Wesco International Q2 Earnings Fall, Cuts FY15 Outlook

(RTTNews) - Wesco International, Inc. (WCC) Thursday announced second quarter announced a 24.8 percent decline in net income attributable to the company of $51.8 million from $68.9 million in the prior year quarter.

Earnings per share for the quarter was $1.00 per share, based on 51.9 million shares, down from $1.29 per share based on 53.5 million shares, last year.

On average, 17 analysts polled by Thomson Reuters expected the company to earn $1.15 per share. Analysts estimates usually exclude special items.

Net sales for the quarter declined 4.4 percent to $1.916 billion from $2.005 billion a year ago, while it was down 5.5 percent sequentially. Analysts were looking for $1.97 billion.

Commenting on the results, John Engel,chairman and CEO said the sales decline was due to continued foreign exchange headwinds and weakness in the industrial market as well as a slow seasonal start in the non-residential construction market.

The company cut its full year outlook for sales growth of (3) percent to flat and $4.50 to $4.90 earnings per share from our previous outlook of (3) percent to 3 percent sales growth and $5.00 to $5.40 earnings per share. Wall Street analysts were looking for $4.99 million on revenue of $7.87 billion.