WESCO International

Wesco International Reports First Quarter 2024 Results

Retrieved on: 
Thursday, May 2, 2024
Sale, Internet, Depreciation, WCC, Electricity, News, Collection, Transport, Webcast, Growth, Exercise, Tax, Government, Communication, Share repurchase, YOY, WESCO International, Utility, Video game

First quarter net sales down 3% YOY, organic sales down 3%

Key Points: 
  • First quarter net sales down 3% YOY, organic sales down 3%
    First quarter operating profit of $263 million; operating margin of 4.9%
    •   Free cash flow of $731 million in the quarter, $1.4 billion over trailing twelve months
    PITTSBURGH, May 2, 2024 /PRNewswire/ -- Wesco International (NYSE: WCC), a leading provider of business-to-business distribution, logistics services and supply chain solutions, announces its results for the first quarter of 2024.
  • The following are results for the three months ended March 31, 2024 compared to the three months ended March 31, 2023:
    Net sales were $5.4 billion for the first quarter of 2024 compared to $5.5 billion for the first quarter of 2023, a decrease of 3.1%.
  • Backlog at the end of the first quarter of 2024 declined by 10% compared to the end of the first quarter of 2023.
  • Cost of goods sold for the first quarter of 2024 was $4.2 billion compared to $4.3 billion for the first quarter of 2023, and gross profit was $1.1 billion for the first quarter of 2024 compared to $1.2 billion for the first quarter of 2023.

Flintfox appointed by Wesco to centralize pricing processes and support digital transformation

Retrieved on: 
Tuesday, April 30, 2024
Digital, Special Protection Area, WESCO International, Partnership, Nature, Retail

Through the partnership, Flintfox will support Wesco's growth by streamlining pricing and supporting the business' digital transformation programme.

Key Points: 
  • Through the partnership, Flintfox will support Wesco's growth by streamlining pricing and supporting the business' digital transformation programme.
  • Following a successful proof of concept, Flintfox will provide pricing from a single, centralised platform featuring over 21 billion pricing values.
  • Providing real-time pricing across both buy-side and sell-side, the Flintfox Intelligent Pricing Platform will unify Wesco's pricing data and systems and help the business to improve the efficiency of its pricing processes.
  • We know digitalization is a key priority for Wesco and our offering is perfectly positioned to transform the business' pricing processes and improving efficiency."

Flintfox appointed by Wesco to centralize pricing processes and support digital transformation

Retrieved on: 
Tuesday, April 30, 2024
Digital, Special Protection Area, WESCO International, Partnership, Nature, Retail

Through the partnership, Flintfox will support Wesco's growth by streamlining pricing and supporting the business' digital transformation programme.

Key Points: 
  • Through the partnership, Flintfox will support Wesco's growth by streamlining pricing and supporting the business' digital transformation programme.
  • Following a successful proof of concept, Flintfox will provide pricing from a single, centralised platform featuring over 21 billion pricing values.
  • Providing real-time pricing across both buy-side and sell-side, the Flintfox Intelligent Pricing Platform will unify Wesco's pricing data and systems and help the business to improve the efficiency of its pricing processes.
  • We know digitalization is a key priority for Wesco and our offering is perfectly positioned to transform the business' pricing processes and improving efficiency."

Vallen Distribution Announces Key Executive Leadership Positions

Retrieved on: 
Thursday, April 11, 2024
Industrial Distribution, Safety, Certification, WCC, Acquisition, WESCO International, Enterprise, Organization, Growth, Management

BELMONT, N.C., April 11, 2024 /PRNewswire/ -- Vallen Distribution ("Vallen"), a provider of indirect industrial supply chain solutions, vendor managed inventory and technical services with offerings that include safety equipment inspection, maintenance, certification, and solution design, today announced key Executive Leadership positions, effective immediately. These appointments follow Vallen's recently completed acquisition of Wesco Integrated Supply (WIS), from Wesco International (NYSE: WCC), and represent a combined leadership structure to further position Vallen as the premier supply chain services provider for customers and suppliers worldwide.

Key Points: 
  • BELMONT, N.C., April 11, 2024 /PRNewswire/ -- Vallen Distribution ("Vallen"), a provider of indirect industrial supply chain solutions, vendor managed inventory and technical services with offerings that include safety equipment inspection, maintenance, certification, and solution design, today announced key Executive Leadership positions, effective immediately.
  • Chuck Delph, CEO of Vallen, said, "Establishing a combined leadership team and structure is a key milestone as we bring these two organizations together.
  • Vallen sits in a unique position in the market as the only broadline industrial distribution business with our expansive supply chain solution offering and serving as the single largest integrator in the world.
  • Mr. Lutz is a 33-year veteran in the industrial distribution industry and previously served as Vallen's Executive Vice President, Sales.

Vallen Distribution Completes Acquisition of Wesco Integrated Supply

Retrieved on: 
Monday, April 1, 2024
WESCO International, Certification, Acquisition, WCC, Safety, Online shopping

BELMONT, N.C., April 1, 2024 /PRNewswire/ -- Vallen Distribution ("Vallen"), a provider of indirect industrial supply chain solutions, vendor managed inventory and technical services with offerings that include safety equipment inspection, maintenance, certification, and solution design, has completed its previously announced acquisition of Wesco Integrated Supply (WIS), from Wesco International (NYSE:WCC).

