WESCO International sales climb 105.3 percent
WESCO International reported net sales were $4.0 billion for the first quarter of 2021 compared to $2.0 billion for the first quarter of 2020, an increase of 105.3 percent due to the merger with Anixter that was completed in June 2020.
Net income was $44.8 million, or 87 cents per share, compared to $34.4 million, or 82 cents, for the first quarter of 2020.
The Electrical & Electronic Solutions segment net sales of $1.7 billion compared to $1.1 billion for the first quarter of 2020, an increase of 54.4 percent.
The Communications & Security Solutions segment net sales of $1.3 billion compared to $223.7 million for the first quarter of 2020, an increase of 459.0 percent.
The Utility & Broadband Solutions segment net sales of $1.1 billion f compared to $630.5 million for the first quarter of 2020, an increase of 69.7 percent.
“We are seeing positive sales and margin momentum across each of our three global business units. Backlog has reached a new all-time record level, our margin improvement programs are generating results, and structural cost takeout has increased our operating leverage," said ohn 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.
