WESCO's (WCC) Earnings And Revenues Miss Estimates In Q1
Zacks Investment Research | May 06, 2019 09:02PM ET
WESCO International, Inc. (NYSE:WCC) reported first-quarter 2019 earnings of 93 cents per share, missing the Zacks Consensus Estimate by 2 cents. The figure was in line with the year-ago quarter’s figure.
Net sales of $1.96 billion lagged the Zacks Consensus Estimate of $1.99 billion. Further, the figure decreased 1.6% on a year-over-year basis.
This can primarily be attributed to shipment slowdown in January and February on account of seasonal events. Further, several branch closure, workday impact and currency headwinds continued to weigh on the stock throughout the quarter.
Notably, organic sales in the reported quarter grew 1% from the prior-year quarter. Favorable pricing and robust growth in Canada and other international markets drove year-over-year sales growth.
Following the lower-than-expected first-quarter results, shares of the company have plunged 2.4%. Additionally, shares of WESCO have lost 6.8% over a year against the Zacks Investment Research
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