Posted April 28, 2010
WESCO International's sales decline 2.6 percent
WESCO International Inc.reported net sales of $1.14 billion for the first quarter of 2010 compared to $1.17 billion for the first quarter of 2009, a decline of 2.6%.
Gross profit was $227.4 million, or 19.8% of sales, for the first quarter of 2010, compared to $238.2 million, or 20.2% of sales, for the first quarter of 2009. First quarter 2010 gross margin of 19.8% was 60 basis points better than the fourth quarter 2009 gross margin.
Net income for the current quarter was $21.7 million, or 50 cents per share, compared to $23.3 million, or 55 cents per share, for the prior year quarter.
"After stabilizing the business in the second half of last year, it is encouraging to see improving momentum in early 2010 and a return to positive year-over-year sales growth late in the first quarter," said John J. Engel, CEO. "Our industrial sales grew 13%, and we increased our construction backlog in the quarter despite facing continued pressure in non-residential construction and utility markets."
