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 ended September 30, 2012.
- Fourth quarter revenue of $212.2 million, up 17.0% compared to $181.3 million in the prior year
- Fourth quarter Net Income of $27.0 million, with Diluted Earnings Per Share of $0.28
- Fourth quarter Adjusted Net Income of $27.4 million, with Adjusted Diluted Earnings Per Share of $0.29
- Fiscal year 2012 revenue was $776.2 million, up 9.2% compared to the prior year, and up 17.2% excluding the two Charleston programs completed in 2011
- Fiscal year 2012 Net Income of $92.2 million, and Diluted Earnings Per Share of $0.96
- Fiscal year 2012 Adjusted Net Income of $95.1 million, and Adjusted Diluted Earnings Per Share of $0.99
- The acquisition of Interfast Inc. was completed on July 3, 2012
Fiscal 2012 Fourth Quarter Results
Revenue for the fiscal fourth quarter was $212.2 million, an increase of 17.0% compared to $181.3 million in the prior year period. The increase in the North America segment was 15.2% which was mainly driven by the Interfast acquisition. Wesco again demonstrated strong international growth during the quarter with revenues in the Rest of World segment increasing by 44.3% 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, the same proportions experienced in the fourth quarter last year.Net income for the fourth quarter of fiscal 2012 was $27.0 million, resulting in Diluted Earnings Per Share of $0.28. This compared to $18.0 million, or $0.19 per share in the prior year period. The increase in net income was due to higher sales, including the Interfast acquisition, a lower selling, general and administrative cost structure and a lower effective tax rate, partially offset by lower gross profit margins between the two periods. Adjusted EBITDA for the fourth quarter was $45.9 million as compared to $46.1 million in the fourth quarter of 2011. Adjusted Net Income was $27.4 million, resulting in Adjusted Diluted Earnings Per Share of $0.29, compared to $22.4 million, or $0.24 per share in the prior year period.