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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 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.
Wesco International (NYSE: WCC) has been certified as a Great Place to Work® in the U.S., based on employee feedback. According to a survey conducted by the Great Place to Work organization, 73% of Wesco employees believe the company is a great place to work, significantly higher than the 57% average of other U.S. companies. Management received high marks for fair treatment of employees regardless of race, gender, or sexual orientation, and 95% of employees reported that Wesco is a physically safe place to work. Other notable findings include 90% of employees feeling they can take time off when necessary, and 84% feeling welcomed when they joined the company. This certification underscores Wesco's commitment to fostering a supportive and inclusive work environment.
On June 20, Wesco held its annual Day of Caring, celebrating community commitment and announcing the inaugural Wesco Cares Champion of the Year Award. Nearly 4,000 employees and over 50 nonprofit partners participated globally, logging over 1,200 volunteer hours and donating more than $86,000 with company matches. The event highlighted Wesco's programs for matching gifts, paid volunteer time off, and corporate giving to organizations like the American Red Cross and Habitat for Humanity.
Dipal Pater, Senior Strategic Account Manager from Carol Stream, Illinois, received the inaugural Wesco Cares Champion of the Year Award for her extensive volunteer work with the Girl Scouts, Electrical Association of Chicago, Feed My Starving Children, and others. Dipal will donate her $2,500 award to the Electrical Association of Chicago for an education foundation scholarship.
Chris Wolf, Executive VP, praised the event and Dipal's dedication, emphasizing Wesco's commitment to community impact.
On June 27, 2024, Wesco International (NYSE:WCC), a prominent provider of distribution, logistics services, and supply chain solutions, was recognized on USA TODAY's list of America's Climate Leaders 2024. Presented by USA TODAY and Statista Inc., this award highlights Wesco's commitment to sustainability. The announcement was made on May 30, 2024, and can be accessed on USA TODAY's website.
The award process involved two phases: an application and research stage, followed by data analysis and scoring. Companies needed to have a minimum revenue of $50 million in 2022, report Scope 1 and 2 emissions for 2020 and 2022, and meet other environmental criteria. Wesco's inclusion signifies its significant year-over-year reduction in emissions intensity.
John Engel, Wesco's Chairman, President, and COO, expressed pride in the recognition, reaffirming the company's dedication to sustainability. For further details on Wesco's sustainability efforts, the 2024 Wesco Sustainability Report is available for download.
Wesco released its 2024 Sustainability Report, highlighting its commitment to responsible operations. The company has been integrating sustainability into its operations for over a decade, achieving most of its environmental goals set in 2016. After merging with Anixter in 2020, Wesco set new sustainability goals for 2030, including reducing greenhouse gas emissions and minimizing waste. In 2023, Wesco expanded its primary data for GHG, covering 94% of global locations, and met its waste to landfill reduction target. The company also made significant progress in safety training, with over 292,000 hours completed. Notably, Wesco aims to reduce Scope 1 and Scope 2 GHG emissions by 30% by 2030 but has only achieved a 1% reduction so far. Additionally, the Total Recordable Incident Rate (TRIR) saw a 6% increase in 2023. Wesco's lean process management and continuous improvement principles are integral to their sustainability efforts.
Wesco International (NYSE: WCC) has acquired entroCIM, a leader in data center and building intelligence software, for an initial $30 million with potential earnouts based on performance. entroCIM's Central Intelligence Manager (CIM) is a browser-based application offering remote monitoring and actionable insights for commercial facilities. This acquisition aligns with Wesco's goal to enhance its services and provide data-driven intelligence to its global customer base. Wesco, a Fortune 500 company with over $22 billion in annual sales, serves various sectors including commercial, industrial, and government, through a global network of 800 branches in over 50 countries.
Wesco International released its 2024 Sustainability Report, emphasizing its commitment to environmental stewardship, social responsibility, and ethical business practices. In 2023, Wesco achieved 5% sales growth, reaching over $22 billion. The successful integration of Anixter has significantly transformed the company, contributing to a 30% sales increase and an 89% rise in adjusted EBITDA since 2019. The report highlights Wesco's progress towards its 2030 sustainability goals, including reducing Scope 1 and Scope 2 greenhouse gas emissions by 30% and landfill waste intensity by 15%. Additionally, Wesco invested heavily in employee development, with 168,000 training hours in 2023. The company was recognized for its corporate responsibility and innovation, ranking second in Fortune's Diversified Wholesalers category and being named the Best Sustainable Supply Chain Strategy in the U.S. by Capital Finance International.
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