A supplemental financial presentation has been produced, which provides a summary of certain financial and end market information to be reviewed in today’s commentary by management. We have posted this presentation on our corporate website and filed it with the Securities and Exchange Commission.
This conference call may include forward-looking statements and, therefore, actual results may differ materially from expectations. For additional information on WESCO International, please refer to the company’s SEC filings, including the risk factors described therein. The following presentation may also include a discussion of certain non-GAAP financial measures. Information required by Regulation G with respect to such non-GAAP financial measures can be obtained via WESCO’s website.
I would now like to turn the conference call over to John Engel.
John EngelThank you, Dan, and good morning everyone. Our fourth quarter results are strong and close out an excellent year. Organic sales net of acquisitions and foreign exchange grew 15% in the fourth quarter marking the sixth consecutive quarter of double-digit organic sales growth. Notably organic sales to customers in each of our industrial, construction, utility and CIG end markets grew double digits versus prior year.Construction sales in the United States were also up double-digits and grew 16% despite continuing weak construct end market. Sales of our communication products grew approximately 8% quarter versus prior year.For the full year, we delivered record sales of over $6.1 billion, which were up 21% driven by organic sales growth of 14% plus contributions from our telecom, TVC, RECO and Brews acquisition. In addition, we delivered double digit organic sales growth results for the full year in each of our three largest end markets: industrial, construction and utility.Our first quarter 2012 is off to a solid start with double digit organic sales growth continuing in January.Consistent execution of our sales growth and margin improvement initiatives have translated in a strong financial results. For 2011, operating margins were 5.4% and EPS was $3.96, up 120 basis points and 58% respectively versus prior year.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV