Posted July 22, 2010
WESCO sales up 8.6 percent
WESCO International Inc. said its consolidated net sales were $1.25 billion for the second quarter of 2010, compared to $1.15 billion for the second quarter of 2009, an increase of 8.6%.
Gross profit was $242.9 million, or 19.3% of sales, compared to $223.9 million, or 19.3% of sales, for the same period in 2009. The relative sequential strength of construction end market sales had a negative mix impact on second quarter gross margins when compared to the first quarter's result of 19.8%. Net income was $27.8 million compared to $26.4 million for the prior year quarter and $19.2 million for the first quarter 2010.
"All four of our major end markets and all six of our major product categories experienced positive sequential sales growth during the quarter. The last time we saw all our end markets and product categories grow sequentially was the second quarter of 2008, and the third quarter of 2004, respectively," said John J. Engel, CEO.
Six-month sales were $2.4 billion compared to $2.3 billion for the first six months of 2009, an increase of 2.9%.
