Shares of electrical equipment supplier Wesco International (NYSE: WCC) tumbled 23% through 11:40 a.m. ET on Tuesday after the company reported big misses on both sales and earnings this morning.

Heading into earnings day, analysts had forecast that Wesco would report an adjusted profit of $3.87 per share on sales of $5.6 billion. Instead, Wesco reported only $5.5 billion in sales and a profit of just $2.65 per share, adjusted for one-time items.

Sales for the fourth quarter of 2023 declined 2%, a disappointing end to a year in which full-year sales rose 4.5%. Earnings as calculated according to generally accepted accounting principles (GAAP) were a bit worse than the adjusted number shown above. GAAP earnings declined 37% year over year to just $2.45 per share.

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Source Fool.com