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TheStreet Open House

WESCO International CEO Discusses Investor Day - Earnings Call Transcript

Stock quotes in this article: WCC

John Engel

Thank you Dan. Good afternoon everyone and welcome to our 2011 Investor Day. Dan introduced members of our management team. I would like to take a moment to introduce one of the members of the WESCO Board of Directors. And that’s Jamie Singleton. Jamie, please stand. I want to thank Jamie and the entire WESCO Board for supporting the investments in our business and our growth plans. I think we are going to share with you today a plan that shows what we’ve done versus what we said we were going to do over the last two years and we will give an outlook on where we are going and the Board support has been terrific and Jamie, thank you very much again.

Let me start out by addressing the recent market volatility and our WESCO stock price. We are focused on what we can control. And that’s our execution. We have been significantly outperforming our end markets over the last six quarters and delivering results that are substantially above the targets that we outlined in our Investor Day, this meeting one year ago. This performance has been against a very challenging economic backdrop. It’s been a low growth economic backdrop and it includes some endmarkets that have been particularly challenging such as construction.

A year ago, when we provided an outlook on what the end of 2010 and 2011 looked like, we did not anticipate a GDP below 2% in the first half of 2011. We do not. We anticipated a more robust economy. We did not anticipate construction markets, end markets that were down high single to low double digits in the first half of this year. So, clearly the economy has been more challenging than what we anticipated a year ago and I have to say though when you look at our performance, particularly over the last six quarters, it shows what WESCO can do, it shows the performance strength of today’s WESCO. Today’s WESCO with our broader and stronger portfolio with our more consistent and disciplined execution and with our talented management team, we’re delivering very strong financial results and we are doing what we said we would do.

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