Wesco International (NYSE: WCC), a provider of B2B distribution, logistics services and supply chain solutions, announced sales in the second quarter 2024 were $5.5 billion, down from $5.7 billion for the second quarter 2023, a decrease of 4.6%.
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Organic sales declined by 0.8% YOY. Profit was $232.8 million.
Year to date, sales were $10.8 billion, down 4.4% from $11.3 billion in the prior-year period. Profit was $348.9 million
“Our second-quarter results were somewhat below our expectations for a low single-digit decline in reported sales against a continued mixed and multi-speed economic environment. Results improved as we moved through the quarter with a return to organic sales growth in June along with sequential margin expansion.
“We continued to benefit from the increase in AI-driven data center growth with sales in our Wesco Data Center Solutions business up double-digits. This was more than offset by a significant slowdown in purchases by our utility customers. While we remain confident in the long-term growth of our Utility and Broadband Solutions business, the customer destocking and delay of capital projects clearly impacted our results in the quarter,” said John Engel, president and CEO.
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