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's 2024 Sustainability Report highlights the company's commitment to health and safety excellence. The report emphasizes Wesco's goal of zero incidents and continuous risk reduction through comprehensive programs, employee best practices, and extensive training initiatives.
Key points include:
- A robust health and safety management system aligned with OHSAS-18001 and ISO-45001 guidelines
- Social goals targeting a 15% reduction in Total Recordable Incident Rate (TRIR) by 2030 and providing 425,000 hours of safety training
- Continuous improvement through performance reviews, facility audits, and Safety Committee initiatives
- Risk management processes including hazard assessments, monthly safety inspections, and incident investigations
- Focus on high-risk areas such as forklift tasks, ergonomic risks, and slip, trip, and fall prevention
- Implementation of innovative technologies like wearable devices to reduce manual work stressors
The report underscores Wesco's dedication to maintaining a safe work environment across all facilities and operations.
Wesco International (WCC) celebrates recipients of the Independent Electrical Contractors (IEC) Foundation Scholarships in Northglenn, Colorado. The company's Wesco Cares initiative contributes to this fund, supporting students pursuing careers in the electrical industry. The scholarship is available to IEC students, members, and their families for post-secondary education in college or state-accredited apprenticeship programs.
This program aligns with Wesco's commitment to nurturing the next generation of tradespeople and strengthening the electrical sector. The IEC Foundation Scholarship Fund aims to reward students demonstrating drive, dedication, and leadership in their pursuit of electrical industry careers. This initiative showcases Wesco's dedication to corporate social responsibility and investment in future industry professionals.
Wesco's 2024 Sustainability Report highlights the company's focus on employee engagement and creating a valued work environment. Key findings from their 2023 employee survey include:
- 86% of employees noted a strong commitment to ethical conduct
- 83% rated safety and working conditions favorably
- 81% reported positive relationships with managers
The company's turnover rate in 2023 was 22.7%. Wesco implemented several initiatives to boost engagement, including the WOW recognition program, Lean principle awards, and a Culture of Coaching. The report also details Wesco's performance management system, myPerformance, and their enhanced Leadership and Organization Review process for talent development and succession planning.
Wesco International (NYSE: WCC) has declared quarterly cash dividends on its common and preferred stock. The Board of Directors announced a $0.4125 per share dividend on common stock, payable on September 30, 2024, to shareholders of record as of September 13, 2024. Additionally, a dividend of $664.0625 per preferred share ($0.6640625 per depository share) was declared on the 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock for the period July 1, 2024, through September 30, 2024, with the same payment and record dates.
Wesco, a FORTUNE 500® company headquartered in Pittsburgh, Pennsylvania, reported annual sales exceeding $22 billion. The company specializes in business-to-business distribution, logistics services, and supply chain solutions across various sectors, employing approximately 20,000 people and operating nearly 800 branches in over 50 countries.
Wesco International has released its 2024 Sustainability Report, highlighting its Inclusion and Diversity (I&D) initiatives. The company emphasizes that I&D is fundamental to its high-performing culture, contributing to a stronger workforce and better company at all levels. Wesco's I&D program goals include:
- Leveraging diverse experiences to support the company's mission
- Building an inclusive culture
- Recruiting diverse talent
- Increasing representation of diverse suppliers
- Supporting local communities
Wesco has received recognition for its I&D efforts, including inclusion in the Bloomberg Gender-Equality Index since 2019 and being named one of the 30 Best Companies to Work for Latinos in 2023. The company offers 797 different I&D training course modules and employees completed an estimated 6,429 hours of I&D training in 2023. Wesco also supports various Business Resource Groups (BRGs) to foster inclusion and diversity within the organization.
Wesco International's 2024 Sustainability Report highlights the company's commitment to its employees and sustainable practices. The report emphasizes:
- Creating a workplace culture that attracts and retains diverse, highly qualified talent
- Implementing Global Human Rights Principles aligned with international standards
- Fostering inclusion and diversity through Business Resource Groups (BRGs)
- Conducting annual employee engagement surveys to drive improvements
- Prioritizing employee growth, career development, and community impact
Wesco's approach integrates respect for human rights in its global operations and supply chain, focusing on inclusion, dignity, and cultural respect. The company's Vice-President of Global Inclusion, Diversity and Engagement, Darryl Castellano, emphasizes the importance of listening to employees and acting on their feedback to create meaningful change.
Wesco International (NYSE: WCC) reported its Q2 2024 results, with net sales down 4.6% YOY to $5.5 billion and organic sales down 0.8% YOY. The company's operating profit was $324 million with an operating margin of 5.9%. Gross margin improved to 21.9%, up 30 basis points YOY. Wesco completed the divestiture of Wesco Integrated Supply (WIS) and used the proceeds for $300 million in share repurchases. The company generated $523 million in operating cash flow for the first half of 2024. Due to a mixed economic environment and customer purchasing delays, Wesco revised its full-year outlook, now expecting organic sales growth of -1.5% to 0.5% and adjusted EBITDA margin of 7.0% to 7.3%.
Wesco celebrated its annual Day of Caring, a significant event deeply rooted in the company's culture. The initiative encouraged employees to give back to their communities and learn about local volunteering opportunities. Employees were informed about the company's matching gifts program, paid volunteer time off, and corporate support for organizations like the American Red Cross and Habitat for Humanity.
The event highlighted Wesco's commitment to corporate social responsibility, with team members sharing their personal experiences of community service. This celebration of giving back demonstrates Wesco's dedication to making a positive impact beyond its business operations, fostering a culture of care and community engagement among its workforce.
Wesco, a leading business-to-business distribution and supply chain solutions provider, has been recognized as a 'Best Place to Work for Disability Inclusion' with a perfect score of 100 on the 2024 Disability Equality Index®. This prestigious recognition, awarded by Disability:IN and The American Association of People with Disabilities (AAPD), highlights Wesco's commitment to fostering an inclusive workplace.
The assessment evaluated various aspects including culture, leadership, accessibility, employment practices, community engagement, and supplier diversity. Wesco's ABLE business resource group has been instrumental in supporting the company's progress in disability inclusion. Darryl Castellano, VP of Global Inclusion, Diversity and Engagement at Wesco, emphasized the company's dedication to creating an environment where every individual is valued and empowered, ultimately driving innovation and excellence in serving global customers.
Wesco International (NYSE: WCC) has announced its second quarter 2024 earnings call scheduled for August 1 at 10:00 a.m. ET. Interested parties can access the live audio webcast and related materials on their investor relations website. Additionally, Wesco will host its 2024 Investor Day on September 26, with more details to be posted online soon. The company will also participate in key industry conferences, including the KeyBanc Technology Leadership Forum on August 6, the Raymond James Industrial and Energy Showcase on August 8, and the Jefferies Industrials Conference on September 4. Wesco, a Fortune 500 company, reported over $22 billion in annual sales and operates nearly 800 branches worldwide, offering a comprehensive range of distribution, logistics, and supply chain solutions.
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