Wesco 1Q results miss analysts' estimates
Wesco 1Q profit up, results miss Wall Street expectations
PITTSBURGH (AP) -- Wesco International Inc.'s first-quarter net income surged 59 percent as it benefited from a lower tax rate and insurance coverage tied to a lawsuit charge.
Adjusted earnings and revenue came in slightly below analysts' estimates.
The company, which makes electrical and industrial maintenance supplies and construction materials, said Thursday that it earned $84.1 million, or $1.60 per share, for the period ended March 31. That compares with $52.9 million, or $1.03 per share, a year ago.
Excluding insurance coverage for an ArcelorMittal lawsuit charge, earnings were $1.12 per share.
Revenue for the Pittsburgh company rose 12 percent to $1.81 billion, bolstered by acquisitions.
Analysts, on average, expected $1.14 per share on revenue of $1.82 billion, according to FactSet.
Wesco shares fell $1.74, or 2.6 percent, in morning trading.
