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Thursday, Jun 8, 2023

Domestic Sales Propel Wesco Earnings

Wesco Aircraft Holdings Inc. beat analysts’ profit and revenue estimates in the fiscal second quarter, helped by strong domestic sales. The Valencia supply chain manager for the aerospace industry reported net income of $29.4 million (31 cents a share) for the quarter ended March 31, compared with $19.7 million (21 cents) in the same period a year earlier. Revenue increased 24 percent to $226 million. Analysts forecast net income of 27 cents on revenue of $214 million, according to Thomson Financial Network. “Our first half of the year results were very strong relative to last year, and we are ahead of our expectations as well,” said Wesco Chairman and Chief Executive Randy Snyder. “In addition, we continue to experience high levels of activity in bookings, scope additions to our existing contracts and contract signings with new customers.” Based on its performance, Wesco updated its full-year earnings-per-share guidance to $1.17 to $1.21 on revenue of $880 million to $900 million. Its old guidance had been earnings of $1.14 to $1.19 on revenue of $865 to $890 million. Shares closed up 3 cents, or a fraction of a percent, to $14.78 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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