Wesco International (NYSE: WCC), a leading provider of business-to-business distribution, logistics services, and supply chain solutions, has announced its financial results for the second quarter of 2024. The company reported a 4.6% year-over-year decline in net sales, with organic sales down 0.8% but up 4.7% sequentially. Despite a mixed economic environment and customer purchasing delays, Wesco achieved a gross margin of 21.9% and an operating profit of $324 million. Additionally, the adjusted EBITDA margin stood at 7.3%.
During this quarter, Wesco completed the divestiture of Wesco Integrated Supply, utilizing net proceeds for $300 million in share repurchases. The company also reported operating cash flow of $523 million for the first half of 2024. Despite challenges, Wesco continues to leverage its global capabilities, leading scale, and expanded portfolio to drive growth and profitability.
Read the full Wesco International Q2 2024 results report below or click here