Wesco reports Q4 adjusted EPS $2.65, consensus $3.87

Reports Q4 revenue $5.47B, consensus $5.59B. “Fourth quarter results were below our expectations, capping off a year that was unique in my time as Wesco’s CEO. On a full year basis, certain sectors including utility, data center, industrial, security, and network infrastructure continued to grow, while others underperformed including broadband, specific-OEM and construction related sectors. As a leading global provider of business-to-business supply chain solutions, Wesco navigated through this mixed economic environment while managing changing customer buying patterns as supply chains healed. I’m proud that our team delivered approximately 5% revenue growth in 2023 following two years of double-digit increases. 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. Fourth quarter sales declined by 2%, noting the strong 2022 base period with sales up 15%. That said, our quoting and bid levels were very healthy during the fourth quarter, with total backlog stable compared to the end of September,” said John Engel, Chairman, President and CEO.