WESCO Raises Full Year Outlook

(RTTNews) - WESCO International, Inc. (WCC) said the company delivered outstanding results across the board for the second quarter of 2021. The company is seeing accelerating sales and margin momentum in each of its strategic business units. Based on strong quarterly results, WESCO increased full year 2021 outlook for sales, margin and profitability for the second time in the current year.

For 2021, the company now expects sales to increase 10% to 13%, adjusted EBITDA margin to expand to between 6.1% and 6.4%, and adjusted EPS to grow to a range of $8.40 to $8.80. Analysts polled by Thomson Reuters expect the company to report profit per share of $7.22. Analysts' estimates typically exclude special items.

Second-quarter adjusted earnings per share increased to $2.64 from $1.33, a year ago. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.90, for the quarter.

Net income attributable to common stockholders was $104.8 million for the second quarter of 2021, compared to a net loss of $35.8 million, last year. Earnings per share was $2.02, compared to a loss per share of $0.84.

Net sales were $4.6 billion compared to $2.1 billion, an increase of more than double due to the merger with Anixter. On a pro forma basis, net sales increased 24.0%, and as adjusted for one and one-half more workdays in the current quarter compared to the prior quarter, pro forma net sales were up 21.6%. Analysts expected revenue of $4.32 billion, for the quarter.