WESCO’s 2Q Sales More Than Double - Modern Distribution Management

WESCO’s 2Q Sales More Than Double

The company again benefited from its $4.5 billion acquisition of Anixter International Inc. in 2020, with revenue spiking 120.2%.
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 second-quarter sales of $4.6 billion, up 120.2% from the same period a year ago, primarily due to its 2020 acquisition of Anixter International Inc. The company reported a profit of $104.8 million, up from a loss of $35.8 million in the year-ago period.

“Just one year after closing the transformational combination of WESCO and Anixter, the substantial value creation of the new WESCO is clear and powerful,” said John J. Engel, WESCO’s chairman, president and CEO. “Our second-quarter results speak for themselves. We’re capitalizing on our scale and leading industry positions, while generating significant integration synergies at a pace exceeding our initial expectations. Our margin performance and backlog are records for the company. And we are de-levering our balance sheet at a rapid rate. We are still in the early stages of unlocking the power and performance of this new WESCO.”

WESCO’s sales for the first half of the year were $8.6 billion, an increase of 113% compared to the year-ago period. The company reported a profit for the first half of $149.7 million, up from a loss of $1.4 million for the same period of 2020.

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