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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) 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.
Wesco International (NYSE: WCC) announced that its Board of Directors has declared a quarterly cash dividend of $0.4125 per share on common stock, payable on June 28, 2024, to shareholders of record as of June 14, 2024. The Board also declared a dividend on its 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock, amounting to $664.0625 per preferred share ($0.6640625 per depository share), payable on July 1, 2024, to holders of record as of June 14, 2024.
Wesco, a Fortune 500 company headquartered in Pittsburgh, Pennsylvania, reported annual sales exceeding $22 billion. The company specializes in business-to-business distribution, logistics, and supply chain solutions, employing around 20,000 people and operating nearly 800 branches globally.
Wesco International (NYSE: WCC) has released its latest sustainability report, detailing progress on its 2030 environmental, social, and governance (ESG) goals. Set in 2021, Wesco's targets include reducing greenhouse gas emissions by 30%, landfill waste intensity by 15%, and total recordable incident rate (TRIR) by 15%. Furthermore, they aim to provide 425,000 hours of safety training by 2030. The company has already met its landfill waste reduction goal from a 2020 baseline and is on track to achieve its safety training target. The 2023 report also expanded the scope of greenhouse gas emissions reporting to include global data beyond the U.S., Canada, and the U.K. John Engel, Chairman, President, and COO, emphasized the importance of stakeholder collaboration in achieving these goals.
Wesco International (NYSE: WCC) has launched a $200,000 scholarship program to support students entering the skilled trades in the U.S. electrical industry. Announced on May 23, 2024, this initiative is part of Wesco Cares, the company's corporate philanthropy program, and is in partnership with Independent Electrical Contractors (IEC) and ELECTRI International. The scholarship aims to reduce financial barriers associated with trade school and apprenticeship expenses, addressing the labor shortage in the electrical industry. Wesco's CEO, John Engel, highlighted the importance of skilled tradespeople for ongoing and future electrification projects, emphasizing the company's commitment to nurturing the talent pipeline through this scholarship program.
Wesco International reported its first quarter 2024 results, showing a 3% decrease in net sales year-over-year and a 3.2% decrease in organic sales. The operating profit was $263 million with an operating margin of 4.9%. The adjusted EBITDA margin was 6.4%, down 60 basis points sequentially and 120 basis points year-over-year. Wesco's financial leverage improved to 2.6x. The company generated record free cash flow of $731 million in the quarter and over $1.4 billion over the trailing twelve months. Despite the decrease in sales, Wesco is maintaining its full-year outlook for organic sales growth and adjusted EBITDA margin. The company is focused on increasing its free cash flow outlook and pursuing capital allocation strategies more aggressively. Wesco's long-term growth trends and global capabilities position it for sustained sales growth and increased market share.
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