Electrical MRO and construction materials distributor WESCO International Inc., Pittsburgh, PA, reported sales for the second quarter 2009 were $1.2 billion, compared with $1.5 billion in the second quarter 2008, a decrease of 27%.
Profit for the second quarter was $26.4 million, about half that of the comparable quarter 2008.
"We are taking quick and decisive actions to manage the company through the global economic downturn," said John J. Engel, senior vice president and COO. "WESCO is currently facing weaker end market demand across most of our served markets. We continue to focus our energies on a series of sales and cost reduction programs and LEAN productivity initiatives to efficiently serve our customers and take market share in this challenging environment."
WESCO reported that cost reductions continue, focused on "branch optimization, staffing adjustments and further elimination of discretionary expenses."
In the second quarter, the company reduced its work force by 900 positions, compared with last year.
For the six months ended June 30, 2009, sales were $2.3 billion, down 23.4% from the year-ago period. Profit year-to-date was $49.7 million, about half that of last year’s first six months.
WESCO also reported it will continue building up its national accounts and integrated supply businesses. The distributor also is targeting government spending and stimulus plan opportunities into 2010.
