Newly public Nano Labs stock rallies 64% after sinking 15% in prior session (NASDAQ:NA)

Wesco International (NYSE:WCC) is scheduled to host its Investor Day event today, wherein it will reaffirm its 2022 financial outlook, provide long-term growth expectations, and discuss plans to initiate a quarterly common stock dividend program commencing in 2023.

The company expects sales to grow 16% to 18%, adjusted EBITDA to expand between 7.8% and 8.0%, and adjusted EPS of $15.60 to $16.40 vs. consensus of $15.98 for the year. Over the long term, it expects to achieve a “mid-single digit plus” organic sales compound annual growth rate, with EBITDA and EPS growing at least twice the sales growth rate, and free cash flow generation equal to 100% of adjusted net income annually

Furthermore, over the next five years, the industrial firm plans to return $1.5B of capital to shareholders in the form of a quarterly cash dividend on its common stock and by executing its previously announced share repurchase authorization.

In other news, Wesco (WCC) has agreed to acquire Fremont, California-based Rahi Systems for $217M; purchase price represents ~7.5x Rahi’s projected trailing 12 months adj. EBITDA.

Rahi Systems provides global hyperscale data center solutions. With this acquisition, Wesco (WCC) will combine Rahi with its Communication and Security Solutions strategic business unit.

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