Wesco Financial’s Results Improve Despite Continued Weak Sales at CORT

Wesco Financial Corporation reported improved results (pdf) for the second quarter of 2010 with net income rising to $31.3 million compared with $12.9 million for the second quarter of 2009. The improved performance is primarily attributed to the stronger underwriting results of Wesco’s insurance business along with the impact of cost cutting measures at the company’s CORT furniture rental unit. While CORT posted net income of $6.7 million for the quarter compared to $1.5 million for the second quarter of 2009, sales were slightly lower although management states that “core rental revenues” have shown recent improvements. Read this article for a summary of Wesco’s Q2 results.

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