Wesco International's first-quarter profit jumps 59 percent

Share with others:


Print Email Read Later

South Side-based Wesco International posted a first-quarter profit of $84.1 million, a 59 percent increase from $52.9 million in the same quarter in 2012.

Earnings per diluted share for the provider of electrical, industrial and communications products were $1.60, up from last year's $1.03.

Sales went up about 13 percent to $1.81 billion for the quarter ended March 31.

Wesco has completed a slew of acquisitions in recent years, recently buying EECOL Electric Corp., a Canadian electrical products distributor for about $1.14 billion Canadian dollars last October.

More could be on the way, Wesco chairman and chief executive officer John J. Engel said.

"Our acquisition pipeline continues to be actively managed, and we see excellent opportunities to further expand and strengthen our portfolio in 2013," Mr. Engel said in a statement.

Wesco was ordered to pay $36 million last year as part of a lawsuit brought by an Indiana customer that claimed the company had sold it defective parts in 2004.

The company said in its earnings release today it was recognizing $36 million in insurance coverage for the payment.

mobilehome - neigh_city - breaking - businessnews

Erich Schwartzel: eschwartzel@post-gazette.com or 412-263-1455.


Advertisement
Advertisement
Advertisement

You have 2 remaining free articles this month

Try unlimited digital access

If you are an existing subscriber,
link your account for free access. Start here

You’ve reached the limit of free articles this month.

To continue unlimited reading

If you are an existing subscriber,
link your account for free access. Start here