Rexel, global distributor of electrical supplies based in Paris, reported sales for the quarter ended Sept. 30, 2024 were $4.76 billion, up 2.1% from the prior-year period.
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Same-day sales were down 2.1%.
North American sales were up 2.9% on a reported basis, while European sales were up 1.6%. Asia-Pacific sales were up 0.6%.
In the third quarter, the four product categories related to electrification (solar, EV charging infrastructure, HVAC and industrial automation) represented 22% of sales, and decreased by 10.2%.
The company reported a 3.1% sales contribution from recent acquisitions, including Wasco and Talley.
With same-day sales dropping, the company lowered its 2024 outlook.
“The change in guidance we are announcing reflects the recent negative evolution of our markets, notably in Europe,” said Guillaume Texier, Rexel’s CEO. “In this more challenging context, the Rexel teams are performing particularly well, limiting the drop in volumes compared to construction market metrics, gaining market share, succeeding in reducing our cost base in line with volume while still delivering great service to our customers.
“We are also taking the opportunity to accelerate our transformation initiatives and advance towards our midterm goals. Delivering close to 6% profitability in 2024 in a down cycle year is clear proof of the new Rexel’s resilience.”
