividends, capital allocation priorities, digital transformation and AI-related initiatives, supplier and customer network capabilities, and governance changes such as finance leadership and board refreshment.
Ryder System has appointed Charles M. “Chuck” Swoboda to its board of directors, effective December 12, 2022. Swoboda's notable leadership experience includes his tenure as CEO of Cree, Inc. (now Wolfspeed, Inc.), where he grew revenues from $177 million to over $1.6 billion. His expertise in innovation and financial management is expected to enhance Ryder's strategic vision. The board size will increase to twelve to accommodate this appointment, aiming to leverage Swoboda's skills in governance and audit committees.
The Board of Directors of Wesco International (NYSE: WCC) declared a cash dividend of $664.0625 per preferred share for the period from October 1, 2022 to December 31, 2022. The dividend, equivalent to $0.6640625 per depository share, will be payable on January 3, 2023, to shareholders on record as of December 15, 2022. Wesco, a FORTUNE 500® company, is a major player in distribution and supply chain solutions with over $18 billion in annual sales.
Wesco International (NYSE: WCC) announced its participation in key events during Q4, focusing on business strategies and the acquisition of Anixter International. The company will partake in the Baird 2022 Global Industrial Conference in Chicago on November 9, 2022, featuring a fireside chat with CEO John Engel and CFO Dave Schulz. Additionally, Wesco will present at the Stephens Annual Investment Conference in Nashville on November 16, 2022, with CFO Schulz speaking. More details on these events can be found on Wesco's Investors homepage.
Wesco International (WCC) reported record third-quarter earnings with net sales of $5.4 billion, a 15% year-over-year increase. Organic growth reached 17%, bolstered by a record backlog up 60% YoY. Operating profit surged to $402 million, yielding an operating margin of 7.4%. Adjusted earnings per diluted share improved to $4.49, a 64% increase YoY. The 2022 outlook for adjusted earnings per share is narrowed to $15.80-$16.20, showcasing strong performance despite foreign exchange challenges. Cash flow for the quarter was impacted by inventory increases due to supply chain dynamics.
Wesco International (NYSE: WCC) has successfully acquired Rahi Systems Holdings, Inc. for $217 million, marking a significant move in the hyperscale data center solutions market. This acquisition, announced on September 7, 2022, reflects a purchase price of approximately 7.5x Rahi's projected trailing twelve months EBITDA. Rahi generates around $400 million in annual sales with over 900 employees across 25 countries. This strategic move is expected to enhance Wesco’s data center offerings and cross-sell opportunities, emphasizing its commitment to growth in this high-demand sector.
Wesco International (NYSE: WCC) will hold its third quarter 2022 earnings conference call on November 3 at 10:00 a.m. ET. Participants can dial in using the provided numbers for live access or listen to the replay starting at 12:00 p.m. ET on the same day. Wesco will also take part in the Baird Global Industrial Conference and the Stephens Annual Investment Conference in November. Headquartered in Pittsburgh, Wesco generates over $18 billion in annual sales, providing distribution and logistics services globally.
Wesco International (NYSE: WCC) will reaffirm its 2022 financial outlook during the Investor Day meeting today. The company anticipates a 16% to 18% sales increase and adjusted EBITDA of approximately $1.68 billion. It plans to initiate a quarterly cash dividend program in 2023, offering an annual dividend of about $1.50 per share. Over the next five years, Wesco aims to return $1.5 billion to shareholders via dividends and share repurchases. The company projects long-term organic sales growth with EBITDA and EPS expected to grow at least twice the sales rate.
Wesco International (NYSE: WCC) has announced a definitive agreement to acquire Rahi Systems Holdings, Inc. for $217 million. This acquisition, valued at about 7.5 times Rahi's projected adjusted EBITDA, will enhance Wesco's data center solutions by integrating Rahi's extensive services portfolio. Rahi, headquartered in Fremont, California, serves over 900 employees across 25 countries, providing opportunities for cross-selling within Wesco's Communication and Security Solutions unit. This strategic move aims to strengthen Wesco's position in the global hyperscale data center market.
The Board of Directors of Wesco International (NYSE: WCC) declared a cash dividend of $664.0625 per preferred share for the period from July 1, 2022 to September 30, 2022. This amounts to $0.6640625 per depository share, payable on September 30, 2022, to shareholders of record by the close of business on September 15, 2022.
Wesco is a leading provider in business-to-business distribution and logistics, reporting over $18 billion in annual sales.
Wesco International (NYSE: WCC) has appointed Sundaram Nagarajan to its Board of Directors effective September 1, 2022, enhancing board diversity and expertise. Nagarajan, CEO of Nordson Corporation, brings extensive leadership experience in diverse industrial sectors. Concurrently, John K. Morgan will retire from the board on September 30, 2022, after 14 years of service, facilitating a smooth transition for the new director. Wesco's board will now be over 50% diverse, reflecting its commitment to inclusion and effective governance.