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Actionable news in WCC: WESCO INTERNATIONAL Inc,

Wesco International, Inc. Reports

The following excerpt is from the company's SEC filing.

Quarter 2015 Results

quarter highlights:

Consolidated sales of

$1.9 billion

Operating profit of

$106.3 million

Earnings per diluted share of

Repurchased 1.4 million shares for a total buyback of 2.5 million shares in 2015


October 22, 2015

/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

quarter results.

The following are res ults for the

months ended

September 30, 2015

compared to the

September 30, 2014

Net sales were

$1,923.9 million

quarter of

, compared to

$2,078.2 million

crease of

. Normalized organic sales decreased

; foreign exchange rates negatively impacted sales by

and were partially offset by a

positive impact from acquisitions. Sequentially, net sales and normalized organic sales increased

Gross profit was

$380.8 million

of sales, for the

$422.4 million

Selling, general and administrative ("SG&A") expenses were

$258.2 million

$271.8 million

Operating profit was

for the current quarter, compared to

$133.2 million

. Operating profit as a percentage of sales was

Interest expense for the

$20.4 million

$20.8 million

. Non-cash interest expense, which includes convertible debt interest, interest related to uncertain tax positions, amortization of deferred financing fees and accrued interest, for the

was $4.6 million and $4.1 million, respectively.

The effective tax rate for the current quarter was

for the prior year


Net income attributable to WESCO International, Inc. of

$63.5 million

for the current quarter was down

$80.8 million

for the prior year quarter.

Earnings per diluted share for the

per share, based on

49.7 million

diluted shares, compared to

per share in the

53.2 million

diluted shares.

Free cash flow for the

$39.7 million

$84.7 million

Mr. John J. Engel, WESCO’s Chairman and Chief Executive Officer, stated, “Our third quarter sales declined 7% reflecting continued foreign exchange headwinds and weakness in the industrial market and certain non-residential construction sectors. Organic sales momentum decelerated during the quarter in the U.S. and in Canada, down 4% and 10% year over year, respectively. Wh

ile the t

op line remains pressured overall,

our data communications and utility

sales co

ntinued t

o grow. The benefits of ongoing cost reduction actions partially mitigated the impact of business mix and lower sales on earnings per share, which were lower than prior year. Free cash flow remains solid at 100% of net income on a year-to-date basis. We repurchased approximat

ely 1.4 million shares in the third quarter bringing year-to-date repurchases to approximately 2.5 million shares, utilizing half of the $300 million share repurchase authorization, while maintaining our leverage ratio within our target range of 2.0 to 3.5 times EBITDA. Based on our third quarter results and a challenging market outlook, we now estimate full year earnings per diluted share of $4.15 to $4.30 on sales down 4% to 5% from the prior year, compared to our previous estimate of earnings per diluted share of $4.50 to $4.90 on sales flat to down 3%. In addition, based upon the strength of our year-to-date free cash flow, we are increasing our estimate of full year free cash flow to approximately equal to net income, above our previous estimate of greater than 80% of net income.”

The following results are for the

$5,656.9 million

for the first

months of

$5,894.1 million

; foreign exchange rates and number of workdays negatively impacted sales by

, respectively, and were partially offset by a

Gross profit of

$1,130.1 million

of sales, for the...