PITTSBURGH, July 24, 2014 /PRNewswire/ -- WESCO International, Inc. (NYSE: WCC), a leading provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, announces its 2014 second quarter results.
The following are results for the three months ended June 30, 2014 compared to the three months ended June 30, 2013.
-- Net sales were $2,005.2 million for the second quarter of 2014, compared to $1,894.0 million for the second quarter of 2013, an increase of 5.9%. Organic sales increased 6.0%, acquisitions positively impacted sales by 1.6%, and foreign exchange negatively impacted sales by 1.7%. Sequentially, sales increased 10.7%, and organic sales increased 7.9%.
-- Gross profit was $411.8 million, or 20.5% of sales, for the second quarter of 2014, compared to $392.6 million, or 20.7% of sales, for the second quarter of 2013.
-- Earnings per diluted share for the second quarter of 2014 were $1.29 per share, based on 53.5 million diluted shares, compared to $1.25 per share in the second quarter of 2013, based on 52.3 million diluted shares. Earnings per diluted share in the second quarter of 2014 increased 3.2% from the corresponding prior year period.
Mr. John J. Engel, WESCO's Chairman and Chief Executive Officer, stated, "Our second quarter results reflect strong sales execution, along with improvement in our end markets and seasonal recovery from the severe winter weather conditions experienced earlier this year. Sales grew 6% organically, with growth in all four of our end markets. Sales in the U.S. were up 5%, sales in Canada were up 7% on a local currency basis, and sales for the rest of world were up over 13%. Sales growth in the U.S. was steady in the quarter at mid-single-digit rates while sales momentum in Canada accelerated through the quarter. July is off to a good start with sales growth rates trending in-line with second quarter levels. We continue to see favorable indicators with our customers, including further strengthening in non-residential construction, which we expect will result in ongoing growth in our key markets. With the improving sales momentum but a softer than anticipated start to the year, we are revising our full year outlook to 4% to 5% sales growth and $5.20 to $5.40 earnings per diluted share from our previous outlook of 3% to 6% sales growth and $5.30 to $5.70 earnings per diluted share."
