Wesco International said Thursday that its second-quarter sales and adjusted earnings set new records for the company as it continued to benefit from business tied to data centers.
The Pittsburgh-based distributor and supply chain services provider reported $6.67 billion in quarterly sales, up 13% compared to the same quarter last year. The company highlighted volume growth in all three of its segments — an 18.4% increase in its communications division, 11.2% in electronics and 7% in utilities — as well as a fourth straight overall quarter of “double-digit sales growth fueled by data centers.”
“We delivered another exceptional quarter marked by continued market outperformance and accelerating business momentum,” Wesco Chairman, President and CEO John Engel said in a statement. “Sales, backlog, adjusted EBITDA and adjusted earnings per share all increased versus the prior year and achieved records that exceeded our plan.”
The company reported gross profit of $1.46 billion and operating profit of $382.2 million in the quarter, which were up 17.2% and 18.6%, respectively, over last year. Gross margin climbed 70 basis points over that span to 21.8%.
Net income attributable to Wesco common stockholders was up 10.5% to $209 million, and up 34.7% on an adjusted basis.
Engel noted that in addition to data centers, the company saw strong demand across the remainder of its portfolio and end markets, as well, due to continued customer investment in “major infrastructure projects.” The company is “significantly raising” its full-year forecast, he added.
“The power of our customer value proposition, global capabilities, and leading portfolio of products, services and solutions is clear as we continue to outperform the market,” Engel said.
