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UPDATE 1-Wesco Q1 profit drops 45 pct

Thu Apr 23, 2009 7:34am EDT

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* Q1 EPS $0.55 vs $0.97 year ago

* Rev falls more than 19 pct

April 23 (Reuters) - Electrical construction products distributor Wesco International Inc (WCC.N) quarterly profit fell 45 percent, hurt by weak market conditions.

For the first quarter, net income fell to $23.3 million, or 55 cents a share, from $42.7 million, or 97 cents a share, a year earlier.

The latest quarter results includes severance-related pre-tax charge of 4 cents a share.

Revenue fell more than 19 percent to $1.18 billion.

Analysts on average were expecting earnings of 56 cents a share, before special items, on revenue of $1.25 billion, according to Reuters Estimates.

"During the quarter, we experienced significant contraction in MRO (maintenance, repair, operation) demand and capital spending, particularly in the industrial and construction end markets," Chief Operating Officer John Engel said in a statement.

Shares of the Pittsburgh, Pennsylvania-based company closed at $24.25 Wednesday on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Anil D'Silva)



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