Wesco International (NYSE: WCC), Pittsburgh, Pa., a provider of B2B distribution, logistics services and supply chain solutions, reported sales for its fiscal 2023 second quarter were $5.7 billion, up 4.8% from the prior-year period. Organic sales growth was 2.8%. The acquisition of Rahi Systems positively affected sales by 2.7%.
Net income for the quarter was $178.7 million, down 13.4% from the prior-year period.
The second-quarter sales for the three segments of Wesco were:
- Electrical and Electronic Solutions: $2.2 billion, down 5.6% from the prior-year period
- Communications and Security Solutions: $1.85 billion, up 15.5% from the prior-year period
- Utility and Broadband Solutions: $1.69 billion, up 9.2% from the prior-year period
Wesco reported sales for its first six months of 2023 were $11.3 billion, up 8.2% from the previous year. Net income for the first six months was $361.5 million, down 3.1% from the prior-year period. Organic sales for the first six months were up 6.6%.
“The power of our portfolio and mix-shift into higher-growth markets is clear in our record second-quarter sales,” said John Engel, Chairman, President and CEO. “Continued strong growth and record sales in our CSS and UBS businesses more than offset a quarterly drop in our EES business that was largely the result of unprecedented supply chain rebalancing in the electrical industry and select weakness in certain sectors, including commercial construction and manufactured structures. Our long-term secular growth drivers remain intact and are reflected in the continued sales growth in utility, data centers, security, and industrial sectors.”