Key Points: 
  • Expands Vallen's position as a leading supply chain solutions company, delivering unique and customizable solutions
    BELMONT, N.C., April 1, 2024 /PRNewswire/ -- Vallen Distribution ("Vallen"), a provider of indirect industrial supply chain solutions, vendor managed inventory and technical services with offerings that include safety equipment inspection, maintenance, certification, and solution design, has completed its previously announced acquisition of Wesco Integrated Supply (WIS), from Wesco International (NYSE:WCC).
  • Vallen is further positioned as a leader in integrated supply serving the foremost brands to optimize their indirect supply chain.
  • Chuck Delph, CEO of Vallen, said, "Today marks an exciting new chapter for Vallen as we bring together two outstanding supply chain solutions providers.
  • I am proud to welcome the talented team at WIS and look forward to continuing to deliver unique and customizable supply chain solutions."

Oldcastle BuildingEnvelope, Inc. CEO Bruno Biasiotta Steps Down to Focus on Health, Family; CFO Michael Marcely Appointed Interim CEO; New Divisional President Announced

Retrieved on: 
Friday, March 8, 2024
Architecture, Other Construction & Property, Residential Building & Real Estate, Manufacturing, Commercial Building & Real Estate, Construction & Property, Other Manufacturing, WCC, Senior, OBE, LP, Growth, Glass, KPS Capital Partners, Chairperson, Interim, Health, WESCO International, Family, Management

Oldcastle BuildingEnvelope, Inc. (“OBE” or the “Company”) announced today that Bruno Biasiotta will step down as Chief Executive Officer to focus on his health and family.

Key Points: 
  • Oldcastle BuildingEnvelope, Inc. (“OBE” or the “Company”) announced today that Bruno Biasiotta will step down as Chief Executive Officer to focus on his health and family.
  • OBE’s Chief Financial Officer, Michael (Mike) Marcely, will assume the responsibilities of Interim Chief Executive Officer effective immediately.
  • The Company also announced the appointment of Steve Dean as President – Glass and Glazing Systems.
  • The broader OBE senior leadership team and I are committed to ensuring this change is seamless for our customers, suppliers and employees.

Wesco Declares Quarterly Dividend on Common Stock and Preferred Stock

Retrieved on: 
Thursday, February 29, 2024
WCC, WESCO International

PITTSBURGH, Feb. 29, 2024 /PRNewswire/ -- 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 $0.4125 per share.

Key Points: 
  • PITTSBURGH, Feb. 29, 2024 /PRNewswire/ -- 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 $0.4125 per share.
  • The dividend is payable on March 29, 2024 to the holders of record of the common stock at the close of business on March 15, 2024.
  • In addition, the Board of Directors declared cash dividends on the company's 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock for the period January 1, 2024 through March 31, 2024.
  • The dividend is $664.0625 per preferred share, or $0.6640625 per depository share, and is payable on April 1, 2024 to holders of record at the close of business on March 15, 2024.

Wesco Announces Pricing of Private Offering of Senior Notes Due 2029 and Senior Notes Due 2032

Retrieved on: 
Tuesday, February 27, 2024
WCC, Regulation, WESCO International, Note, Sale, International, ABL, Offering, Security (finance)

The aggregate principal amount of the 8-Year Notes to be issued in the Offering has been increased from the previously announced $750 million to $850 million.

Key Points: 
  • The aggregate principal amount of the 8-Year Notes to be issued in the Offering has been increased from the previously announced $750 million to $850 million.
  • The 5-Year Notes will be issued at a price of 100.000 % of the aggregate principal amount thereof.
  • Wesco estimates that the net proceeds from the Offering will be approximately $1,728.4 million, after deducting the initial purchasers' discount and estimated offering expenses.
  • This press release does not constitute a notice of redemption with respect to the Wesco 2025 Notes.

Wesco Announces Commencement of Private Offering of Senior Notes Due 2029 and Senior Notes Due 2032

Retrieved on: 
Monday, February 26, 2024
WCC, Regulation, WESCO International, Note, Sale, International, ABL, Security (finance)

Wesco Distribution intends to use the net proceeds from this Offering, together with cash on hand, to redeem all of its outstanding 7.125% senior notes due 2025 (the "Wesco 2025 Notes") on or after June 15, 2024.

Key Points: 
  • Wesco Distribution intends to use the net proceeds from this Offering, together with cash on hand, to redeem all of its outstanding 7.125% senior notes due 2025 (the "Wesco 2025 Notes") on or after June 15, 2024.
  • The Notes will be unsecured, unsubordinated debt obligations of Wesco Distribution, and will rank equally with Wesco Distribution's other existing and future unsecured, unsubordinated obligations.
  • The Notes will be guaranteed on an unsecured, unsubordinated basis by Wesco and its wholly owned subsidiary, Anixter Inc. (the "Guarantees").
  • This press release does not constitute a notice of redemption with respect to the Wesco 2025 Notes.

Wesco International Reports Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Tuesday, February 13, 2024
Acquisition, WCC, YOY, Internet, Depreciation, OEM, Share repurchase, Growth, Table, UBS, EES, Government, Information technology, Webcast, Organic, Tax, News, Electricity, Utility, CSS, Corporation, Bank statement, Anixter, Communication, WESCO International, Pharmaceutical industry

Backlog at the end of the fourth quarter of 2023 declined by 10% compared to the end of the fourth quarter of 2022.

Key Points: 
  • Backlog at the end of the fourth quarter of 2023 declined by 10% compared to the end of the fourth quarter of 2022.
  • Net interest expense for the fourth quarter of 2023 was $97.0 million compared to $87.3 million for the fourth quarter of 2022.
  • Other non-operating expense for the fourth quarter of 2023 was $10.5 million compared to $4.0 million for the fourth quarter of 2022.
  • The effective tax rate for the fourth quarter of 2023 was 31.5% compared to 24.6% for the fourth quarter of 2022.