UPDATE 1-Wesco reports Q1 profit below analysts' view

Thu Apr 19, 2007 9:05am EDT
 
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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/

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