• Most Popular
  • Most Shared

UPDATE 1-Wesco reports Q1 profit below analysts' view

Thu Apr 19, 2007 9:05am EDT

Stocks

   

Global Markets

(Recasts, adds details, share movement)

April 19 (Reuters) - Wesco International Inc. (WCC.N) reported quarterly profit below analysts' average estimate on lower-than-expected organic sales growth, hurt by lower commodity prices.

Shares of the company fell more than 5 percent in early electronic trade to $62.85 on the New York Stock Exchange.

The electrical construction products provider reported first-quarter net income of $48.2 million, or 93 cents a share, compared with $44.5 million, or 86 cents a share, a year earlier.

The current quarter included non-recurring items totaling a net charge of 6 cents a share, the company said.

Pittsburgh-based Wesco reported net sales of $1,450.6 million for the quarter, compared with $1,265.5 million a year ago.

Analysts on average were looking for a profit of $1.08 a share, before items, on revenue of $1,496.7 million, according to Reuters Estimates.

Chief Financial Officer Stephen Van Oss said Communications Supply Corp., which was acquired in the fourth quarter, was performing slightly better than initial projections and Wesco continues to expect full year 2007 earnings accretion of 35 cents to 40 cents a share.

(Reporting by Dhanya Skariachan in Bangalore)

((Editing by Anupama Dwivedi; Reuters messaging: dhanya.skariachan.reuters.com@reuters.net; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800)) Keywords: WESCO RESULTS/

(C) Reuters 2007. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nBNG311711



More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article