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.
The Board of Directors of WESCO International, Inc. (NYSE: WCC) has declared a cash dividend of $664.0625 per preferred share for its 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock, covering the period from July 1, 2021, through September 30, 2021. This dividend, equating to $0.6640625 per depository share, will be payable on September 30, 2021, to shareholders on record as of close of business on September 15, 2021.
WESCO International, Inc. (NYSE: WCC) announces the election of Anne M. Cooney to its Board of Directors, effective September 1, 2021. With extensive experience in managing complex global organizations, Cooney's addition is expected to enhance the board's expertise in the industrial sector. Concurrently, Lynn M. Utter will retire from the board after over 15 years of service, ensuring a smooth transition for the new director. WESCO aims to strengthen its governance through ongoing board refreshment, reflecting a commitment to stockholder value.
WESCO International, Inc. (NYSE: WCC) reported strong second-quarter 2021 results, driven by the merger with Anixter. Net sales reached $4.6 billion, over double last year's figures. Adjusted EBITDA margin is projected to expand to 6.1-6.4% with adjusted EPS expected to grow to $8.40-$8.80. The company raised its cost synergy target from $250 million to $300 million. Record backlog and improved operating profit indicate robust business momentum. However, net cash flow showed an outflow of $17.7 million due to working capital changes. The outlook remains positive, with a projected leverage ratio return timeline accelerated to late 2022.
WESCO International (NYSE: WCC) will host its second quarter 2021 earnings conference call on August 5 at 10:00 a.m. EDT. Investors can access the live audio webcast and presentation slides via the company's investor relations website. Following the earnings call, a replay will be available from August 5, 2:00 p.m. ET to August 12, 9:00 a.m. ET. Additionally, WESCO will virtually participate in the RBC Global Industrials Conference on September 9, with further details to be announced.
The Board of Directors of WESCO International, Inc. (NYSE: WCC) declared a cash dividend of $664.0625 per preferred share for the period from April 1, 2021, to June 30, 2021. This amounts to $0.6640625 per depository share, payable on June 30, 2021, to shareholders on record as of June 15, 2021. WESCO, a FORTUNE 500 company with over $16 billion in pro forma 2020 sales, specializes in distribution and logistics solutions and operates approximately 800 locations across more than 50 countries.
WESCO Distribution (NYSE: WCC) will redeem its outstanding 5.375% Senior Notes due 2024, totaling $350 million, on July 2, 2021. The redemption price is set at 101.344% of the principal, plus accrued interest. This action, funded by cash and credit facilities, is anticipated to save around $2 million in interest expenses for 2021 and $18 million annually thereafter. The company aims to reduce its net leverage ratio below 3.5x by June 2023, enhancing its balance sheet.
WESCO International (NYSE: WCC) reported a strong first quarter of 2021, achieving net sales of $4.0 billion, a 105.3% increase from the previous year, primarily due to the Anixter merger. The company raised its 2021 outlook, forecasting sales growth of 4.5% to 7.5% and an adjusted EBITDA margin expansion of 5.8% to 6.1%. Operating profit improved to $133.3 million, with a reduced financial leverage ratio below 5.0X following a $500 million debt reduction. WESCO's backlog reached record levels, signaling sustained market demand.
WESCO International, Inc. (NYSE: WCC) will host its first quarter 2021 earnings call on May 6 at 10:00 a.m. EDT. Interested parties can participate via US dial-in at 1-877-443-5356 or through international lines. The earnings call will also have a live audio webcast available on WESCO's Investor Relations website. Following the earnings call, replay access will be offered until May 13. WESCO, a leading provider of distribution and supply chain solutions, reported pro forma 2020 sales over $16 billion, bolstered by the acquisition of Anixter International.
The Board of Directors of WESCO International declared a cash dividend of $664.0625 per preferred share, payable on March 31, 2021. This applies to the 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock for the period of January 1, 2021, to March 31, 2021, with record date on March 15, 2021. WESCO, a leading distributor with over $16 billion in pro forma sales, operates in more than 50 countries, providing extensive supply chain and logistics services.
WESCO International, Inc. (NYSE: WCC) has successfully sold its legacy WESCO Datacom business in Canada to Guillevin International. This divestiture fulfills WESCO's obligations under a Consent Agreement with the Canadian Competition Bureau following its merger with Anixter International in June 2020. The net proceeds from the sale will be allocated to reduce WESCO's indebtedness. CEO John Engel expressed satisfaction with the completion of this transaction and emphasized the company's commitment to serving datacom customers in Canada.
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