Wesco International set a new profit record in the third quarter of the year, the distribution and logistics giant announced Thursday.
The Pittsburgh-based company said its net sales increased 15% compared to the third quarter of 2021 to reach $5.4 billion, while operating profit, gross margin, adjusted EBITDA and earnings all posted new quarterly records.
Wesco’s $402 million operating profit, in particular, was up 75% year-over-year; the adjusted operating profit of $415 million was up 48% over that span and adjusted EBITDA, at $466 million, was up 41%. The gross margin of 22.1% and adjusted operating margin of 7.6% also set new records, as did the earnings per share and adjusted EPS at $4.30 and $4.49, respectively.
Wesco officials also highlighted a record backlog that was 60% higher compared to the end of the previous third quarter.
“The power of our increased scale, expanded portfolio, and industry-leading positions is clearly evident in our continued strong performance,” Wesco President and CEO John Engel said in a statement.
Despite the strong numbers, Wesco slightly reduced its sales outlook heading into the final quarter of the year. The forecast now stands at 15% to 17%, down from 16% to 18% at the outset of the quarter.
Engel stressed that the decision stemmed solely from the impact of a strong U.S. dollar, and that the company is maintaining its previous targets for organic growth.
“Our outstanding results in the third quarter and the continued strong execution across our business support the full-year outlook for 2022 previously provided,” he said.