80.3 F
San Fernando
Monday, Dec 4, 2023

Wesco Reports Mixed Quarter

Wesco Aircraft Holdings Inc. reported mixed second-quarter results on Tuesday as contract growth and an acquisition boosted revenue, while profits fell short of analysts’ estimates. The Santa Clarita aircraft parts and logistics services supplier reported net income of $24.3 million (25 cents a share) for the quarter ended March 31, compared with $29.4 million (31 cents) in the same period a year earlier. Revenue increased 45 percent to $327 million. Analysts on average expected net income of 33 cents on revenue of $282 million, according to Thomson Financial Network. Contributing to the revenue increase were new contracts, ramping up of recently awarded contracts and the expanding scope on existing contracts. Also contributing was Haas Group Inc., a supply-chain management firm in West Chester, Pa., which was acquired for $550 million. “These activities add to our confidence for the rest of the year and fuels our optimism for the future,” said Chairman and Chief Executive Randy Snyder, in a prepared statement. Shares closed down 16 cents, or less than 1 percent, to $20.84 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.

Featured Articles

Related Articles