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Wesco Declares Inaugural Quarterly Cash Dividend on Common Stock
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
The Board of Directors of Wesco International (NYSE: WCC) has declared its inaugural quarterly cash dividend of $0.375 per share, payable on March 31, 2023, to shareholders on record by March 15, 2023. This decision follows the company's commitment to return capital to shareholders, supported by projected sales growth and margin expansion. The firm also announced a $1 billion share repurchase authorization, highlighting strong cash flow generation. The future dividend declarations will remain under the discretion of the Board.
Positive
Inaugural dividend of $0.375 per share indicates confidence in financial health.
Authorization for a $1 billion share repurchase supports shareholder value.
Negative
None.
PITTSBURGH--(BUSINESS WIRE)--
The Board of Directors of Wesco International (NYSE: WCC) today declared a quarterly cash dividend on all of the issued and outstanding shares of common stock, in an amount equal to $0.375 per share. The dividend is payable on March 31, 2023 to the holders of record of the common stock at the close of business on March 15, 2023.
“We are pleased to announce that Wesco has reached an important milestone in our history as we initiate the company’s first common stock dividend,” said John Engel, Chairman, President and Chief Executive Officer. “At our 2022 Investor Day, we outlined our five-year expectation for continued sales growth above the market, the benefit of secular trends and ongoing margin expansion resulting in a step-change increase in cash flow generation. This enables us to create additional value by returning more capital directly to shareholders through a common stock dividend as well as the $1 billion share repurchase authorization announced last year.”
The declaration, timing, amount, and payment of future dividends remain at the discretion of the company’s Board of Directors.
About Wesco
Wesco International (NYSE: WCC) builds, connects, powers and protects the world. Headquartered in Pittsburgh, Pennsylvania, Wesco is a FORTUNE 500® company with more than $21 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 20,000 people, partners with the industry’s premier suppliers, and serves thousands of customers around the world. With millions of 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.
