WESCO posts 6.5 percent sales gain
WESCO International said its net sales for the fourth quarter of 2018 were $2.0 billion, even with the same period last year.
Organic sales for the fourth quarter of 2018 grew by 1.5 percent as foreign exchange rates negatively impacted net sales by 0.8 percent.
Net income was $58.2 million, or $1.26 per diluted share, compared to $22.5 million, or 47 cents, for the fourth quarter of 2017.
Net sales were $8.2 billion for 2018, compared to $7.7 billion for 2017, an increase of 6.5 percent. Organic sales for 2018 grew by 6.2 percent as foreign exchange rates positively impacted net sales by 0.3 percent.
Net income for the year of $227.4 million, or $4.82 per share, compared to $163.5 million, or $3.38, in 2017.
"After returning to sales growth in 2017, I'm pleased to report that we executed our top priorities of delivering margin expansion, strong profitable growth and increased cash generation in 2018. We strengthened our business, growing in all end markets and geographies, while operating against an economic backdrop that was more challenging than expected," said John J. Engel, chairman, president and CEO.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
