PITTSBURGH, Dec. 13, 2016 /PRNewswire/ -- WESCO
International, Inc. (NYSE: WCC) reaffirms its 2016 outlook and
provides its 2017 outlook.
Mr. John J. Engel, WESCO's
Chairman, President and CEO, commented, "Our fourth quarter results
to date are in line with the expectations we outlined in our third
quarter earnings call. We reaffirm our full year 2016 outlook
of a 2% to 3% sales decline, $3.75 to
$3.90 adjusted earnings per diluted share, and free cash
flow generation of at least 125% of adjusted net income."
Mr. Engel continued, "We expect modest improvement in our end
markets next year. Our 2017 outlook includes improved
execution of our growth initiatives and investing for the future,
while maintaining our cost and cash management discipline. We
believe we are well-positioned to benefit from the potential tax,
regulatory, and budget changes associated with the new
administration in the United
States, but do not anticipate a significant impact on our
business next year. As a result, we expect sales in the range
of flat to up 4%, EPS of $3.60 to
$4.00 per diluted share, and free cash flow generation of at
least 90% of net income in 2017.
We remain clearly focused on executing our One WESCO strategy to
deliver above-market sales growth, improve profitability, generate
strong cash flow, and increase shareholder value. Our
acquisition pipeline remains robust, and we see excellent ongoing
opportunities to strengthen our electrical core and broaden our
portfolio of products and services. The free cash flow
generation capability of our business supports continued investment
in our One WESCO growth initiatives, including acquisitions, while
providing a return of capital to shareholders."
Adjusted net income and adjusted earnings per diluted share
exclude the third quarter 2016 loss of $123.9M and related income tax benefit of
$41.2M resulting from the redemption
of the Company's 6.0% Convertible Senior Debentures due 2029,
which, based on a diluted share count of 48.7M, equates to a loss
per diluted share of approximately $1.70.
WESCO will discuss its 2017 outlook during its investor
conference call today starting at 1 p.m.
ET. The Company has produced an accompanying
presentation for today's call that can be accessed on the Company's
Investor Website (http://wesco.investorroom.com).
The call will be available via the conference dial-in below, as
well as a live audio webcast that can be accessed by clicking on
the microphone icon on WESCO's home page at www.wesco.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
1:00 p.m. ET start. Please
mention to the operator that you are dialing in for the WESCO
conference call. The live webcast of the investor call and
the 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
2:00 p.m. ET on December 13, 2016 through 9:00 p.m. ET on December
20, 2016 by dialing 1-877-344-7529 (Domestic),
1-855-669-9658 (Canada), or
1-412-317-0088 (International) using the confirmation
code 10094950.
About WESCO
WESCO International, Inc. (NYSE: WCC), a publicly traded
Fortune 500 holding 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. 2015 annual sales were
approximately $7.5 billion. The
company employs approximately 9,300 people, maintains relationships
with over 25,000 suppliers, and serves over 80,000 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 500 full-service branches in
North America and international
markets, providing a local presence for customers and a global
network to serve multi-location businesses and multi-national
corporations.
The matters discussed herein may contain forward-looking
statements that are subject to certain risks and uncertainties that
could cause actual results to differ materially from expectations.
Certain of these risks are set forth in the Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 2015, as well as the Company's other
reports filed with the Securities and Exchange Commission.
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, 2015
and any subsequent filings with the Securities & Exchange
Commission. The accompanying presentation includes a discussion of
certain non-GAAP financial measures. Information required by
Regulation G of the Exchange Act with respect to such non-GAAP
financial measures can be obtained via WESCO's website,
www.wesco.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/wesco-international-inc-reaffirms-2016-outlook-and-provides-2017-outlook-300376951.html
SOURCE WESCO International, Inc.