WESCO International (NYSE:WCC) Announces Quarterly Earnings Results, Misses Expectations By $0.13 EPS

WESCO International (NYSE:WCC - Get Free Report) announced its earnings results on Thursday. The technology company reported $2.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.43 by ($0.13), Briefing.com reports. WESCO International had a net margin of 3.42% and a return on equity of 17.01%. The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $5.30 billion. During the same quarter in the prior year, the company earned $3.75 EPS. The business's quarterly revenue was down 3.1% on a year-over-year basis. WESCO International updated its FY24 guidance to $13.75-15.75 EPS.

WESCO International Trading Up 1.6 %

Shares of NYSE WCC traded up $2.62 during mid-day trading on Friday, hitting $167.70. 754,877 shares of the company traded hands, compared to its average volume of 609,629. The business has a 50 day moving average of $160.82 and a two-hundred day moving average of $159.55. The stock has a market capitalization of $8.54 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 1.09 and a beta of 2.07. WESCO International has a 1 year low of $121.90 and a 1 year high of $195.43. The company has a quick ratio of 1.42, a current ratio of 2.48 and a debt-to-equity ratio of 1.06.

WESCO International Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.4125 per share. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from WESCO International's previous quarterly dividend of $0.38. This represents a $1.65 dividend on an annualized basis and a dividend yield of 0.98%. WESCO International's payout ratio is 12.19%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Robert W. Baird lowered their price objective on shares of WESCO International from $203.00 to $170.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 14th. StockNews.com upgraded WESCO International from a "hold" rating to a "buy" rating in a research report on Friday. Oppenheimer upped their price objective on WESCO International from $190.00 to $200.00 and gave the company an "outperform" rating in a report on Friday. JPMorgan Chase & Co. lowered their target price on WESCO International from $180.00 to $175.00 and set an "overweight" rating on the stock in a report on Friday, March 15th. Finally, Royal Bank of Canada dropped their price target on shares of WESCO International from $176.00 to $172.00 and set a "sector perform" rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $188.67.

Insider Buying and Selling

In other news, EVP Nelson John Squires III sold 3,490 shares of the business's stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $190.00, for a total transaction of $663,100.00. Following the sale, the executive vice president now owns 54,385 shares in the company, valued at $10,333,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP James Cameron sold 5,352 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $156.39, for a total value of $836,999.28. Following the completion of the sale, the executive vice president now directly owns 33,595 shares of the company's stock, valued at approximately $5,253,922.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nelson John Squires III sold 3,490 shares of WESCO International stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $190.00, for a total value of $663,100.00. Following the transaction, the executive vice president now directly owns 54,385 shares in the company, valued at approximately $10,333,150. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.

WESCO International Company Profile

WESCO International, Inc provides business-to-business distribution, logistics services, and supply chain solutions in the United States, Canada, and internationally. It operates through three segments: Electrical & Electronic Solutions (EES), Communications & Security Solutions (CSS), and Utility and Broadband Solutions (UBS).

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