Wesco International Q4 Earnings Fall, Miss View; Stock Down In Pre-market

(RTTNews) - WESCO International, Inc. (WCC), a provider of business-to-business distribution, logistics and supply chain solutions, Tuesday reported lower earnings and revenue for the fourth quarter. Earnings result also missed the Street view.

John Engel, CEO said, "The fourth quarter was disappointing as our stock and flow sales were below our expectations and we saw delays in certain projects that were anticipated to ship in December."

Following this news, the shares are trading down around 10 percent in pre-market activity.

Further, the company provided its outlook for fiscal 2024.

Quarterly earnings decreased 2.3 percent to $127.6 million or $2.45 per share from $204.6 million or $3.90 per share in the last year.

Excluding items, earnings were $137.9 million or $2.65 per share compared with $216.3 million or $ 4.13 per share in the previous year.

On average, ten analysts polled by Thomson Reuters expect earnings of $3.87 per share for the quarter. Analysts' estimates typically exclude special items.

Net Revenues declined 1.5 percent to $5.5 billion from $5.6 billion in the prior year. Organically revenue slid 2.6 percent, reflecting volume declines in some of its businesses.

Looking forward to the full year, the company expects adjusted EBITDA margin of 7.5 percent to 7.9 percent and sales growth of 1 percent to 4 percent.

The Street view for revenue remains $23.33 billion.

In pre-market activity, WESCO International shares are trading at 173.37, down 9.95% on the New York Stock Exchange.