Wesco rises on Q1 results beat

WESCO International

05/05/2022 13:12

** Shares of industrial goods maker  WCC.N  up 9.5% at
$145.22 premarket after co reports better-than-expected Q1
results and lifts FY EPS outlook  urn:newsml:reuters.com:*:nBw1hZr0Pa
    ** WCC, which is set to open at a record high if gains hold,
is among top pct gainers on NYSE-listed stocks trading premarket
    ** Adjusted profit more than doubled to $3.63 per share,
coming in above estimates of $2.22 per share - Refinitiv IBES
    ** Wesco posted record net sales of $4.9 bln in the quarter,
up 22% y/y and beating estimates of $4.6 bln
    ** Co says it has record backlog as of March 31, up 90% y/y
and 25% q/q
    ** WCC also raises 2022 adjusted EPS outlook to a range of
$14 and $15 per share, up between 40% and 50% y/y vs estimates
of a 16.66% growth
    ** Up to Wednesday's close, stock was up 0.74% YTD compared
with a 6.09% decline in the NYSE composite index  .NYA 

 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))