Shares of Wesco International (NYSE: WCC) were down more than 15% at noon EST on Tuesday following the industrial supplier’s fourth-quarter earnings report. Results fell short of expectations and Wesco provided tepid guidance concerning 2021, and the shares traded down as a result.
Before markets opened on Tuesday, Wesco reported fourth-quarter adjusted earnings of $1.22 per share on revenue of $4.1 billion, shy of Wall Street expectations of $1.33 earnings per share on revenue of $4.12 billion.
The results close out a busy year for Wesco, which in mid-2020 closed its $4.5 billion acquisition of cabling and electrical wire provider Anixter International. The deal nearly doubled the size of the company, creating a global electrical and data communications equipment distribution powerhouse.