Mixed Quarter for WescoWednesday, July 31, 2013
Wesco Aircraft Holdings Inc. beat analyst estimates in revenue for the second quarter but fell short on earnings.
The Valencia aerospace parts supplier reported net income of $27 million (28 cents a share) for the quarter ending June 30 compared with $23 million (23 cents) in the same period a year earlier. Revenue increased 21 percent to $230 million.
Analysts had forecast revenue of $227 million and earnings per share of 31 cents for the second quarter, according to Thomson Financial Network.
The company saw good activity with new and existing customers in the regions that it serves, said President and Chief Executive Randy Snyder.
“We are growing our business and expanding our market share,” Snyder said in a prepared statement. “We had a number of significant contract awards during the quarter and are working on many new opportunities.”
Wesco forecasts full-year guidance of revenue in the range of $880 million to $900 million and earnings per share between $1.17 and $1.21.
Shares closed up 7 cents, or less than 1 percent, to $19.57 on the New York Stock Exchange.