WESCO International sales fall by 6.7 percent
WESCO International reported fourth quarter net sales of $1.86 billion were down by 6.7 percent from the $1.99 billion in the same period the previous year.
Organic sales decreased by 7.6 percent, while foreign exchange rates negatively impacted sales by 3.7 percent, partially offset by positive impacts from acquisitions.
Net income of $48.4 million was down 35.0% from $74.5 million for the prior year quarter. Earnings per share of $1.03 compared to $1.40 in the year-ago period.
"Our fourth quarter sales declined 7%, reflecting weakness in commodity-driven end markets and continued foreign exchange headwinds," said John J. Engel, WESCO's chairman and chief executive officer. "Although overall sales were down, our data communications and utility sales grew again in the quarter. We continued to tightly manage our costs and streamline our organization, and the benefits of these actions partially mitigated the impact of lower sales and business mix on earnings per share, which declined versus prior year."
Full-year sales of $7.5 billion decreased by 4.7 percent from $7.9 billion in 2014. Net income of $210.7 million was down 23.6 percent from $275.9 million in 2014.
Earnings per diluted share for 2015 were $4.18 per share, compared to $5.18 for 2014.
INDUSTRIAL SUPPLY MAGAZINE
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