WESCO International (NYSE:WCC) Updates FY 2022 Earnings Guidance

WESCO International (NYSE:WCCGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $15.60-$16.40 for the period. The company issued revenue guidance of $21.13 billion-$21.50 billion, compared to the consensus revenue estimate of $20.82 billion. WESCO International also updated its FY22 guidance to $15.60-$16.40 EPS.

WESCO International Price Performance

WCC stock traded up $1.94 during trading hours on Friday, hitting $132.44. 581,263 shares of the stock traded hands, compared to its average volume of 472,660. The stock has a 50-day simple moving average of $116.78 and a 200 day simple moving average of $121.69. WESCO International has a one year low of $99.00 and a one year high of $144.43. The company has a market cap of $6.72 billion, a P/E ratio of 10.95, a P/E/G ratio of 0.83 and a beta of 2.15. The company has a current ratio of 2.11, a quick ratio of 1.23 and a debt-to-equity ratio of 1.22.

WESCO International (NYSE:WCCGet Rating) last announced its earnings results on Thursday, August 4th. The technology company reported $4.19 earnings per share for the quarter, beating the consensus estimate of $3.81 by $0.38. WESCO International had a return on equity of 19.75% and a net margin of 3.45%. The business had revenue of $5.50 billion during the quarter, compared to analysts’ expectations of $5.31 billion. During the same quarter last year, the business posted $2.64 earnings per share. The company’s quarterly revenue was up 19.7% on a year-over-year basis. Equities analysts forecast that WESCO International will post 15.76 earnings per share for the current year.

WESCO International announced that its Board of Directors has approved a stock repurchase plan on Wednesday, June 1st that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the technology company to repurchase up to 14.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently issued reports on WCC shares. KeyCorp increased their price objective on WESCO International from $150.00 to $155.00 and gave the stock an overweight rating in a research note on Friday. StockNews.com downgraded WESCO International from a buy rating to a hold rating in a research note on Thursday, July 21st. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, WESCO International presently has a consensus rating of Buy and an average target price of $160.00.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in WESCO International stock. MetLife Investment Management LLC raised its holdings in WESCO International, Inc. (NYSE:WCCGet Rating) by 55.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 23,551 shares of the technology company’s stock after buying an additional 8,430 shares during the quarter. MetLife Investment Management LLC’s holdings in WESCO International were worth $3,065,000 at the end of the most recent quarter. 92.83% of the stock is currently owned by institutional investors and hedge funds.

About WESCO International

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WESCO International, Inc provides business-to-business distribution, logistics services, and supply chain solutions in the United States, Canada, and internationally. It operates through three segments: Electrical & Electronic Solutions (EES), Communications & Security Solutions (CSS), and Utility and Broadband Solutions (UBS).

See Also

Earnings History and Estimates for WESCO International (NYSE:WCC)

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