Wesco 3rd-quarter Profit Tumbles, Demand Weak

PITTSBURGH (AP) — Electrical and industrial supplier Wesco International Inc. said Thursday its third-quarter profit dropped 47 percent due to weak overall demand.

Wesco earned $33.6 million, or 79 cents per share, down from $63.7 million, or $1.48 per share, in the year-ago period. The recent quarter's results were boosted by a gain on a convertible debt exchange of 16 cents per share.

Sales fell 29 percent to $1.15 billion from $1.63 billion, and the company cited weak overall end market demand and highly competitive conditions.

Analysts polled by Thomson Reuters expected a profit of 68 cents per share on $1.17 billion in sales.

The company said it expects the overall economy to recover slowly, but with continued contraction in the nonresidential construction market next year.

Wesco shares fell 15 cents to $29.33 in morning trading.