Welcome to our dedicated page for Wesco International news (Ticker: WCC), a resource for investors and traders seeking the latest updates and insights on Wesco International stock.
Wesco International Inc. (NYSE: WCC), headquartered in Pittsburgh, Pennsylvania, has been a cornerstone in the business-to-business distribution and supply chain industry since its founding in 1922. Originally a division of Westinghouse Electric, Wesco has evolved into a global leader, offering a comprehensive suite of products and services that cater to various sectors including electrical, OEM, capital projects, and MRO needs.
The company operates across three major segments: Electrical and Electronic Solutions, Communications and Security Solutions, and Utility and Broadband Solutions. With approximately 800 branches, warehouses, and sales offices worldwide, including 43 distribution centers, Wesco serves around 140,000 active customers. The company's extensive portfolio features over 1.5 million products from industry-leading brands, ensuring that customers—ranging from Fortune 500 companies to small businesses—receive the support and resources they need for their projects.
Wesco's commitment to innovation and superior service is evident in its recent initiatives and partnerships. The company has announced the issuance of $1.5 billion in senior notes to manage debt and optimize financial operations. Additionally, Wesco's partnership with Habitat for Humanity underscores its dedication to corporate social responsibility, contributing significant funds to global housing projects.
The company is also expanding its educational outreach through programs like the Tom Fox Family JA BizTown® in Michigan, which educates young students on economics and business principles. This initiative reflects Wesco's broader strategy to invest in community development and future talent.
Financially, Wesco is robust, boasting over $22 billion in annual sales and maintaining a solid presence in more than 50 countries. Recent divestitures, such as the sale of its Wesco Integrated Supply (WIS) business to Vallen Distribution for $350 million, are part of a strategic focus on high-growth areas. The proceeds from these transactions are earmarked for debt reduction and share repurchases, further strengthening Wesco's financial position.
In summary, Wesco International Inc. is a dominant player in the industrial distribution sector, known for its expansive product range, strategic partnerships, and strong financial health. The company continues to build on its nearly century-long legacy, adapting to market changes and customer needs with innovative solutions and a global reach.
Wesco International has partnered with Habitat for Humanity to build sustainable homes in Monte Sión, Mexico, donating over $111,000 to the project. The initiative, called Lekil Na' (meaning 'sustainable housing'), focuses on constructing eco-friendly homes for Indigenous families in Chiapas.
The homes feature innovative sustainable elements including biodigesters for wastewater treatment, solar water heaters, and energy-efficient wood stoves. Construction utilizes cement blocks enhanced with RESIN8™, a material made from plastic waste to reduce environmental impact and improve thermal efficiency. The design incorporates local customs, featuring separate kitchen and bathroom areas, with specific layout considerations for smoke management and cultural practices.
Wesco International (NYSE: WCC) has completed its acquisition of Ascent, a St. Louis-based provider of data center facility management services. Ascent brings $115 million in trailing twelve-month sales with a three-year sales CAGR exceeding 30%. The company employs over 300 people across the U.S. and Canada, offering comprehensive site operations services including maintenance, critical systems repairs, and advanced liquid cooling solutions.
The acquisition enhances Wesco's data center solutions portfolio, adding Ascent's expertise in engineering and design-build consultation services, along with their proprietary Navigator platform for infrastructure management. This strategic move strengthens Wesco's end-to-end service capabilities in the data center sector.
Wesco International (NYSE: WCC) has announced its quarterly dividend declarations. The company will pay $0.4125 per share on common stock and $664.0625 per preferred share ($0.6640625 per depository share) on December 31, 2024. Both dividends will be paid to shareholders of record as of December 13, 2024. Wesco, a FORTUNE 500® company headquartered in Pittsburgh, generates $22 billion in annual sales and operates nearly 800 locations across 50+ countries, providing business-to-business distribution, logistics services, and supply chain solutions.
