WESCO International sales fall 3.6 percent
WESCO International said its net sales for the third quarter were $1.86 billion, compared to $1.92 billion for the third quarter of 2015, a decrease of 3.6%.
Acquisitions had a 2.9% positive impact on net sales, partially offset by a 0.3% impact from foreign exchange rates, resulting in a 6.2% decrease in normalized organic sales.
the company posted a net loss $31.6 million for the quarter, or a loss of 65 cents per share, compared to net income of $63.5 million, or $1.28 per share, for the third quarter of 2015.
"Sales were below expectations, reflecting a decline in construction in both the U.S. and Canada," said John J. Engel, chairman, president and CEO. "Operating margin was in-line with our outlook as we took additional actions to reduce our costs and streamline our organization."
For the first nine months of the year, net sales were $5.54 billion, compared to $5.66 billion for the first nine months of 2015, a decrease of 2.0%.
"We expect the current end market challenges to continue in the fourth quarter and have reflected them in our revised full year outlook for sales to be down 2% to 3%," Engel added.
INDUSTRIAL SUPPLY MAGAZINE
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