January 27, 2011 / 12:34 PM / 7 years ago

CORRECTED - CORRECTED-UPDATE 1-Wesco Q4 profit jumps 60 pct on margins

(Corrects Q4 EPS figure in first bullet point to $0.72)

* Q4 EPS $0.72 vs year-ago $0.51

* Q4 sales jump 18 pct

Jan 27 (Reuters) - Electrical products distributor Wesco International (WCC.N) posted a 60 percent jump in quarterly profit as margins and sales volume improved.

Fourth-quarter net income was $34.8 million, or 72 cents a share, compared with $21.8 million, or 51 cents a share, a year ago.

Revenue rose 18 percent to $1.33 billion.

Analysts on average were expecting earnings of 65 cents a share, on revenue of $1.28 billion, according to Thomson Reuters I/B/E/S.

The company said resolution of a tax matter impacted earnings by 3 cents a share. Gross margins for the quarter was 20.3 percent, compared with 19.2 percent in a year ago.

“Increased sales performance in the fourth quarter resulted in additional supplier volume rebates and favorable inventory adjustments, which contributed to the improvement in gross margins,” Wesco said in a statement.

Shares of the Pittsburgh, Pennsylvania-based company closed at $54.33 on Wednesday on the New York Stock Exchange. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Unnikrishnan Nair)

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