Why Shares of Wesco Are Up Today
Shares of Wesco International (NYSE: WCC) climbed 9% higher on Thursday morning, after the electrical component distributor reported better-than-expected quarterly results. The industrial supplier had to juggle a large merger and the impact of COVID-19 but still produced solid results.
Before markets opened Thursday, Wesco reported second-quarter adjusted earnings of $1.04 per share on revenue of $2.1 billion, beating analyst expectations for $0.66 per share in earnings on revenue of $1.9 billion.
The company late in the quarter completed its $4.5 billion acquisition of cabling and electrical wire provider Anixter International, creating a global electrical and data communications equipment powerhouse. Net sales fell 2.9% in the quarter compared with 2019, in part due to COVID-19-related weakness, but the impact was not as bad as analysts had feared.
Source Fool.com
