* Q1 EPS $0.50 vs est $0.39
* Sales fall 3 pct
* Shares hit 22-month high
(Recasts; adds conference call details, share movement)
April 22 Electrical products distributor Wesco
International Inc (WCC.N) posted better-than-expected quarterly
results, helped by higher sales at its industrial markets, and
forecast second-quarter sales above market estimates, sending
its shares up 10 percent.
On a conference call with analysts, the company forecast 2
percent to 4 percent sequential sales growth for the second
This implies revenue of about $1.17 billion to $1.19
billion, compared with analysts' average estimate of $1.14
Wesco is counting on demand from outside the weak
non-residential construction market for growth in 2010.
The company said it is seeing strong project activity in
its government and data communications end markets. Sales to
customers in government and data communications grew 31 percent
and 6 percent, respectively, in the first quarter.
Wesco has already booked over $50 million of orders related
to stimulus projects, and there are more $340 million worth of
government and stimulus projects that will be put out to bid, a
company executive said.
For the first quarter, net income fell to $21.7 million, or
50 cents a share, from $23.3 million, or 55 cents per share, a
Sales fell 3 percent to $1.15 billion. Industrial sales
grew 13 percent.
Analysts on average expected earnings of 39 cents a share,
before special items, on revenue of $1.11 billion, according to
Thomson Reuters I/B/E/S.
Shares of the company were trading up 8 percent at $41.06
Thursday afternoon on the New York Stock Exchange. They touched
a high of $41.83 earlier in the session.
(Reporting by Divya Sharma in Bangalore; Editing by Gopakumar
Warrier, Anne Pallivathuckal)