Wesco International touted new records for quarterly sales and profit Thursday in its first-quarter financial report.
The Pittsburgh distributor said net sales rose 22% over the first quarter of 2021 to $4.9 billion, while its operating profit reached $284 million. The company’s adjusted operating profit of $315 million was up 85% over the same window last year.
Wesco officials credited strong demand, price inflation and an expanded product portfolio following its acquisition of Anixter in 2020.
"After delivering an exceptional performance in fiscal 2021, we’re off to an even more impressive start in 2022,” Wesco President, Chairman and CEO John Engel said in a statement. “Once again, we achieved new company records for sales, backlog and profitability while continuing our rapid deleveraging.”
Engel said the company’s three business units all saw double-digit sales and profit growth. The company’s adjusted EBITDA of $364 million was up 68% year-over-year, while earnings per diluted share reached $3.19 — both new records. The company's backlog was up more than 90% compared to the spring of 2021.
Wesco raised its sales outlook for the year to 12% to 15% growth, while adjusted EBITDA margin is now projected to expand to between 7.3% and 7.6%.
“Our financial results continue to prove the extraordinary value of the Wesco and Anixter combination and point to a future of sustained growth and market outperformance,” Engel said.