WESCO International 4Q sales climb 97 percent
WESCO International recorded net sales of $4.1 billion in the fourth quarter of 2020, up 97 percent from $2.1 billion in the same quarter last year, due to the Anixter merger.
For the full year, sales of $12.3 billion increased 48 percent from $8.4 billion, as a result of the Anixter merger. The merger was completed on June 22, 2020.
Net income was $5.6 million for the fourth quarter of 2020, or 11 cents per share, compared to $53.1 million, or $1.26 per share, for the fourth quarter of 2019.
Net income attributable to common stockholders was $70.4 million for 2020, or $1.51 per share, compared to $223.4 million, or $5.14, for 2019. SG&A expenses for 2020 include merger-related costs of $132.2 million, as well as a gain on the sale of a U.S. operating branch.
“Fiscal 2020 will be remembered as one of the most important in WESCO’s history. We completed the transformational acquisition of Anixter, doubling our size and changing our trajectory for years to come. We designed and launched a three-year integration plan which in just six months has delivered synergies in excess of our initial targets,” said John Engel, chairman, president and CEO. “And at the same time, we delivered operating results during a global pandemic which demonstrate the strength of our franchise, the commitment of our extraordinary team of associates, and position us well for future growth as the economy continues its recovery and the secular trends supporting our future growth generate momentum across our business units."
He added that for 2021, "WESCO is exceptionally well positioned to support our customers with an expanded set of products and differentiated services. The efficiencies we capture through our larger scale will combine with growth in electrification, automation, communications and security across our three global business units to drive our performance this year."
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