WESCO International 4Q sales decline 3.7 percent
WESCO International reported fourth quarter 2016 net sales declined 3.7% to $1.79 billion, compared to $1.86 billion for the fourth quarter of 2015.
Acquisitions had a 1.8% positive impact on net sales and were offset by a 1.6% impact from number of workdays and a 0.3% impact from foreign exchange rates, resulting in a 3.6% decrease in normalized organic sales. Sequentially, net sales decreased 3.3% and normalized organic sales increased 0.3%.
Net income was $47.4 million for the quarter, or 96 cents per share, compared to $48.4 million, or $1.03, for the fourth quarter of 2015.
For the full year, net sales declined 2.4% to $7.34 billion, compared to $7.52 billion for 2015. Acquisitions and number of workdays had positive impacts on net sales of 3.1% and 0.4%, respectively, and were partially offset by a 1.0% impact from foreign exchange rates, resulting in a 4.9% decrease in normalized organic sales.
Net income was $101.6 million for 2016, or $2.10 per share, compared to $210.7 million, or $4.18, for 2015.
"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," said John J. Engel, WESCO's chairman and chief executive officer. "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."