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

Posted by Simon Gomez on Aug 6th, 2022

WESCO International (NYSE:WCC – Get Rating) updated its FY 2022 earnings guidance on Thursday. 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.

Analyst Ratings Changes

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

WESCO International Trading Up 1.5 %

NYSE:WCC traded up $1.94 during trading hours on Friday, hitting $132.44. 581,263 shares of the company were exchanged, compared to its average volume of 472,660. The stock has a market capitalization of $6.72 billion, a price-to-earnings ratio of 10.95, a price-to-earnings-growth 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 has a one year low of $99.00 and a one year high of $144.43. The company has a fifty day simple moving average of $116.78 and a 200 day simple moving average of $121.69.

WESCO International (NYSE:WCC – Get Rating) last issued its quarterly earnings results on Thursday, August 4th. The technology company reported $4.19 earnings per share for the quarter, topping analysts’ consensus estimates of $3.81 by $0.38. WESCO International had a return on equity of 19.75% and a net margin of 3.45%. The firm had revenue of $5.50 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same period last year, the business posted $2.64 EPS. The business’s revenue was up 19.7% compared to the same quarter last year. Sell-side analysts expect that WESCO International will post 15.76 EPS for the current fiscal year.

WESCO International announced that its Board of Directors has authorized a share buyback program on Wednesday, June 1st that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the technology company to purchase up to 14.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Trading of WESCO International

An institutional investor recently raised its position in WESCO International stock. MetLife Investment Management LLC grew its position in shares of WESCO International, Inc. (NYSE:WCC – Get Rating) by 55.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 92.83% of the company’s stock.

WESCO International Company Profile

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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).