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 fourth quarter and fiscal year end on September 30, 2013.
- Fourth quarter revenue of $234.3 million, up 10.5%, a record for the Company, as compared to the prior year period
- Fourth quarter Net Income of $30.0 million, with Diluted Earnings Per Share (“EPS”) of $0.31, Adjusted Net Income of $31.7 million and Adjusted Diluted EPS of $0.33
- Fiscal year 2013 revenue was $901.6 million, up 16.2% compared to $776.2 million in the prior year
- Fiscal year 2013 Net Income of $104.8 million, Diluted EPS of $1.09, Adjusted Net Income of $116.5 million and Adjusted Diluted EPS of $1.22
Fiscal 2013 Fourth Quarter Results
Revenue for the fiscal fourth quarter was $234.3 million, a new Company record, showing an increase of 10.5% compared to $212.2 million in the prior year period. The increase in the North America segment was 9.8% over the prior year. Wesco again demonstrated strong international growth during the quarter with revenues in the Rest of World segment increasing by 22.7% compared to the prior year. In the fourth quarter, ad hoc, JIT and LTA sales as a percentage of net sales represented 39%, 28% and 33% of sales, respectively.Net Income for the fourth quarter of fiscal 2013 was $30.0 million, resulting in Diluted EPS of $0.31. This compared to $27.0 million or $0.28 per share in the prior year period. The increase in Net Income was due to sustained growth in commercial activity in North America, rapid growth in Rest of World commercial sales and expansion of MRO sales. Adjusted EBITDA for the fourth quarter 2013 was $53.0 million, a 15.5% increase, compared to $45.9 million in the fourth quarter of 2012. Adjusted Net Income was $31.7 million, resulting in Adjusted Diluted EPS of $0.33, compared to $27.4 million, or $0.29 per share, in the prior year period.