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Wesco Completes Strong Fiscal 2011

Costs associated with becoming a public company and an equity incentive program contributed to Wesco Aircraft Holdings Inc. having lower net income in the fourth quarter when compared to a year ago. The Valencia-based aircraft parts distributor went public in July, raising $315 million in its initial public offering. Selling public shares was part of the exit strategy of its owner, private equity firm The Carlyle Group. Wesco reported net income of $18 million, or $0.19 per diluted share, on revenues of $181.3 million for the quarter ending Sept. 30. For the same period in 2010, the company had a net income of $20 million, or $0.22 per diluted share, on revenues of $174 million. For the full fiscal year ending Sept. 30, Wesco had net income of $75.6 million, or $0.81 per diluted share, on revenues of $710.9 million. For the previous fiscal year, the company had net income of $73.7 million, or $0.81 per diluted share, on revenues of $656 million. The strong performance for the fiscal year resulted in Wesco forecasting revenues between $760 million and $785 million for fiscal 2012. Remaining focused on supporting the customers and fulfilling new contracts generated strong revenues, said Wesco Chairman, President and CEO Randy Snyder. “Our ability to grow in a challenging economic environment highlights the effectiveness of our business model, the passion of our employees, and our commitment to deliver on the promises we make to our customers,” Snyder said in a prepared statement.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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