Wesco has partnered with Habitat for Humanity Greater Orlando & Osceola County to support their Home Preservation Program. The initiative focuses on providing education, inspections, and repairs to help residents maintain safe and affordable homes, particularly during hurricane season. Wesco, a Fortune 500 company with $22 billion in annual sales, demonstrated its commitment through both financial support and volunteer work, with team members helping construct a Habitat home in Orlando's Holden Heights neighborhood. The program offers free wind mitigation and 4-point inspections for qualified residents, addressing critical housing needs in Central Florida.
Wesco employees participated in Habitat for Humanity's 38th Jimmy & Rosalynn Carter Work Project in East St. Paul. The initiative took place at The Heights, where Twin Cities Habitat for Humanity plans to construct 147 units. Wesco team members helped build 35 new homes during the project. The Heights aims to be an all-electric community pursuing LEED Platinum Certification, featuring solar panels, air source heat pumps, and water conservation measures. This volunteer effort is part of the Wesco Cares corporate philanthropic program, which focuses on community impact where employees work and live.
Wesco International, as an inaugural sponsor of Chicagoland Habitat for Humanity, has made a significant impact through their home repair collaboration program. The initiative's success is exemplified through Derek's story, an Army veteran with 24 years of service, who received important assistance in saving his generational family home.
After serving in Desert Storm and working as a teaching aide, Derek struggled to maintain the deteriorating house he inherited from his sister. The property faced severe issues, including roof damage and raccoon infestations. Through the Habitat Home Repair Program, Derek received essential roof repairs within six weeks, enabling him to preserve his family's legacy home where he and his nine siblings were raised.
Wesco International (NYSE:WCC) has announced a definitive agreement to acquire Ascent for $185 million on a cash-free, debt-free basis. Ascent, headquartered in St. Louis, Missouri, is a premier provider of data center facility management services with $115 million in trailing twelve-month sales and a 30% three-year sales CAGR. The company specializes in data center operations, including AI data center design, liquid cooling implementation, maintenance, and critical systems repairs. Ascent employs over 330 people across the US and Canada and offers a proprietary Navigator platform for infrastructure management. The acquisition is expected to close in Q4 following regulatory approval.
Wesco International (NYSE: WCC) reported Q3 2024 results with net sales of $5.5 billion, down 2.7% YOY primarily due to Wesco Integrated Supply divestiture. Organic sales declined 0.6% YOY but increased 0.1% sequentially. Operating profit was $336 million with a 6.1% margin, while gross margin improved to 22.1%, up 50 basis points YOY. The company generated strong operating cash flow of $302 million in Q3 and $825 million for the first nine months of 2024. Communications and Security Solutions segment showed momentum with double-digit growth in global data center business, though weakness in Utility and Broadband Solutions offset overall growth. Management reaffirmed full-year outlook.
Wesco's 2024 Sustainability Report highlights the company's comprehensive sustainable solutions and supply chain initiatives. The report details their extensive product offerings, including energy-efficient products, smart building solutions, and renewable energy systems. In 2023, Wesco completed 2,855 energy solutions projects, covering 74M square feet, resulting in potential customer energy savings of 84M kWh and avoided CO2 emissions of 53,612 MTCO2e.
The company's Solar Center of Excellence, established in 2022, supported over 100 sales representatives across 65 offices. Wesco's 2023 renewable energy installations achieved 192 million kilowatt-hours of generating potential. The report also emphasizes their commitment to supplier diversity, with 2,424 diverse suppliers and $370M in diversity spend in 2023.
Wesco International (NYSE: WCC) has announced its third quarter 2024 earnings conference call, scheduled for Thursday, October 31 at 10:00 a.m. ET. The company will provide a live audio webcast of the earnings presentation, accessible at https://investors.wesco.com, where related materials and a replay will be available.
Wesco has also disclosed its participation in upcoming investor conferences:
- Baird Industrial Conference on November 13
- Stephens Investment Conference on November 20
- Bank of America Leveraged Finance Conference on December 3
For the earnings call, North American participants can dial toll-free at 1-877-443-5356, while international callers should use 1-412-902-6614. A replay will be available until November 7, 2024, with various access numbers provided for U.S., Canada, and international callers.
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