WESCO International (NYSE:WCC) Issues Earnings Results, Misses Estimates By $0.13 EPS

WESCO International (NYSE:WCC) released its quarterly earnings results on Thursday. The technology company reported $2.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.13), Briefing.com reports. The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $5.30 billion. WESCO International had a return on equity of 15.10% and a net margin of 3.08%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.75 EPS. WESCO International updated its FY24 guidance to $13.75-15.75 EPS.

WESCO International Trading Up 1.6 %

WCC stock traded up $2.62 during trading on Friday, reaching $167.70. 754,885 shares of the stock traded hands, compared to its average volume of 656,150. WESCO International has a 52-week low of $121.90 and a 52-week high of $195.43. The business’s 50 day moving average price is $161.27 and its 200-day moving average price is $159.76. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.21 and a quick ratio of 1.42. The firm has a market capitalization of $8.54 billion, a PE ratio of 13.96, a P/E/G ratio of 1.17 and a beta of 2.07.

WESCO International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.4125 per share. This represents a $1.65 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date was Thursday, March 14th. This is an increase from WESCO International’s previous quarterly dividend of $0.38. WESCO International’s payout ratio is 13.74%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on WCC. Oppenheimer raised their price target on WESCO International from $190.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. lowered their target price on WESCO International from $180.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Royal Bank of Canada lowered their target price on WESCO International from $176.00 to $172.00 and set a “sector perform” rating on the stock in a research note on Friday. KeyCorp lifted their target price on WESCO International from $190.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday. Finally, StockNews.com raised WESCO International from a “hold” rating to a “buy” rating in a report on Friday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, WESCO International presently has an average rating of “Moderate Buy” and a consensus price target of $188.67.

Insider Transactions at WESCO International

In other news, EVP Nelson John Squires III sold 3,490 shares of the company’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $190.00, for a total value of $663,100.00. Following the completion of the sale, the executive vice president now owns 54,385 shares of the company’s stock, valued at $10,333,150. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Nelson John Squires III sold 3,490 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $190.00, for a total value of $663,100.00. Following the transaction, the executive vice president now owns 54,385 shares in the company, valued at $10,333,150. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP James Cameron sold 5,352 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $156.39, for a total value of $836,999.28. Following the completion of the transaction, the executive vice president now owns 33,595 shares in the company, valued at approximately $5,253,922.05. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.

About WESCO International

WESCO International, Inc provides business-to-business distribution, logistics services, and supply chain solutions in the United States, Canada, and internationally. It operates through three segments: Electrical & Electronic Solutions (EES), Communications & Security Solutions (CSS), and Utility and Broadband Solutions (UBS).