Posted April 21, 2011
WESCO International sales up 24.6%
WESCO International said its first quarter sales were $1.43 billion, compared to $1.14 billion for the first quarter of 2010.
The 24.6% increase in sales includes a 7.0% positive impact from acquisitions and a 1.1% positive impact from foreign exchange rates, resulting in organic sales growth of 16.5%. Sequential sales increased 7.5% and includes a 5.1% positive impact from acquisitions and a 0.5% positive impact from foreign exchange.
Gross profit was $286.0 million, or 20.0% of sales, for the first quarter of 2011, compared to $227.4 million, or 19.8% of sales, for the first quarter of 2010. Net income of $37.3 million for the current quarter was up 94% from $19.2 million for the prior year quarter.
"Our first quarter results were excellent and build upon the increasing momentum that we generated in our business in 2010. First quarter sales were up 25% over last year and backlog increased 9% versus year end 2010 levels. Execution of our growth initiatives continues, and we're encouraged with the improving profit quality of our business," said John J. Engel, chief executive officer.
