PITTSBURGH - Wesco International (NYSE: NYSE:WCC), a Fortune 500 company specializing in distribution, logistics, and supply chain solutions, has declared dividends for both its common and preferred stock, as announced by its Board of Directors today.
For common stock shareholders, Wesco has set the quarterly cash dividend at $0.41 per share. This dividend is scheduled for payment on June 28, 2024, to stockholders of record as of the close of business on June 14, 2024.
Additionally, the company has declared dividends on its 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock, covering the period from April 1, 2024, through June 30, 2024. Preferred stock shareholders will receive a dividend of $664.0625 per preferred share, which equates to $0.6640625 per depository share. The payment date for this dividend is set for July 1, 2024, with a record date at the close of business on June 14, 2024.
Wesco International, headquartered in Pittsburgh, Pennsylvania, reports over $22 billion in annual sales. The company employs roughly 20,000 people and operates about 800 branches, warehouses, and sales offices across more than 50 countries. Wesco partners with industry-leading suppliers to serve a diverse customer base, including commercial and industrial businesses, contractors, government agencies, educational institutions, telecommunications providers, and utilities.
InvestingPro Insights
Wesco International (NYSE: WCC) continues to demonstrate its financial stability and shareholder value through its recent dividend declarations. With a market capitalization of approximately $9.08 billion, Wesco stands as a significant force in the Trading Companies & Distributors industry. An important factor for investors to consider is the company's P/E ratio, which currently stands at 14.62, showing a reasonable valuation relative to earnings. When adjusted for the last twelve months as of Q1 2024, the P/E ratio slightly decreases to 13.52, suggesting improved earnings or a decrease in share price since the previous period.
Investors looking at performance metrics will note Wesco's strong return over the last three months, with a 18.6% increase, reflecting positive market sentiment and possibly the company's robust fundamentals. Additionally, Wesco's liquid assets surpass short-term obligations, indicating the company is well-positioned to meet its immediate financial liabilities. This liquidity, along with a dividend yield of 0.93% as of the latest data, provides investors with a combination of growth potential and income generation.
An InvestingPro Tip highlights that analysts predict the company will be profitable this year, which aligns with the company's positive revenue growth of 0.92% over the last twelve months as of Q1 2024. Wesco's solid gross profit margin of 21.49% further underscores its efficiency in managing costs relative to its revenue.
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