WESCO International Inc. Files 10-Q for Q2 2024

TL;DR

WESCO Q2 2024 10-Q filed. Financials for H1 2024 out.

AI Summary

WESCO International Inc. reported its second quarter 2024 results, ending June 30, 2024. The company's financial statements for the period from January 1, 2024, to June 30, 2024, and comparative periods are included in this 10-Q filing. Key financial data and disclosures related to common and preferred stock are presented.

Why It Matters

This filing provides investors with the latest financial performance and position of WESCO International Inc., crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240801 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• WESCO INTERNATIONAL INC (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240801 (date) — Filing Date
• PITTSBURGH (location) — Company Headquarters City

FAQ

Key Financial Figures

• $0.01 — 024, 49,158,515 shares of common stock, $0.01 par value, of the registrant were outst

Filing Documents

• wcc-20240630.htm (10-Q) — 1635KB
• wcc-2q24exx311.htm (EX-31.1) — 10KB
• wcc-2q24exx312.htm (EX-31.2) — 10KB
• wcc-2q24exx321.htm (EX-32.1) — 7KB
• wcc-2q24exx322.htm (EX-32.2) — 7KB
• 0000929008-24-000022.txt ( ) — 7993KB
• wcc-20240630.xsd (EX-101.SCH) — 34KB
• wcc-20240630_cal.xml (EX-101.CAL) — 58KB
• wcc-20240630_def.xml (EX-101.DEF) — 363KB
• wcc-20240630_lab.xml (EX-101.LAB) — 506KB
• wcc-20240630_pre.xml (EX-101.PRE) — 454KB
• wcc-20240630_htm.xml (XML) — 1143KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 43

Controls and Procedures

Item 4. Controls and Procedures. 44

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 45

Risk Factors

Item 1A. Risk Factors. 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 45

Exhibits

Item 6. Exhibits. 46

Signatures

Signatures 47 1 Table of Contents WESCO INTERNATIONAL, INC. AND SUBSIDIARIES

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. The interim financial information required by this item is set forth in the unaudited Condensed Consolidated Financial Statements and Notes thereto in this Quarterly Report on Form 10-Q, as follows: Page Condensed Consolidated Balance Sheets (unaudited) 3 Condensed Consolidated Statements of Income and Comprehensive Income (unaudited) 4 Condensed Consolidated Statements of Cash Flows (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 8 2 Table of Contents WESCO INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except shares) (unaudited) As of Assets June 30, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 716.5 $ 524.1 Trade accounts receivable, net of allowance for expected credit losses of $ 59.0 and $ 55.9 in 2024 and 2023, respectively 3,654.6 3,639.5 Other accounts receivable 363.5 430.5 Inventories 3,505.8 3,572.1 Prepaid expenses and other current assets 295.7 225.4 Total current assets 8,536.1 8,391.6 Property, buildings and equipment, net of accumulated depreciation of $ 514.1 and $ 502.5 in 2024 and 2023, respectively 437.8 423.6 Operating lease assets 762.4 761.2 Intangible assets, net 1,816.4 1,857.6 Goodwill 3,203.1 3,262.3 Deferred income taxes 38.7 42.3 Other assets 314.0 322.3 Total assets $ 15,108.5 $ 15,060.9 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,688.9 $ 2,431.5 Accrued payroll and benefit costs 191.2 191.7 Short-term debt and current portion of long-term debt 13.8 8.6 Other current liabilities 854.4 756.6 Total current liabilities 3,748.3 3,388.4 Long-term debt, net of debt discount and debt issuance costs of $ 54.0 and $ 43.0 in 2024 and 2023, respectively 5,203.4 5,313.1 Operating lease liabilities 639.3 641.7 Deferred income taxes 442.5 451.9 Other noncurrent liabi

View Full Filing

View this 10-Q filing on SEC EDGAR