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 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.
Wesco International (NYSE: WCC) reported record net sales of $5.5 billion for Q2 2022, a 19% year-over-year increase. Organic sales growth reached 21% with a record backlog of over 80% year-over-year. Operating profit surged 69% to $371 million and adjusted EBITDA was $444 million, up 44%. The company raised its 2022 adjusted EPS outlook to $15.60 to $16.40, indicating a 55% to 65% increase from the prior year, driven by strong demand and strategic business execution.
Wesco International (NYSE: WCC) is set to hold its second quarter 2022 earnings conference call on August 4, 2022, at 10:00 a.m. ET. The live audio webcast and presentation will be available on the investor relations section of Wesco's website. Additionally, an Investor Day is scheduled for September 7, 2022, where management will detail business strategy and the acquisition of Anixter International. Wesco will also participate in key industry conferences in August and September.
Wesco is celebrating its 100th anniversary and the second anniversary of its merger with Anixter. The company, led by CEO John Engel, emphasizes its commitment to stakeholder value through strategic partnerships. Wesco is launching 'Wesco Cares', a philanthropy program with a $5 million commitment to community initiatives, underscoring its dedication to corporate social responsibility. The firm, headquartered in Pittsburgh, operates globally with over $18 billion in annual sales and a portfolio that serves various industries including government, utilities, and telecommunications.
WESCO International (NYSE: WCC) announced the retirement of Theodore A. Dosch, Executive Vice President and Chief Transformation Officer, effective August 5, 2022. Dosch played a significant role in integrating WESCO and Anixter since June 2020. John J. Engel, Chairman and CEO, expressed gratitude for his contributions and leadership during this period. Headquartered in Pittsburgh, WESCO is a FORTUNE 500® company with over $18 billion in annual sales, providing a wide range of business-to-business distribution and supply chain solutions across various sectors.
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