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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.
Ryder System has appointed Charles M. “Chuck” Swoboda to its board of directors, effective December 12, 2022. Swoboda's notable leadership experience includes his tenure as CEO of Cree, Inc. (now Wolfspeed, Inc.), where he grew revenues from
The Board of Directors of Wesco International (NYSE: WCC) declared a cash dividend of $664.0625 per preferred share for the period from October 1, 2022 to December 31, 2022. The dividend, equivalent to $0.6640625 per depository share, will be payable on January 3, 2023, to shareholders on record as of December 15, 2022. Wesco, a FORTUNE 500® company, is a major player in distribution and supply chain solutions with over $18 billion in annual sales.
Wesco International (NYSE: WCC) announced its participation in key events during Q4, focusing on business strategies and the acquisition of Anixter International. The company will partake in the Baird 2022 Global Industrial Conference in Chicago on November 9, 2022, featuring a fireside chat with CEO John Engel and CFO Dave Schulz. Additionally, Wesco will present at the Stephens Annual Investment Conference in Nashville on November 16, 2022, with CFO Schulz speaking. More details on these events can be found on Wesco's Investors homepage.
Wesco International (WCC) reported record third-quarter earnings with net sales of $5.4 billion, a 15% year-over-year increase. Organic growth reached 17%, bolstered by a record backlog up 60% YoY. Operating profit surged to $402 million, yielding an operating margin of 7.4%. Adjusted earnings per diluted share improved to $4.49, a 64% increase YoY. The 2022 outlook for adjusted earnings per share is narrowed to $15.80-$16.20, showcasing strong performance despite foreign exchange challenges. Cash flow for the quarter was impacted by inventory increases due to supply chain dynamics.
Wesco International (NYSE: WCC) has successfully acquired Rahi Systems Holdings, Inc. for $217 million, marking a significant move in the hyperscale data center solutions market. This acquisition, announced on September 7, 2022, reflects a purchase price of approximately 7.5x Rahi's projected trailing twelve months EBITDA. Rahi generates around $400 million in annual sales with over 900 employees across 25 countries. This strategic move is expected to enhance Wesco’s data center offerings and cross-sell opportunities, emphasizing its commitment to growth in this high-demand sector.
Wesco International (NYSE: WCC) will hold its third quarter 2022 earnings conference call on November 3 at 10:00 a.m. ET. Participants can dial in using the provided numbers for live access or listen to the replay starting at 12:00 p.m. ET on the same day. Wesco will also take part in the Baird Global Industrial Conference and the Stephens Annual Investment Conference in November. Headquartered in Pittsburgh, Wesco generates over $18 billion in annual sales, providing distribution and logistics services globally.
Wesco International (NYSE: WCC) will reaffirm its 2022 financial outlook during the Investor Day meeting today. The company anticipates a 16% to 18% sales increase and adjusted EBITDA of approximately $1.68 billion. It plans to initiate a quarterly cash dividend program in 2023, offering an annual dividend of about $1.50 per share. Over the next five years, Wesco aims to return $1.5 billion to shareholders via dividends and share repurchases. The company projects long-term organic sales growth with EBITDA and EPS expected to grow at least twice the sales rate.
Wesco International (NYSE: WCC) has announced a definitive agreement to acquire Rahi Systems Holdings, Inc. for
The Board of Directors of Wesco International (NYSE: WCC) declared a cash dividend of $664.0625 per preferred share for the period from July 1, 2022 to September 30, 2022. This amounts to $0.6640625 per depository share, payable on September 30, 2022, to shareholders of record by the close of business on September 15, 2022.
Wesco is a leading provider in business-to-business distribution and logistics, reporting over $18 billion in annual sales.
Wesco International (NYSE: WCC) has appointed Sundaram Nagarajan to its Board of Directors effective September 1, 2022, enhancing board diversity and expertise. Nagarajan, CEO of Nordson Corporation, brings extensive leadership experience in diverse industrial sectors. Concurrently, John K. Morgan will retire from the board on September 30, 2022, after 14 years of service, facilitating a smooth transition for the new director. Wesco's board will now be over 50% diverse, reflecting its commitment to inclusion and effective governance.
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