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 third quarter ended June 30, 2012.
- Third quarter revenue of $189.3 million, up 5.2% compared to $180.0 million in the prior year
- Year-to-date revenue of $564.0 million, up 6.5% compared to the prior year period, and up 16.3% excluding the two Charleston programs completed in 2011
- Net income of $22.3 million, with Diluted Earnings Per Share of $0.23
- Adjusted Net Income of $22.6 million, with Adjusted Diluted Earnings Per Share of $0.24
Fiscal 2012 Third Quarter Results
Revenue for the fiscal third quarter was $189.3 million, an increase of 5.2% compared to $180.0 million in the prior year period. Wesco again demonstrated strong international growth during the quarter with revenues in the Rest of World segment increasing by 34.5% compared to the prior year. In the third quarter, Ad hoc, JIT and LTA sales as a percentage of net sales represented 39%, 24% and 37%, respectively, compared to 40%, 28% and 32%, respectively, for the same period last year.Net income for the third quarter of fiscal 2012 was $22.3 million, resulting in Diluted Earnings Per Share of $0.23. This compared to $14.0 million, or $0.15 per share in the prior year period. The increase in net income was due to a reduction in interest expense and a lower effective tax rate, partially offset by higher selling, general and administrative expenses. Adjusted EBITDA for the third quarter was $41.1 million as compared to $43.9 million in the third quarter of 2011. Adjusted Net Income was $22.6 million, resulting in Adjusted Diluted Earnings Per Share of $0.24, compared to $21.1 million, or $0.23 per share in the prior year period.