WESCO International Inc. (WCC), a provider of electrical, industrial, and communications MRO and OEM products, reported that its 2014 third quarter net income attributable to the company was $80.8 million up 16.9% from $69.2 million in the prior year quarter. Earnings per share were $1.52 per share, compared to $1.32 per share in the third quarter of 2013.
Adjusted earnings per share of $1.52 per share were up 7.0%, compared to adjusted earnings per diluted share of $1.42 per share in the corresponding prior year period excluding the impact of non-recurring items.
Net sales for the quarter grew 7.6% to $2.078 billion from $1.931 billion last year. Organic sales increased 6.7%, acquisitions positively impacted sales by 1.8%, and foreign exchange negatively impacted sales by 0.9%.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.50 per share and revenues of $2.05 billion for the quarter. Analysts' estimates typically exclude special items.
The company narrowed its full year 2014 outlook to approximately 5% sales growth and $5.25 to $5.35 earnings per share from its previous outlook of 4% to 5% sales growth and $5.20 to $5.40 earnings per share. Wall Street currently is looking for fiscal year 2014 earnings of $5.26 per share on annual revenues of $7.87 billion.
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