This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wesco Aircraft Holdings Reports Results For Fiscal Third Quarter 2013

Wesco Aircraft Holdings, Inc. (“Wesco Aircraft” or the “Company”) (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, 2013.

Highlights

  • Record revenue for the quarter of $230.2 million, up 21.6% compared to the prior year, including organic growth of 14%
  • Net Income of $27.0 million, with Diluted Earnings Per Share (“EPS”) of $0.28
  • Adjusted Net Income of $29.5 million, up 30.6% compared to the prior year, with Adjusted Diluted EPS of $0.31
  • Full year 2013 guidance unchanged for revenue of $880.0 million to $900.0 million and Adjusted Diluted EPS of $1.17 to $1.21, with revenue now expected to be at the higher end of the range

Fiscal 2013 Third Quarter Results

Revenue for the third fiscal quarter was $230.2 million, an increase of 21.6% compared to $189.3 million in the prior year period. Organic growth was approximately 14% as compared to the prior year period. The increase in the North America segment’s external sales was 20.1%, which was mainly driven by growth across the Company’s customer base. Wesco Aircraft continues to demonstrate strong international growth with external sales in the Rest of World segment increasing by 27.3% this quarter when compared to the prior year period. In the third quarter, Ad hoc, JIT and LTA sales as a percentage of net sales represented 40%, 27% and 33%, respectively, compared to 39%, 24% and 37%, respectively, for the same period last year.

Net Income for the third quarter was $27.0 million, resulting in Diluted EPS of $0.28. This compares to $22.3 million or $0.23 in Diluted EPS in the prior year period. Adjusted Net Income was $29.5 million and Adjusted Diluted EPS was $0.31 in the third quarter of 2013 as compared to $22.6 million or $0.24 per share in the prior year period. The increases in Diluted EPS and Adjusted Diluted EPS were primarily the result of higher sales partially offset by selling, general and administrative expenses. Adjusted EBITDA for the period was $49.7 million as compared to $41.1 million for the same period in 2012.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs