The 2020 Mid-Year Economic Update_long

WESCO Sales Up 0.3% in 1Q

Profit decreased 9.4 percent year-over-year.

WESCO International Inc. (NYSE: WCC), Pittsburgh, PA, reported sales for the first quarter of $1.8 million, up 0.3 percent compared to the same period the previous year. Profit decreased 9.4 percent to $47 million.

Organic sales increased 3.2 percent, acquisitions positively impacted sales by 1.2 percent, and foreign exchange rates and number of workdays negatively impacted sales by 2.5 percent and 1.6 percent, respectively.

"We expect reduced demand in commodity-driven industrial end markets and foreign exchange headwinds to continue throughout this year. As a result, we are taking additional actions to accelerate our One WESCO sales initiatives and simplify and streamline our business,” CEO John Engel said. “These additional mitigating actions include consolidating a series of branches and reducing structural costs while adding to our salesforce to address underserved territories and customer accounts."

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