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.
Wesco released its 2024 Sustainability Report, highlighting its commitment to responsible operations. The company has been integrating sustainability into its operations for over a decade, achieving most of its environmental goals set in 2016. After merging with Anixter in 2020, Wesco set new sustainability goals for 2030, including reducing greenhouse gas emissions and minimizing waste. In 2023, Wesco expanded its primary data for GHG, covering 94% of global locations, and met its waste to landfill reduction target. The company also made significant progress in safety training, with over 292,000 hours completed. Notably, Wesco aims to reduce Scope 1 and Scope 2 GHG emissions by 30% by 2030 but has only achieved a 1% reduction so far. Additionally, the Total Recordable Incident Rate (TRIR) saw a 6% increase in 2023. Wesco's lean process management and continuous improvement principles are integral to their sustainability efforts.
Wesco International (NYSE: WCC) has acquired entroCIM, a leader in data center and building intelligence software, for an initial $30 million with potential earnouts based on performance. entroCIM's Central Intelligence Manager (CIM) is a browser-based application offering remote monitoring and actionable insights for commercial facilities. This acquisition aligns with Wesco's goal to enhance its services and provide data-driven intelligence to its global customer base. Wesco, a Fortune 500 company with over $22 billion in annual sales, serves various sectors including commercial, industrial, and government, through a global network of 800 branches in over 50 countries.
Wesco International released its 2024 Sustainability Report, emphasizing its commitment to environmental stewardship, social responsibility, and ethical business practices. In 2023, Wesco achieved 5% sales growth, reaching over $22 billion. The successful integration of Anixter has significantly transformed the company, contributing to a 30% sales increase and an 89% rise in adjusted EBITDA since 2019. The report highlights Wesco's progress towards its 2030 sustainability goals, including reducing Scope 1 and Scope 2 greenhouse gas emissions by 30% and landfill waste intensity by 15%. Additionally, Wesco invested heavily in employee development, with 168,000 training hours in 2023. The company was recognized for its corporate responsibility and innovation, ranking second in Fortune's Diversified Wholesalers category and being named the Best Sustainable Supply Chain Strategy in the U.S. by Capital Finance International.
Wesco International (NYSE: WCC) announced that its Board of Directors has declared a quarterly cash dividend of $0.4125 per share on common stock, payable on June 28, 2024, to shareholders of record as of June 14, 2024. The Board also declared a dividend on its 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock, amounting to $664.0625 per preferred share ($0.6640625 per depository share), payable on July 1, 2024, to holders of record as of June 14, 2024.
Wesco, a Fortune 500 company headquartered in Pittsburgh, Pennsylvania, reported annual sales exceeding $22 billion. The company specializes in business-to-business distribution, logistics, and supply chain solutions, employing around 20,000 people and operating nearly 800 branches globally.
Wesco International (NYSE: WCC) has released its latest sustainability report, detailing progress on its 2030 environmental, social, and governance (ESG) goals. Set in 2021, Wesco's targets include reducing greenhouse gas emissions by 30%, landfill waste intensity by 15%, and total recordable incident rate (TRIR) by 15%. Furthermore, they aim to provide 425,000 hours of safety training by 2030. The company has already met its landfill waste reduction goal from a 2020 baseline and is on track to achieve its safety training target. The 2023 report also expanded the scope of greenhouse gas emissions reporting to include global data beyond the U.S., Canada, and the U.K. John Engel, Chairman, President, and COO, emphasized the importance of stakeholder collaboration in achieving these goals.
Wesco International (NYSE: WCC) has launched a $200,000 scholarship program to support students entering the skilled trades in the U.S. electrical industry. Announced on May 23, 2024, this initiative is part of Wesco Cares, the company's corporate philanthropy program, and is in partnership with Independent Electrical Contractors (IEC) and ELECTRI International. The scholarship aims to reduce financial barriers associated with trade school and apprenticeship expenses, addressing the labor shortage in the electrical industry. Wesco's CEO, John Engel, highlighted the importance of skilled tradespeople for ongoing and future electrification projects, emphasizing the company's commitment to nurturing the talent pipeline through this scholarship program.
Wesco International reported its first quarter 2024 results, showing a 3% decrease in net sales year-over-year and a 3.2% decrease in organic sales. The operating profit was $263 million with an operating margin of 4.9%. The adjusted EBITDA margin was 6.4%, down 60 basis points sequentially and 120 basis points year-over-year. Wesco's financial leverage improved to 2.6x. The company generated record free cash flow of $731 million in the quarter and over $1.4 billion over the trailing twelve months. Despite the decrease in sales, Wesco is maintaining its full-year outlook for organic sales growth and adjusted EBITDA margin. The company is focused on increasing its free cash flow outlook and pursuing capital allocation strategies more aggressively. Wesco's long-term growth trends and global capabilities position it for sustained sales growth and increased market share.
Summary not available.
Summary not available.
Summary not available.