WESCO International, Inc. (WCC), a distributor of electrical MRO products and construction materials, Thursday, reported a lower profit for the fourth quarter, hurt by a sharp decline in sales.
The Pittsburgh, Pennsylvania-based company's net income for the fourth quarter was $21.8 million or $0.51 per share, down from $39.7 million or $0.94 per share in the year-ago quarter.
On average, 16 analysts polled by Thomson Reuters expected the company to earn $0.50 per share for the quarter. Analysts' estimate typically exclude special items.
Consolidated net sales declined 20.8% to $1.13 billion from $1.43 billion, including a 0.7% positive impact from foreign exchange rates. Ten analysts had a consensus revenue estimate of $1.09 billion for the fourth quarter.
Gross profit was $217.0 million, or 19.2% of sales, compared to $284.4 million, or 19.9% of sales.
Sales, general & administrative expenses were $168.3 million, down 17.7% from $204.6 million over the comparable quarter. Operating profit declined to $42.6 million from $73.2 million in the year-ago quarter.
For the full-year, net income fell to $105.1 million or $2.46 per share from $204.1 million or $4.71 per share. Seventeen analysts expected the company to earn $2.33 per share for the full-year.
Consolidated net sales were $4.62 billion, down 24.3% from $6.11 billion last year, including the negative impact of a 0.9% drop in foreign exchange rates coupled with loss of one working day. Thirteen analysts had a consensus revenue estimate of $4.59 billion for the year.
Mr. John Engel, Chief Executive Officer, stated, "--we successfully closed a very challenging year having taken quick and decisive actions resulting in operating cost reductions of $140 million. Overall, our 2009 performance was favorable compared to the last economic downturn and demonstrates the improvements made to our business."
WCC is currently trading at $29.35, up 2.98% on the NYSE.
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