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NEW YORK - Wesco International (NYSE:WCC) shares fell -1.62% in premarket trading on Tuesday after the company reported fourth quarter earnings that missed analyst expectations, despite revenue beating estimates.
The Pittsburgh-based distributor of electrical, industrial, and communications products reported adjusted earnings per share of $3.16 for the fourth quarter, falling short of the $3.25 consensus estimate. Revenue came in at $5.5 billion, surpassing analyst projections of $5.41 billion.
Wesco’s fourth quarter sales rose 0.5% year-over-year, with organic sales growth of 2.4%. The company saw strong performance in its global data center and broadband solutions businesses, which grew over 70% and 20% respectively compared to the prior year quarter. However, this was partially offset by weakness in the industrial and utility segments.
"We are pleased with our return to sales growth in the fourth quarter sparked by more than 70% growth year-over-year in our global Data Center business, 20% growth in Broadband Solutions, and renewed positive sales momentum in Electrical and Electronic Solutions," said John Engel, Chairman, President, and CEO.
For the full year 2024, Wesco reported net sales of $21.8 billion, down 2.5% from 2023. The company generated record operating cash flow of $1.1 billion for the year.
Looking ahead to 2025, Wesco expects organic sales growth of 2.5% to 6.5% and plans to increase its common stock dividend by 10% while continuing its share buyback program.
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