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WESCO International Inc. (WCC-4.95%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net sales of $21.8 billion for 2024, a decrease of 2.5% compared to the previous year. The decline was attributed to volume decreases in the Utility & Broadband Solutions segment and the Electrical & Electronic Solutions segment, partially offset by growth in the Communications & Security Solutions segment.
Cost of goods sold was $17.1 billion, representing 78.4% of net sales, consistent with the prior year.
Selling, general, and administrative expenses increased to $3.3 billion, or 15.2% of net sales, up from 14.5% in the previous year. This increase was due in part to digital transformation costs, a loss on abandonment of assets, and restructuring costs.
Income from operations was $1.2 billion, a decrease of 13.0% from the previous year. This decrease reflects lower sales and higher operating expenses.
Net interest expense decreased to $364.9 million, reflecting lower borrowings and interest rates.
The company reported a net income of $719.4 million, down from $766.1 million in 2023, with an effective tax rate of 24.4%.
WESCO completed the divestiture of its Wesco Integrated Supply business, recognizing a gain of $122.2 million.
The company ended the year with $702.6 million in cash and cash equivalents and $5.1 billion in total debt.
WESCO's liquidity, including cash and available borrowing capacity, was approximately $1.7 billion as of December 31, 2024.
The company continues to focus on its strategic initiatives, including digital transformation and expanding its service offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the WESCO International Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.