Wesco sees FY24 revenue up 1%-4%, consensus $23.33B

Sees FY24 free cash flow $600M-$800M. Sees FY24 adjusted EBITDA margin 7.5%-7.9%. Engel added, “Our substantial investment and commitment to our digital transformation are expected to magnify those benefits as we roll out that program over the next 36 months. The substantial cash flow that Wesco generates has supported that investment over the last two years while allowing us to return capital to our shareholders. In 2024, we expect to grow our sales by 1% to 4% as continued growth in several of the markets we serve is partially offset by underperforming sectors. We expect to generate approximately $700 million of free cash flow and I am pleased to announce we plan to increase our common stock dividend by 10% to $1.65 per year while continuing our share repurchase program. Importantly, we are also reducing our long-term targeted financial leverage range to 1.5 to 2.5 times net debt to adjusted EBITDA. I am confident that Wesco will outperform our markets this year, and we are positioned to deliver sales growth and continue toward our long-term EBITDA margin expansion goal.”