Wesco Q4 operating profit down 17% YoY; revenue miss; announces dividend hike and revised leverage target

WESCO INTERNATIONAL INC

2023-FY EPS reported $13.54 revenue$22,385,200,000

Q4 net sales $5.5B (-1.5% YoY); organic sales down 2.6%; adjusted EPS $2.65 vs $4.13 prior year.
Full year 2023 sales $22.4B (+4.5% YoY); adjusted EBITDA margin 7.6%, down 50 bps.
2024 outlook: sales growth 1-4%, adj EBITDA margin 7.5-7.9%, free cash flow $600-800M.
Board approves 10% dividend increase to $1.65/share annual; leverage target range revised to 1.5x-2.5x.
CEO calls Q4 disappointing; cites project delays, mixed sector demand; backlog stable vs Sept.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WESCO INTERNATIONAL INC updated its the year ended December 31, 2023 guidance (initiated).

Period: the year ended December 31, 2023
Guidance: initiated
Result: reported results

Exact text from the filing

On February 13, 2024, WESCO International, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and full year 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WESCO INTERNATIONAL INC reported the three months ended December 31, 2023 results: revenue $5.5 billion. Guidance initiated.

Period: the three months ended December 31, 2023
Revenue: $5.5 billion
Guidance: initiated
Result: reported results

Exact text from the filing

Net sales were $5.5 billion for the fourth quarter of 2023 compared to $5.6 billion for the fourth quarter of 2022

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Source: SEC EDGAR

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