Wesco Announces New $1 Billion Share Repurchase Authorization

Rhea-AI Summary

Wesco International (NYSE: WCC) announced a new $1 billion share repurchase program, underscoring its confidence in long-term growth and robust free cash flow generation. This initiative follows the company's integration with Anixter and aims to enhance shareholder value. The program allows for various repurchase methods, including open market and negotiated transactions, without a fixed acquisition commitment. Wesco, headquartered in Pittsburgh, reported over $18 billion in annual sales and serves a wide range of clients, including over 90% of FORTUNE 100® companies.

Positive

• Approval of a $1 billion share repurchase program, indicating strong shareholder value focus.
• Expected to enhance shareholder value through opportunistic share buybacks.
• Demonstrates confidence in long-term growth and free cash flow generation post-Anixter integration.

Negative

• None.

PITTSBURGH--(BUSINESS WIRE)-- Wesco International (NYSE: WCC) today announced that its board of directors approved a new $1 billion share repurchase program. The Company expects to repurchase common and preferred shares from time to time subject to the company’s repurchase program limit, its capital plan, market conditions and other factors, including regulatory restrictions and required approvals, if any.

John Engel, Wesco's Chairman, President and CEO, said, "The new share repurchase authorization of up to $1 billion demonstrates continued confidence in our long-term growth outlook and our ability to consistently generate strong free cash flow. Following our transformational combination with Anixter in June of 2020, we have deployed cash to support the growth of our business and the integration of Anixter while rapidly deleveraging our balance sheet. Now that we expect to be within our target leverage range during the second quarter, we are adding another important tool to opportunistically drive further shareholder value."

The Company may utilize various methods to effect repurchases of its shares under the repurchase program, which could include open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The share repurchase program does not obligate Wesco to acquire a specific dollar amount or number of shares and may be extended, modified, or discontinued at any time.

About Wesco International

Wesco International (NYSE: WCC) builds, connects, powers and protects the world. Headquartered in Pittsburgh, Pennsylvania, Wesco is a FORTUNE 500® company with more than $18 billion in annual sales and a leading provider of business-to-business distribution, logistics services and supply chain solutions. Wesco offers a best-in-class product and services portfolio of Electrical and Electronic Solutions, Communications and Security Solutions, and Utility and Broadband Solutions. The Company employs approximately 18,000 people, partners with the industry’s premier suppliers, and serves thousands of customers around the world, including more than 90% of FORTUNE 100® companies. With nearly 1,500,000 products, end-to-end supply chain services, and leading digital capabilities, Wesco provides innovative solutions to meet customer needs across commercial and industrial businesses, contractors, government agencies, institutions, telecommunications providers, and utilities. Wesco operates approximately 800 branches, warehouses and sales offices in more than 50 countries, providing a local presence for customers and a global network to serve multi-location businesses and multi-national corporations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220601005413/en/

Investor Relations

Will Ruthrauff

Director, Investor Relations

484-885-5648



Corporate Communications

Jennifer Sniderman

Sr. Director, Corporate Communications

717-579-6603

Source: Wesco International

FAQ

What is the new share repurchase program amount for Wesco International (WCC)?

Wesco International announced a new share repurchase program of $1 billion.

What does the share repurchase program signify for WCC investors?

It signifies Wesco's confidence in its long-term growth and commitment to enhancing shareholder value.

Which methods will Wesco use for its share buybacks under the program?

Wesco may utilize open market repurchases, negotiated transactions, or accelerated share repurchases, among other methods.

Is there an obligation for Wesco to repurchase a specific number of shares?

No, the share repurchase program does not obligate Wesco to acquire a specific dollar amount or number of shares.

How does the repurchase program affect Wesco's stock price?

The repurchase program is expected to positively affect Wesco's stock price by signaling confidence in the company's value.