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.
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.
WESCO International (NYSE: WCC) announced a stockholder rights plan to enhance shareholder value and encourage negotiation during potential takeover attempts. Each common stockholder will receive a preferred share purchase right, becoming exercisable if a party acquires 10% or more of the company's stock. The plan aims to expire on July 16, 2021, although it can be terminated earlier. A dividend distribution will occur on July 27, 2020, to stockholders of record, and will not be taxable. The company also emphasizes the backward compatibility of existing ownership levels at the time of the plan's adoption.
WESCO International, Inc. (NYSE: WCC) will hold its second quarter 2020 earnings conference call on August 13, 2020, at 10:00 a.m. ET. This adjustment follows the recent merger with Anixter International completed on June 22, 2020, allowing for additional preparation of financial statements. The live audio webcast will be accessible on WESCO's Investor Relations website. The merger is positioned to enhance WESCO's market presence, with pro forma annual sales exceeding $17 billion for 2019, bolstering its distribution and supply chain solutions across various sectors.
WESCO International completed its merger with Anixter International on June 22, 2020, making Anixter a wholly owned subsidiary. Following this, WESCO Distribution announced the expiration and settlement of its cash tender offers for Anixter's 5.50% Senior Notes due 2023 ($291.36 million tendered, 83.25%) and 6.00% Senior Notes due 2025 ($245.83 million tendered, 98.33%). Additionally, WESCO has settled Anixter's consent solicitations and expects to pay all funds to the holders of the notes on June 23, 2020.
WESCO International, Inc. (NYSE: WCC) has successfully completed its merger with Anixter International Inc., creating a leading global B2B distribution and supply chain solutions powerhouse. Anixter is now a wholly owned subsidiary of WESCO. Each Anixter share converted to $72.82 in cash, 0.2397 shares of WESCO stock, and preferred stock, totaling $97.93 per Anixter share based on WESCO's recent stock performance. The merger is projected to generate over $200 million in annualized run-rate cost synergies, enhance global scale, broaden product offerings, and provide significant free cash flow generation, benefiting shareholders and customers alike.