WESCO’s 2020 Sales Grow 48% on Anixter Addition

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WESCO’s 2020 Sales Grow 48% on Anixter Addition

For the fourth quarter, sales were also up big — 97% — thanks to its market-shifting acquisition last year.
On June 9, Pittsburgh, Pennsylvania-based electrical and industrial supplies distributor WESCO International announced the upcoming retirement of Ted Dosch, executive vice president, strategy and chief transformation officer, effective August 5 of this year. Dosch has served in this position since June 2020 upon the completion of Wesco’s merger with Anixter.

WESCO International Inc. (NYSE: WCC), Pittsburgh, Pennsylvania, reported sales for 2020 of $12.3 billion, up 48% from 2019 due to last year’s acquisition of Anixter International Inc. Profit of $70.4 million was down from $223.4 million a year ago.

For the fourth quarter, sales were $4.1 billion, a year-over-year increase of 97%, again due to adding Anixter in 2020. Profit was $5.6 million, down from $53.1 million in the year-ago period.

“Fiscal 2020 will be remembered as one of the most important in WESCO’s history,” said John Engel, chairman, president and CEO. “We completed the transformational acquisition of Anixter, doubling our size and changing our trajectory for years to come. We designed and launched a three-year integration plan which in just six months has delivered synergies in excess of our initial targets. And at the same time, we delivered operating results during a global pandemic which demonstrate the strength of our franchise, the commitment of our extraordinary team of associates, and position us well for future growth as the economy continues its recovery and the secular trends supporting our future growth generate momentum across our business units.”

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