Thursday, Wesco International Inc. (WCC), a provider of electrical products, reported an increase in its earnings for the second quarter ended June 30, as sales increased 4.6% over the year-ago quarter.
Net income for the second quarter rose to $60.1 million, or $1.38 per share, from $59.6 million, or $1.22 per share, in the same quarter last year. Analysts polled by First Call/Thomson Financial expected earnings of $1.36 per share for the quarter.
Consolidated net sales for the quarter increased 4.6% to $1.59 billion from $1.52 billion a year ago, and topped analysts' expectation of $1.54 billion.
Operating income for the quarter declined to $96.8 million from $103.6 million reported in the corresponding period last year.
For the six-month period, net income was $105.0 million, or $2.39 per share, marginally lower than $107.8 million, or $2.14 per share, reported last year. Consolidated net sales for the period rose to $3.05 billion from $2.97 billion in the prior year.
Commenting on the tougher pricing environment, Stephen Van Oss, Senior Vice President, stated, "We are focused on getting supplier price increases implemented throughout the channel and expect to see margins improve as this is accomplished."
Wesco is currently trading at $35.51, down $2.19 or 5.81%.
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