Menu
Posted August 13, 2020

WESCO International sales decline 2.9 percent

WESCO International's net sales were $2.1 billion for the second quarter of 2020, compared to $2.2 billion for the second quarter of 2019, a decrease of 2.9 percent.


Organic sales for the quarter declined by 12.3 percent as the Anixter merger on June 22 positively impacted net sales by 10.3 percent.

A net loss of $35.8 million, or 84 cents per share, compared to net income of $63.5 million, or $1.45, for the second quarter of 2019.

“We have been executing a detailed, rigorous and process-oriented integration planning effort over the last several months. Now, all of our integration efforts and organizational focus shift from planning to execution and synergy realization. We are off to an excellent start in our first six weeks since closing, and have already completed actions to deliver over 50 percent of our year one cost synergy target of $68 million. We have also begun to realize our first sales synergies through leveraging our expanded global footprint and cross-selling our broader product and services portfolio," said John J. Engel, WESCO's chairman, president and CEO.

Net sales were $4.1 billion for the first six months of the year, a decrease of 1.4 percent. Organic sales for the first six months of 2020 declined by 7.3 percent as the Anixter merger on June 22, 2020 positively impacted net sales by 5.6 percent.

SPONSORED ADS