09:58 AM EDT, 05/02/2024 (MT Newswires) -- Wesco International ( WCC ) shares were up more than 7% in recent Thursday trading after the company said it expects to use the proceeds from the divestiture of its Integrated Supply business to upsize its share buyback plan against the backdrop of its Q1 financial results.

The logistics and supply chain services provider reported Q1 adjusted earnings Thursday of $2.30 per diluted share, down from $3.75 a year earlier. Analysts polled by Capital IQ expected $2.60.

Net sales for the quarter ended March 31 were $5.35 billion, down from $5.52 billion a year earlier. Analysts surveyed by Capital IQ expected $5.30 billion.

The company said it continues to expect 2024 adjusted earnings of $13.75 to $15.75 per diluted share. Analysts polled by Capital IQ expect $14.28.

Reported sales for the year are now expected between $21.90 billion and $22.60 billion, down from the company's prior guidance of $22.60 billion to $23.30 billion. Analysts surveyed by Capital IQ expect $22.49 billion.

Price: 166.18, Change: +11.78, Percent Change: +7.63