France-based electrical distributor Rexel had “record results” in 2022, the company announced Feb. 16 when reporting its 2022 fourth-quarter and full-year financial results.
Rexel posted €4.8 billion ($5.77 billion) sales in 4Q, a 17.8% increase year-over-year on a reported basis and up 12.3% on a constant, same-day basis. The same-day sales growth benefited from a boost in electrification in four product categories — solar, electric vehicle charging infrastructure, HVAC and industrial automation — which grew by about 30% in 4Q, according to a news release. Rexel also saw growth in its digitalization, with digital sales representing 26.7% of sales in 4Q, up 308 basis points from 4Q 2021.
In North America, Rexel had 4Q sales of €2 billion ($2.4 billion), an increase of 10.2% year-over-year on a reported basis. In the U.S., Rexel’s 4Q were up 9.4% year-over-year, while sales increased 14% year-over-year in Canada. Rexel’s sales in the U.S. were driven by robust demand in the commercial and industrial end-markets, according to the release, while its Canada sales were supported by the proximity end-market and industrial activities.
For the full year 2022, Rexel had sales of €18.7 billion ($22.4 billion), up 27.3% from 2021 on a reported basis and up 14.1% on a constant, same-day basis. Rexel’s full-year sales benefited from the acquisitions of Mayer and Horizon Solutions in the U.S. and Trilec in Belgium, which helped offset the disposals of businesses including Rexel Spain and Portugal, according to the release. In North America, Rexel posted full-year sales of €7.9 billion ($9.5 billion), a 16.3% increase year-over-year.
“Rexel had another excellent year in 2022, performing above the upgraded guidance it provided in Q3 and confirming that Rexel can consistently deliver in terms of profitability, agility and resilience,” Rexel CEO Guillaume Texier said in the release. “Building on Rexel’s achievements, as well as on its engaged and highly-performing teams, we are well on track to achieve our Power Up 2025 objectives presented last June.”
Rexel’s North American subsidiaries, Rexel USA and Rexel Canada, both made acquisitions in January, adding California-based Buckles Smith Electric Company and Canadian electrical services distributor Lineman’s Testing Laboratories. Rexel USA/Rexel Canada ranked No. 4 on MDM’s Top Electrical, Data & Security Distributors list in 2022.