PR Newswire
PITTSBURGH, Jan. 26, 2017
PITTSBURGH, Jan. 26, 2017 /PRNewswire/ -- WESCO International, Inc. (NYSE: WCC), a leading provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, announces its results for the fourth quarter and full year 2016.
Mr. John J. Engel, WESCO's Chairman and Chief Executive Officer, stated, "Fourth quarter results were in line with our expectations, and results for the full year were within the outlook range provided in December 2015. Normalized organic sales declined versus prior year but grew sequentially, reflecting improving momentum in our business, and our first Q4 sequential sales growth in five years. Operating margin was also in line with our expectations, as we took additional actions to reduce our costs and improve productivity. Free cash flow generation remained strong, enabling us to reduce our debt and get back within our target financial leverage range."
The following are results for the three months ended December 31, 2016 compared to the three months ended December 31, 2015:
The following are results for the year ended December 31, 2016 compared to the year ended December 31, 2015:
Mr. Engel continued, "On a full year basis, our 2016 results reflect the challenging economic and end market environment, as well as the impact of political uncertainty on spending in the industries we serve. We responded to these challenges by reducing our costs and streamlining our organization while ensuring continued strong free cash flow generation. These actions partially mitigated the impact of lower sales and business mix on earnings per share. We remain focused on executing our One WESCO strategy, and as a result of our organizational changes and continued execution of our business initiatives, we are entering 2017 with a stronger team focused on driving increased profitability as our end markets return to growth. The free cash flow generation capability of our business supports continued investment in our One WESCO growth initiatives, including acquisitions, along with our other cash allocation priorities. We reaffirm our expectation of 2017 sales in the range of flat to up 4%, EPS of $3.60 to $4.00 per diluted share, and free cash flow generation of at least 90% of net income, as we outlined in our investor outlook call in December."
Mr. Engel added, "After two years of industry sales declines and talk of an industrial recession, we are pleased to hear increased optimism from customers and see the beginning signs of a recovery. In this period of change and uncertainty, customers and suppliers need strong and reliable supply chain partners. WESCO provides leading supply chain solutions supported by our broad portfolio of products and value-added services. Our efforts are centered on providing outstanding customer service and delivering value to our customers' operations and supply chains. I am very proud of the extra effort demonstrated by all WESCO associates in serving our customers last year, and I am confident in our team's ability to improve our performance in 2017."
Webcast and Teleconference Access
WESCO will conduct a webcast and teleconference to discuss the fourth quarter earnings as described in this News Release on Thursday, January 26, 2017, at 11:00 a.m. E.T. The call will be broadcast live over the Internet and can be accessed from the Company's Website at http://www.wesco.com. The call will be archived on this Internet site for seven days.
WESCO International, Inc. (NYSE: WCC), a publicly traded Fortune 500 holding company headquartered in Pittsburgh, Pennsylvania, is a leading provider of electrical, industrial, and communications maintenance, repair and operating (MRO) and original equipment manufacturers (OEM) products, construction materials, and advanced supply chain management and logistic services. 2016 annual sales were approximately $7.3 billion. The company employs approximately 9,000 people, maintains relationships with over 25,000 suppliers, and serves over 80,000 active customers worldwide. Customers include commercial and industrial businesses, contractors, government agencies, institutions, telecommunications providers, and utilities. WESCO operates nine fully automated distribution centers and approximately 500 full-service branches in North America and international markets, providing a local presence for customers and a global network to serve multi-location businesses and multi-national corporations.
The matters discussed herein may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as well as the Company's other reports filed with the Securities and Exchange Commission.
WESCO INTERNATIONAL, INC. | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
(dollar amounts in millions, except per share amounts) | |||||||||||
(Unaudited) | |||||||||||
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| Three Months Ended | | |||||||||
| December 31, | | | December 31, | | ||||||
Net sales | $ | 1,793.3 | | | | $ | 1,861.5 | | | ||
Cost of goods sold (excluding | 1,444.7 | | 80.6 | % | | 1,498.0 | | 80.5 | % | ||
depreciation and amortization) | | | | | | ||||||
Selling, general and administrative expenses | 249.9 | | 13.9 | % | | 256.9 | | 13.8 | % | ||
Depreciation and amortization | 16.6 | | | | 16.6 | | | ||||
Income from operations | 82.1 | | 4.6 | % | | 90.0 | | 4.8 | % | ||
Interest expense, net | 17.5 | | | | 9.9 | | | ||||
Income before income taxes | 64.6 | | 3.6 | % | | 80.1 | | 4.3 | % | ||
Provision for income taxes | 16.8 | | | | 31.5 | | | ||||
Net income | 47.8 | | 2.7 | % | | 48.6 | | 2.6 | % | ||
Net income attributable to noncontrolling interests | 0.4 | | | | 0.2 | | | ||||
Net income attributable to WESCO International, Inc. | $ | 47.4 | | 2.6 | % | | $ | 48.4 | | 2.6 | % |
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Diluted earnings per common share | $ | 0.96 | | | | $ | 1.03 | | | ||
Weighted-average common shares outstanding and common | | | | | | ||||||
share equivalents used in computing diluted earnings per | | | | | | ||||||
share (in millions) | 49.2 | | | | 47.2 | | |
WESCO INTERNATIONAL, INC. | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Werbung Mehr Nachrichten zur WESCO International, Inc Aktie kostenlos abonnieren
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