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Thursday, Jun 1, 2023

Earnings Roundup: Wesco, Mission Valley

Wesco Aircraft Holdings Inc. reported fiscal fourth quarter results on Thursday that nearly met analysts’ estimates. The Valencia aerospace parts supplier posted net income of $30 million (31 cents a share) for the quarter ended Sept. 30, compared with $27 million (28 cents) in the same period a year earlier. Revenue increased 10.5 percent to $234 million. Analyst expected net income of 32 cents on revenue of $234 million, according to Thomson Financial Network. Shares closed up 72 cents, or 3.65 percent, to $20.46 on the New York Stock Exchange. Mission Valley Bancorp reported on Thursday strong earnings for the third quarter. The Sun Valley holding company, which operates Mission Valley Bank, posted net income of $1.2 million in the quarter ended Sept. 30, compared with $463,000 in the same period a year earlier. Assets rose 9.3 percent to $269 million from a year earlier. Deposits rose 13 percent to $230 million. Contributing to the third quarter earnings were growth in specialized lending and merchant bankcard processing, and streamlining operations, said Tamara Gurney, president and chief executive of Mission Valley. “We continue to see positive indicators throughout the business communities we serve,” Gurney said in a prepared statement. Shares closed up 35 cents, or 5.8 percent, to $6.35 in over-the-counter trading.

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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