Pittsburgh, Pennsylvania-based Wesco International — a distributor of electrical, communications, security, utility and broadband services — reported 2022 third-quarter net sales of $5.4 billion, a 15% increase over the same quarter last year.
For 3Q, Wesco also reported record operating profit of $402 million, up 75% year-over-year, with an operating margin of 7.4%. The company reported record adjusted EBITDA of $466 million, up 41% over 2021’s third quarter.
Wesco ranks No. 1 in Electrical and No. 18 in Industrial for MDM’s 2022 Top Distributor rankings.
“Our third quarter results provide demonstrable evidence of the substantial value creation capability of the new Wesco,” said John Engel, Chairman, President and CEO. “We once again set new company records for margin, profitability and backlog, and further reduced our leverage ratio in the third quarter. The power of our increased scale, expanded portfolio, and industry-leading positions is clearly evident in our continued strong performance.”
Wesco also announced it has closed on a previously reported deal to acquire Fremont, California-based Rahi Systems Holdings, Inc. for $217 million.
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