July 19 Electrical products distributor Wesco
International Inc's quarterly profit missed estimates
for the first time in more than two years, as rising costs took
the gloss off a 10 percent jump in sales.
Analysts have said tough operating environment across
geographies will pose the greatest risk to industrial earnings
in the next two years.
Wesco, which supplies products ranging from lamps to
industrial computers, reported earnings of $58.9 million, or
$1.15 per share, compared with $50.2 million, or $1.00 per
share, a year earlier.
Revenue rose 10 percent to $1.67 billion.
Selling, general & administrative expenses rose 8 percent to
Analysts on average were expecting earnings of $1.21 per
share on revenue of $1.69 billion, according to Thomson Reuters
For the third quarter, the company expects revenue to grow
between 9 percent and 11 percent, implying a range of $1.72
billion to $1.75 billion. Analysts were expecting third-quarter
revenue of $1.74 billion.
The company's shares, which shed 16 percent of their value
in the last three months, closed at $57.00 on Wednesday on the
New York Stock Exchange.