UPDATE 1-Wesco Q2 net falls 54 pct
* Q2 EPS $0.62 vs $1.33 year ago
* Net sales down 27 pct
July 23 (Reuters) - Electrical construction products distributor Wesco International Inc (WCC.N) reported a 54 percent decline in quarterly net profit, hurt by weaker end market demand across most of its markets. For the second quarter, net income was $26.4 million, 62 cents a share, compared with $58.0 million, or $1.33 a share, a year ago. Net sales fell 27 percent to $1.16 billion.
Analysts on average were expecting earnings of 74 cents a share, before special items, on revenue of $1.25 billion, according to Reuters Estimates.
The company said it was focusing on a series of sales and cost reduction programs.
"Through the second quarter, we have made staffing adjustments of over 900 positions from last year's employment levels," Chief Administrative Officer Stephen Van Oss said in a statement. Shares of the company closed at $26.65 Wednesday on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Aradhana Aravindan)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints



Follow Reuters