Wesco raises FY23 EPS view $15.60-$16.10 from $15.00-$16.00, consensus $15.31

Wesco is now expecting reported net sales growth of approximately 5%, near the low-end of the prior range of 5%-7% driven by moderating end market conditions. FY23 revenue consensus $22.67B. EBITDA margins are still forecast to be 7.8%-8.0% and adjusted EBITDA at the mid-point of the guidance range remains approximately $1.8 billion. Earnings per share is now forecast to be $15.60-$16.10 versus $15.00-$16.00 previously, primarily due to a lower full-year tax rate. The company’s free cash flow outlook is unchanged at $500-$700 million.