Improving Profitability Shines Through in Wesco's 3Q; Growth Continues Despite Tough Comparisons
Margin expansion was the highlight of Wesco's third-quarter results, in our view. The narrow-moat-rated industrial distributor increased its operating margin 30 basis points year over year to 4.7%, mainly driven by better operating leverage as selling, general, and administrative expenses as a percentage of sales declined 30 basis points to 13.7%. Wesco's steady gross profit margin, which has hovered around 19% over the last six quarters, improved 20 basis points sequentially to 19.2%. We view t...WESCO International is a distributor of products and provider of supply chain management and logistics services used primarily in industrial, construction, utility and commercial, institutional and government markets. The company is a provider of electrical, industrial, and communications maintenance, repair and operating and original equipment manufacturers products, construction materials, and supply chain management and logistics services. The company's primary product categories include general supplies, wire, cable and conduit, communications and security, electrical distribution and controls, lighting and sustainability, and automation, controls and motors.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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