Wesco Aircraft Holdings Inc. saw 7 percent growth in fiscal first quarter earnings, driven by strong sales of its aerospace equipment outside the United States.
The Valencia company, which went public in July, late Thursday reported net income of $23.2 million (24 cents a share) for the quarter ended Dec. 31, compared with $21.7 million (23 cents) in the same period a year earlier.
Revenue rose 11 percent to more than $192 million, with international sales up nearly 30 percent. Wesco is considered one of the world's largest distributors and providers of aircraft hardware, bearings, tools and more recently, electronic components and machined parts.
Excluding one-time items, the company earned 26 cents a share. Analysts surveyed by Thomson Reuters on average expected adjusted earnings of 23 cents on revenue of $178 million.
“Our ability to achieve double digit organic revenue growth in this environment is a reflection of the people, processes and systems we have developed and our commitment to delivering quality parts to our customers on-time,” said Chief Executive Randy Snyder in a statement.
Shares were down 70 cents, or 5 percent, to $14.37 in Friday midday trading on the New York Stock Exchange.
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