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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 (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.
Wesco has released its 2024 Sustainability Report, highlighting the company's corporate philanthropy program, Wesco Cares. The program focuses on affordable housing, humanitarian aid, and STEM education. Key contributions in 2023 include:
- Over $671,050 donated to Habitat for Humanity
- $241,720 to the American Red Cross for various disaster relief efforts
- More than $205,000 in employee donations and company matches to 220 charities
Wesco encourages employee volunteerism through a paid volunteer day off and organized events like Earth Day clean-ups. The company also launched a centennial build-a-thon with Habitat for Humanity, reaching its goal of 100 builds globally. Wesco's Business Resource Groups (BRGs) have contributed to various causes and provided scholarships to members' children.
In 2024, Wesco partnered with United Way of Calgary and Area to support digital equity and inclusion initiatives. The collaboration aims to bridge the digital divide for underserved communities by providing hardware and lifelong skills. Wesco, as a foundational partner, is investing in United Way's first initiatives for youth and digital transformation of the social sector.
Key initiatives include:
- Supplying 75 Calgary area students with tech tools for high school completion through the Better Back to School program
- Providing tablets and hardware to six Community Hubs, facilitating digital transformation in the social sector
- Exploring a partnership between a community organization and Wesco University, offering free training for equity-seeking individuals
- Investing in United Way's Community Impact Fund to address digital equity as an emerging issue
This partnership aims to empower vulnerable Calgarians by improving access to digital technology, resources, and education, ultimately enhancing their quality of life.
Wesco, the inaugural sponsor of Chicagoland Habitat Regional Repair Collaborative, shares the story of Valerie, a Marine veteran who served from 1999 to 2002. Will County Habitat for Humanity recently completed much-needed repairs on Valerie's home, including:
- Replacing old, leaky windows
- Installing a sturdy handrail on the stairway
- Blacktopping the driveway
These improvements have renewed Valerie's pride in her home and strengthened her sense of purpose and belonging. The collaboration between Wesco, Habitat for Humanity, and Allen Force highlights their commitment to supporting veterans and building communities.
Wesco International (NYSE: WCC) is hosting its 2024 Investor Day to update stakeholders on its long-term growth strategy. The company expects mid-single-digit organic growth driven by a shift into higher growth and margin markets. Wesco aims to grow EBITDA at twice the rate of sales, expand return on net assets, and target free cash flow of 100% of adjusted net income.
For 2024, Wesco maintains its outlook of (3.5)% to (1.5)% reported sales and (1.5)% to 0.5% organic sales growth. The company anticipates adjusted EBITDA of 7.0% to 7.3% and adjusted EPS of $12 to $13. Wesco highlights its progress in digital transformation, including the introduction of generative AI analytics and automated processes, which are expected to accelerate growth and expand margins.
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.