Wesco Returns to Growth in 2Q, but Margin Guidance Disappoints; Reduced FVE to $71
Wesco shares took a beating on July 27 after the company reported its second-quarter results. Although the narrow-moat industrial distributor returned to growth after eight consecutive quarters of organic sales declines, Wesco lowered its full-year profitability guidance, which disappointed the market and shares closed down nearly 11%. We lowered our 2017 operating margin assumption accordingly and now model a slower ramp to a more normalized 5% operating margin. As a result, we lowered our fair...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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