Wesco reported record second-quarter sales thanks to growth in two segments which offset a quarterly drop in its electrical business unit.
The company says net sales for 2023’s second quarter were $816 million, a decrease of $423 million from last year.
It’s a big week for industrial manufacturer’s financial reports. We recap the key figures for six of them here.
Lower volumes and last year’s oil & gas divestiture weighted down on revenue growth, while the company continued to slash inventories.
Year-over-year sales growth slowed to 2% in the second quarter, but operating margin increased to 20.6%, according to an earnings report.
The industrial distribution giant’s results seemed to outperform the rest of the sector, with a sequential revenue growth slowdown more subdued than what others have reported in this earnings cycle.
Sales within the company’s Performance Coatings Group increased 0.3% during the quarter.
Structural connector and building solution manufacturer Simpson recorded consolidated net sales of $597.6 million, an increase of 0.7% YoY.
The company reduced its total global workforce by 10% this year as ‘demand for consumer electronics waned,’ Reuters reported.
Operating margin improved year-over-year across all three key business units, while the pace of organic sales declined.
The industrial parts distributor’s profit margin grew 190 bps year-over-year despite sales growth that was less than half that of 1Q.
Total year-over-year sales growth of 5.9% was a sharp slowdown compared to 1Q, as daily sales slowed in each month during the quarter.
