WESCO Sees FY14 Earnings At Lower End Of Range - Update

(RTTNews) - WESCO International Inc (WCC) on Wednesday said it now expects 2014 earnings to be at the lower end of its prior guidance, and provided a weak outlook for 2015. The company also announced a $300 million share buyback program that would be spread over three years.

WESCO, based in Pittsburgh, Pennsylvania, distributes electrical, industrial and communications maintenance, repair, and operating products; and original equipment manufacturers products and construction materials.

For the full year 2014, WESCO now expects earnings at the lower end of its prior guidance of $5.25 to $5.35 per share and continues to expect sales growth of about 5 percent.

Analysts polled by Thomson Reuters currently expect the company to report earnings of $5.28 per share on sales growth of 5.1 percent for the year.

For 2015, the company expects earnings of $5.50 to $5.90 per share on sales growth of 3 to 6 percent. Analysts currently expect earnings of $6.06 per share on sales growth of 5.9 percent for 2015.

WESCO said its acquisition pipeline remains robust and sees ongoing opportunities to strengthen its electrical core and broaden the product portfolio.

WESCO said the strength of its free cash flow generation provides it with the flexibility to grow organically, make accretive acquisitions and buy back shares while maintaining leverage within target levels.

WESCO shares are trading at $71.20, down $0.43 or 0.60%, on the NYSE.