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Thursday, Jun 8, 2023

Acquisition, International Sales Boost Wesco

Aircraft parts distributor Wesco Aircraft Holdings Inc. beat analyst expectations in its fiscal fourth quarter, helped by an acquisition and strong international sales. The Valencia company reported net income of $27 million (28 cents a share) for the quarter ending Sept. 30, compared with $18 million (19 cents) in the same period a year earlier. Revenue increased 17 percent to $212 million. Analyst estimates were for earnings of 24 cents a share on revenue of $202 million, according to Thomson Financial Network. During the quarter, Wesco closed on its $130 million acquisition of Interfast Inc., a Canadian distributor of fasteners products and production tooling for the aerospace, electronics and general industrial markets. Integrating Interfast into Wesco’s operations is ahead of expectations, said Chairman and Chief Executive Randy Snyder. “We are already gaining some of the anticipated benefits, including expanded customer relationships and more effective purchasing,” he said, in a prepared statement. International sales increased by 44 percent during the fourth quarter when compared to a year earlier. For the full fiscal year, Wesco reported net income of $92.2 million (96 cents a share), compared with $75.6 million (81 cents) for the same period a year earlier. Revenue increased 9.2 percent to $776 million.

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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