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 second quarter ended March 31, 2012.
- Second quarter revenue of $182.1 million, up 3.5% compared to $176.0 million in the prior year
- Year to date revenue of $374.7 million, up 7.2% compared to the prior year period, and up 14.3% excluding the two Charleston programs completed in 2011
- Net income of $19.7 million, with Diluted Earnings Per Share of $0.21
- Adjusted Net Income of $20.8 million, with Adjusted Diluted Earnings Per Share of $0.22
Fiscal 2012 Second Quarter Results
Revenue for the second fiscal quarter was $182.1 million, an increase of 3.5% compared to $176.0 million in the prior year period. For the first six months of the fiscal year, total revenue was $374.7 million, up 7.2% compared to the prior year period. During the second quarter, Wesco’s Rest of World segment continued to be a significant driver of growth, with revenues increasing by 22.8%. In the second quarter, Ad hoc, JIT and LTA sales as a percentage of net sales represented 40%, 23% and 37%, respectively, compared to 38%, 32% and 30%, respectively, for the same period last year.Net income for the second quarter of fiscal 2012 was $19.7 million, resulting in Diluted Earnings Per Share of $0.21. This compared to $21.9 million, or $0.24 per share in the prior year period. Adjusted EBITDA for the second quarter was $38.3 million as compared to $44.9 million in the second quarter of 2011. The decrease was driven by higher selling, general and administrative expenses, including significant costs associated with operating as a public company, additional costs to support new contracts that have not fully ramped up, as well as a $2.2 million favorable recovery of bad debt expense in the prior year period. Adjusted Net Income was $20.8 million, resulting in Adjusted Diluted Earnings Per Share of $0.22, compared to $23.1 million, or $0.25 per share in the prior year period.