Wesco Intl Stock Price, News & Analysis

WESCO International (NYSE: WCC) reports robust fourth quarter and full year 2020 results, driven by the strategic acquisition of Anixter. Net sales soared to $4.1 billion for Q4 2020, up 96.7% year-over-year, with 2020 annual sales reaching $12.3 billion, a 47.6% increase. Despite these gains, net income dropped to $5.6 million in Q4 2020 from $53.1 million in Q4 2019. The company anticipates 2021 net sales growth between 3-6% and adjusted EPS of $5.50 to $6.00. WESCO has reduced net debt by $389 million since the acquisition, aiming for enhanced operational efficiencies and market positioning.

WESCO International (NYSE: WCC) has sold its legacy WESCO Utility business in Canada to Rexel Canada, fulfilling part of its divestiture commitments following its merger with Anixter International. This transaction aligns with WESCO's agreement with the Canadian Competition Bureau and will generate net proceeds to pay down debt. WESCO's CEO, John Engel, expressed satisfaction with the deal and confirmed the company's ongoing commitment to serve utility customers in Canada through the legacy business acquired from Anixter.

WESCO International, Inc. (NYSE: WCC) will hold its fourth quarter and full year 2020 earnings call on February 9, 2021, at 10:00 a.m. EST. Investors can access the live audio webcast and presentation slides on WESCO's Investor Relations website. Replay access will be available from February 9 to February 16, 2021. Additionally, WESCO will participate in the Raymond James & Associates 42nd Annual Institutional Investors Conference and the J.P. Morgan Industrials Conference in March 2021. The company's pro forma annual sales exceeded $17 billion in 2019, bolstered by the acquisition of Anixter International.

The Board of Directors of WESCO International (NYSE: WCC) has declared a cash dividend of $664.0625 per share on its 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock. This dividend is applicable for the period from October 1, 2020 to December 31, 2020 and will be paid on December 31, 2020 to shareholders on record as of December 15, 2020.

WESCO International, Inc. (NYSE: WCC) has appointed Mr. Akash Khurana as Executive Vice President and Chief Information and Digital Officer, effective November 9, 2020. Khurana, who has a strong background in digital transformation, previously served as Chief Information and Digital Officer at McDermott International, Inc. WESCO's Chairman, John J. Engel, praised Khurana's leadership skills, emphasizing his track record in driving sales and profit growth. This strategic move follows WESCO's acquisition of Anixter earlier in 2020, aimed at strengthening its executive team.

WESCO International (NYSE: WCC) reported a substantial 92.8% increase in net sales, reaching $4.1 billion in Q3 2020, primarily driven by the merger with Anixter. Gross profit rose to $785.5 million with a gross margin of 19%. Free cash flow exceeded 300% of net income, showcasing operational resilience. The company also achieved $15 million in cost synergies, raising future synergy targets to $100 million. However, net income fell to $66.2 million, slightly up from last year. WESCO aims to leverage its expanded footprint for growth while managing pandemic-related challenges.

WESCO International, Inc. (NYSE:WCC) will host its third quarter 2020 earnings conference call on November 5 at 10:00 a.m. EST. Dial-in details include a US number at 1-877-443-5356, with international access available as well. The call will provide insights into the company's performance, following a pro forma 2019 annual sales figure exceeding $17 billion, bolstered by the acquisition of Anixter International. WESCO operates nearly 800 locations across over 50 countries, serving a wide customer base with a comprehensive supply chain solution.

On September 23, 2020, Clear Touch® announced a distribution agreement with Liberty AV Solutions, a subsidiary of WESCO International (WCC). This partnership aims to enhance Clear Touch's ability to efficiently distribute its multi-touch interactive flat panels and other products to customers globally. WESCO's extensive supply chain capabilities will support Clear Touch's growth in the US and beyond. This is Clear Touch's second strategic deal in 2020, focusing on strengthening its distribution network, ensuring quality service for partners and customers.