Wesco International (NYSE: WCC), Pittsburgh, Penn., a provider of business-to-business distribution, logistics services and supply chain solutions, announced its fiscal 2022 fourth–quarter sales were $5.6 billion, up 14.6% from the prior-year period.
Don’t miss any content from Distribution Strategy Group. Join our list.
Net profit for the quarter was $204.6 million, up 33.6% from the prior-year period.
Fourth-quarter sales grew 8.7% in Electrical and Electronic Solutions; 16.4% in Communications and Security Solutions; and 21.2% in Utility and Broadband Solutions.
Wesco also announced total sales for its fiscal 2022 year ended Dec. 31, 2022, were $21.4 billion, up 17.6% from the prior-year period. Net profit for the year was $803.1 million, up 96.8% from the prior-year period.
“Wesco delivered a stellar encore performance for the full year 2022, including exceptional fourth-quarter results, clearly demonstrating our ability to drive sustained growth and market outperformance,” said John Engel, president and CEO.
“We again set new company records for margin and profitability and reduced leverage to below 3.0x for the first time since 2019. I am confident 2023 will be another transformational year with additional advances in our digital capabilities, strong topline growth, continued margin expansion and record free cash generation to support our capital allocation priorities.”