Wesco International shares tumble 23% after quarterly report

WESCO International

13/02/2024 16:25

** Shares in business-to-business distributor and logistics
provider Wesco International Inc  WCC.N  down 23% on track for
its biggest one-day pct decline since March 2020, hitting lowest
point since November after it reported Q4 earnings and revenue
that fell short of Wall Street expectations  
    ** WCC's adj EPS of $2.65 compared with analyst expectations
for $3.86, as per LSEG and its revenue of $5.47 bln compared
with consensus estimate of $5.59 bln
    ** Q4 rev was down 1.5% y/y while EPS was down 35.8% y/y,
according to LSEG   
    ** "The fourth quarter was disappointing as our stock and
flow sales were below our expectations and we saw delays in
certain projects that were anticipated to ship in December,"
said John Engel, Chairman, President and CEO in statement
        ** WCC shares down ~15% YTD after rising 38.9% in 2023 
  
        ** Shares last traded at $148.03 vs median PT of
$196.50, according to LSEG which shows 11 analysts covering the
company with 6 'strong buy' ratings, 3 'buy' ratings and 2
'hold' ratings, no 'sell' or 'strong sell'
  

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +13322191897;))