WESCO International Inc. (NYSE: WCC), Pittsburgh, Pennsylvania, reported “record” fourth-quarter sales to close out 2021. The company had $4.9 billion in sales during the quarter, a 17.5% increase over the same period in 2020.
The company also reported 4Q operating profit of $220.3 million, as well as record net income attributable to common stockholders of $153.1 million.
For all of 2021, WESCO reported record net sales of $18.2 billion, up 48% due to the Anixter merger completed in June 2020, the company said. Operating profit was $801.9 million for the year, and adjusted EBITDA was $1.2 billion, the company said.
“WESCO’s performance in 2021 was exceptional and laid the foundation for the extraordinary value creation opportunity that lies before us,” said John Engel, chairman, president and CEO. “While we are firmly focused on our future, it is important to note the achievements accomplished last year by our dedicated team of associates. We finished 2021 with another very strong quarter of market outperformance and achieved new company records for sales, backlog and overall profitability. We have reduced our financial leverage to 3.9x EBITDA from 5.7x EBITDA in just eighteen months since closing the Anixter acquisition. And all of this has been done under the cloud of the pandemic and global supply chain challenges. I am truly proud of our team for their commitment to our vision of the new Wesco and for their focus on providing our global customers with the products, services and supply chain solutions that they need.”