PITTSBURGH, Dec. 17, 2014 /PRNewswire/ --
Highlights:
- Sales and EPS outlook reaffirmed for 2014
- 2015 outlook
- Sales growth estimated in the range of 3% to 6%
- EPS estimated in the range of $5.50
to $5.90
- Free cash flow estimated to be approximately 80% of net
income
- $300 million share repurchase
program authorized through December 31,
2017
WESCO International, Inc. (NYSE: WCC) reaffirms its 2014 EPS
outlook, provides its 2015 financial outlook, and announces a share
repurchase program.
John J. Engel, WESCO's Chairman,
President and CEO commented, "We were pleased with our improving
sales growth in the second and third quarters, and our fourth
quarter has continued the positive momentum. October and
November organic sales per workday grew 5% and 8%,
respectively. As a result, we reaffirm our full year outlook
of approximately 5% sales growth and $5.25
to $5.35 earnings per diluted share, although at the lower
end of the range."
Mr. Engel continued, "We remain sharply focused on executing our
One WESCO strategy to deliver above-market sales growth, improve
profitability, and increase shareholder value. With our new
organization in place and improving economic conditions anticipated
in North America, we expect sales
growth of 3% to 6% and EPS of $5.50 to
$5.90 per diluted share in 2015. Our acquisition
pipeline remains robust, and we see excellent ongoing opportunities
to strengthen our electrical core and broaden our portfolio of
products and services. We are also pleased to announce a
share repurchase program starting early next year. The free
cash flow generation capability of our business supports continued
investment in our growth initiatives, including acquisitions, while
providing a return of capital to
shareholders."
Ken Parks, WESCO's Senior Vice
President and Chief Financial Officer stated, "The new share
repurchase authorization of up to $300
million over the next three years demonstrates confidence in
our long-term growth outlook and a commitment to delivering value
to shareholders through disciplined cash utilization. The strength
and size of our free cash flow generation provide us with the
flexibility to grow organically, make accretive acquisitions, and
repurchase shares of common stock while maintaining leverage within
our target levels."
The Company may utilize various methods to effect repurchases of
its common stock under the repurchase program, which could include
open market repurchases, negotiated block transactions, accelerated
share repurchases or open market solicitations for shares, some of
which may be effected through Rule 10b5-1 plans. The timing of any
repurchases will depend upon several factors, including market and
business conditions, and repurchases may be discontinued at any
time.
WESCO will discuss its 2015 outlook and share repurchase program
during its investor conference call today starting at 10 a.m. ET. The Company has produced an
accompanying presentation that contains supplemental information
regarding today's call and can be accessed on the company's
Investor Website (http://wesco.investorroom.com).
To participate, please dial 1-877-443-5356 (Domestic),
1-855-669-9657 (Canada) or
1-412-902-6614 (International) a few minutes before the
10:00 a.m. ET start. Please
mention to the operator that you are dialing in for WESCO
conference call. The live webcast of the investor call as
well as related presentation materials will be available through
the "Investor Relations" section of the company's Investor Website
(http://wesco.investorroom.com).
Investors can access a replay of the conference call from
1:00 p.m. ET on December 17, 2014, through 9 a.m. ET on January 3,
2015, by dialing 1-877-344-7529 (Domestic),
1-855-669-9658 (Canada), or
1 412-317-0088 (International) using the confirmation
code 10056507.
About WESCO International
WESCO International, Inc. (NYSE: WCC), a publicly traded
Fortune 500 company headquartered in Pittsburgh, Pennsylvania, is a leading
provider of electrical, industrial, and communications maintenance,
repair and operating (MRO) and original equipment manufacturers
(OEM) products, construction materials, and advanced supply chain
management and logistic services. 2013 annual sales were
approximately $7.5 billion. The
company employs approximately 9,200 people, maintains relationships
with over 25,000 suppliers, and serves over 75,000 active customers
worldwide. Customers include commercial and industrial businesses,
contractors, government agencies, institutions, telecommunications
providers, and utilities. WESCO operates nine fully automated
distribution centers and approximately 475 full-service branches in
North America and around the
world, providing a local presence for customers and a global
network to serve multi-location businesses and multi-national
corporations.
Cautions about Forward-Looking Statements
This press release contains "forward looking" statements as
defined in the Private Securities Litigation Reform Act of 1995,
including statements about the Company's stock repurchase program.
All statements made herein that are not historical facts should be
considered as "forward-looking statements" within the meaning of
the Private Securities Litigation Act of 1995. Such
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results to differ materially. Such
risks, uncertainties and other factors include, but are not limited
to: adverse economic conditions; increase in competition;
debt levels, terms, financial market conditions or interest rate
fluctuations; risks related to acquisitions, including the
integration of acquired businesses; disruptions in operations or
information technology systems; expansion of business activities;
litigation, contingencies or claims; product, commodity, labor or
other cost fluctuations; exchange rate fluctuations; the timing and
amount of common stock repurchases, if any; and other factors
described in detail in the Form 10-K for WESCO International, Inc.
for the year ended December 31, 2013
and any subsequent filings with the Securities & Exchange
Commission. Any numerical or other representations in this
presentation do not represent guidance by management and should not
be construed as such. The following presentation includes a
discussion of certain non-GAAP financial measures. Information
required by Regulation G with respect to such non-GAAP financial
measures can be obtained via WESCO's website,
www.wesco.com.
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SOURCE WESCO International, Inc.