Wesco International Issues 2023 Outlook Update - Quick Facts

(RTTNews) - Wesco International (WCC) said, for 2023, the company now expects earnings per share to be $15.60-$16.10 versus $15.00-$16.00 previously, primarily due to a lower full-year tax rate. The company is now expecting reported net sales growth of approximately 5%, near the low-end of the prior range of 5%-7% driven by moderating end market conditions. EBITDA margins are still forecast to be 7.8%-8.0% and adjusted EBITDA at the mid-point of the guidance range remains approximately $1.8 billion. The free cash flow outlook is unchanged at $500-$700 million.

Third quarter earnings came in at $219.0 million, or $4.20 per share compared with $225.2 million, or $4.30 per share, a year ago. Adjusted earnings per share was $4.49, flat with last year. Analysts on average had expected the company to earn $3.88 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Revenue for the quarter rose 3.5% to $5.64 billion from $5.45 billion last year. Analysts on average had estimated $5.65 billion in revenue. Organic sales for the quarter grew 2.8%.

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