Pittsburgh, Pennsylvania-based Wesco International Inc. (NYSE: WCC) reported 2022 first-quarter net sales of $4.9 billion, a 22% jump over the same quarter in 2021.
The company also posted record operating profit of $284 million and a operating margin of 5.8%.
Wesco reported record adjusted EBITDA of $364 million, up 68% year-over-year, and adjusted EBITDA margin of 7.4%, up 200 basis points. The company said 1Q 2022 featured record earnings per diluted share of $3.19.
“Our first quarter results speak volumes about the new Wesco’s foundation for accelerating growth and profitability,” said John Engel, Wesco chairman, president and CEO. “After delivering an exceptional performance in fiscal 2021, we’re off to an even more impressive start in 2022. Once again, we achieved new company records for sales, backlog and profitability while continuing our rapid deleveraging which now stands at 3.6x adjusted EBITDA, compared to 5.7x when we closed the Anixter merger. With each quarter, the power of Wesco’s scale, expanded portfolio and industry-leading positions becomes more evident as we build momentum and deliver superior value to our customers.”