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Wesco Aircraft Holdings Reports Results For Fiscal Fourth Quarter And Full Year 2011

Stocks in this article: WAIR

Wesco Aircraft Holdings, Inc. (NYSE: WAIR), a leading provider of comprehensive supply chain management services to the global aerospace industry, today announced results for its fiscal fourth quarter and full year ended September 30, 2011.


  • Fourth quarter and full year revenue of $181.3 million and $710.9 million, respectively, both setting company records.
  • Fourth quarter and full year Adjusted EBITDA of $46.1 million and $179.0 million, respectively.
  • Fourth quarter and full year Adjusted Diluted EPS of $0.24 and $0.97, respectively, above previous guidance.

Fiscal 2011 4 th Quarter Results

Revenue for the fourth fiscal quarter was $181.3 million, an increase of 4.2% compared to $174.0 million in the prior year period. Wesco continued to experience strong international growth during the quarter with revenues in the Rest of World segment increasing by 32.4% compared to the prior year. In the fourth quarter, Ad hoc, JIT and LTA sales as a percentage of net sales represented 40%, 25% and 35%, respectively, compared to 38%, 31% and 31%, respectively, for the same period last year.

Adjusted EBITDA for the fourth quarter was $46.1 million as compared to $44.7 million in the fourth quarter of 2010. The increase was due primarily to the growth in sales and an increase in gross profit margins, partially offset by higher selling, general and administrative expenses including costs associated with the Company’s new equity incentive plan. Net income for the fourth quarter of 2011 was $18.0 million, resulting in Diluted Earnings Per Share (EPS) of $0.19. This compared to $20.0 million, or $0.22 per share in the prior year period. This decline in net income as compared to the prior year quarter was primarily driven by expenses related to our equity incentive plans, $2.4 million of fees and expenses related to Wesco’s initial public offering and a higher effective tax rate related to increases in foreign sales of US product. Adjusted Net Income was $22.4 million, resulting in Adjusted Diluted Earnings Per Share of $0.24, compared to $22.0 million, or $0.24 per share in the prior year period.

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