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Wesco Misses on Revenue, Income

Wesco Aircraft Holdings Inc. missed analyst estimates on earnings and revenue in the fiscal third quarter due to foreign currency exchange rates and a contract that ended in the spring. The Valencia aerospace parts supplier reported net income of $16.5 million (17 cents a share) for the quarter ended June 30, compared with net income of $28.8 million (29 cents) in the same period a year earlier. Revenue decreased 7 percent to $369 million. Analysts on average expected net income of 30 cents a share on revenue of $387 million, according to Thomson Financial Network. Wesco Chief Executive Dave Castagnola said the company was working to improve sales through new business wins and expanding sales to existing customers. “We are aligning sales resources around programs and channels that are expected to drive our growth, better capture synergies in our combined offering and improve our overall performance,” Castagnola said in a prepared statement. Shares closed down 8 cents, or less than 1 percent, to $14.29 on the New York Stock Exchange.

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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