WCC - WESCO Non-GAAP EPS of $3.75 beats by $0.17 revenue of $5.5B beats by $50M

2023-05-04 06:04:43 ET

• WESCO press release ( NYSE: WCC ): Q1 Non-GAAP EPS of $3.75 beats by $0.17 .
• Revenue of $5.5B (+11.6% Y/Y) beats by $50M .
  • Organic sales growth of 11% YOY
• Operating profit of $346 million; operating margin of 6.3%
  • Adjusted EBITDA of $421 million, up 16% YOY; adjusted EBITDA margin of 7.6%, up 20 basis points YOY
  • Gross margin of 21.9%, up 60 basis points YOY
• Earnings per diluted share of $3.48
• Mr. Engel concluded, "We are reaffirming our 2023 outlook and remain confident in our ability to drive mid- to high-single digit sales growth this year, along with continued EBITDA margin expansion. We are also reaffirming that we expect to generate approximately $600 to $800 million in free cash flow in support of our growth initiatives and capital allocation priorities. In the near-term, we are focusing our cash generation on debt reduction and expect to reduce our leverage below the midpoint of our target range of 2.0 to 3.5x by year-end. We look forward with greater confidence than ever to a future of market outperformance and value creation."

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