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Sales climbed to $3.74 billion, a 14% increase over
the previous year and a new benchmark in annual
sales gains. All of this improvement is attributed to
organic growth.
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| |
For the second consecutive year, net income rose
significantly, reaching $64.9 million by year-end.
This more than doubled net income of $30.0 million
reported in 2003, which was a 30% improvement
over the prior year.
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| |
Earnings per share increased 125% year-over-year,
setting a new record of $1.47 and reflected strong
operating leverage in the Company’s business
model and excellent execution of sales and cost
initiatives throughout the organization.
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| |
Sales per employee reached $696,000, a 15% gain
over 2003 results, and operating profit per employee
climbed to $28,000, a 74% improvement.
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| |
LEAN methodologies for improving operational
productivity and organizational effectiveness
were expanded throughout the organization
with 17 active initiatives and more than
1,100 improvement events completed.
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| |
An equity offering in the fourth quarter raised
approximately $100 million, used in the first
quarter of 2005 to reduce higher-cost subordinated
debt, significantly strengthening the Company’s
financial position.
|
| |
The price of WESCO stock increased 235% in 2004,
as investors responded to the Company’s strong
operating results, the accelerating strength of
its markets, increased sales momentum, and
low-risk profile.
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