[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Sunny
Sunny
66°F
 
Calendar
Today in
S.C.V. History
December 15
1987 - Incorporation: Santa Clarita officially becomes a city [story]


wesco_logoValencia-based Wesco Aircraft Holdings, Inc., a leading provider of comprehensive supply chain management services to the global aerospace industry, today announced results for its fiscal fourth quarter and fiscal year end on September 30, 2013.

 

Highlights

  • Fourth quarter revenue of $234.3 million, up 10.5%, a record for the Company, as compared to the prior year period
  • Fourth quarter Net Income of $30.0 million, with Diluted Earnings Per Share (“EPS”) of $0.31, Adjusted Net Income of $31.7 million and Adjusted Diluted EPS of $0.33
  • Fiscal year 2013 revenue was $901.6 million, up 16.2% compared to $776.2 million in the prior year
  • Fiscal year 2013 Net Income of $104.8 million, Diluted EPS of $1.09, Adjusted Net Income of $116.5 million and Adjusted Diluted EPS of $1.22

Fiscal 2013 Fourth Quarter Results

Revenue for the fiscal fourth quarter was $234.3 million, a new Company record, showing an increase of 10.5% compared to $212.2 million in the prior year period. The increase in the North America segment was 9.8% over the prior year. Wesco again demonstrated strong international growth during the quarter with revenues in the Rest of World segment increasing by 22.7% compared to the prior year. In the fourth quarter, ad hoc, JIT and LTA sales as a percentage of net sales represented 39%, 28% and 33% of sales, respectively.

Net Income for the fourth quarter of fiscal 2013 was $30.0 million, resulting in Diluted EPS of $0.31. This compared to $27.0 million or $0.28 per share in the prior year period. The increase in Net Income was due to sustained growth in commercial activity in North America, rapid growth in Rest of World commercial sales and expansion of MRO sales. Adjusted EBITDA for the fourth quarter 2013 was $53.0 million, a 15.5% increase, compared to $45.9 million in the fourth quarter of 2012. Adjusted Net Income was $31.7 million, resulting in Adjusted Diluted EPS of $0.33, compared to $27.4 million, or $0.29 per share, in the prior year period.

Randy Snyder, Wesco Aircraft’s Chairman, President and Chief Executive Officer said, “Wesco Aircraft has again proven its ability to perform and grow as shown in our 2013 fiscal year performance. We are proud of our accomplishments this year. We have won significant business that will fuel our growth going forward. Our MRO business has made great progress and is beginning to penetrate a very promising aftermarket. We have continued to focus on expanding our relationships and market share through our commitment to customer service and quality. This commitment continues to drive Wesco Aircraft’s value proposition to our customers as we partner with them to lower cost and reduce their inventory by outsourcing the supply chain management of component parts, which has real value and flows to their bottom line. Through our focus, I am confident we will continue to create value for our customers and shareholders as we move ahead into our next fiscal year.”

 

Full Year Fiscal 2013

Revenue for the full year fiscal 2013 was $901.6 million, an increase of 16.2% compared to $776.2 million in 2012. During fiscal 2013, ad hoc, JIT and LTA sales as a percentage of net sales represented 40%, 27% and 33%, respectively, compared to 38%, 26% and 36%, respectively, for fiscal 2012.

Net Income for fiscal 2013 was $104.8 million, resulting in Diluted EPS of $1.09. This compared to $92.2 million or Diluted EPS of $0.96 in fiscal 2012. Adjusted EBITDA in fiscal 2013 was $197.9 million as compared to $172.7 million in fiscal year 2012. Adjusted Net Income was $116.5 million, resulting in Adjusted Diluted EPS of $1.22, a 23.2% increase, compared to $95.1 million, or $0.99 per share, in the prior year.

 

Financial Outlook

Based on our current outlook and strong momentum, Wesco Aircraft expects full year revenues for fiscal year 2014 of between $975 million to $1.01 billion, representing a growth rate of approximately 8.1% to 12.0% over 2013 results. We believe that this above market growth will be driven by strong demand and execution in the commercial OE and MRO segments, while military revenues remain relatively flat. Diluted EPS and Adjusted Diluted EPS are expected to be in the range of $1.25 to $1.31 and $1.31 to $1.37, respectively. These EPS estimates are based on estimated 2014 fiscal year averages of 95.4 million basic shares and 97.2 million diluted shares. The effective tax rate is expected to be approximately 34% to 35%.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
1987 - Incorporation: Santa Clarita officially becomes a city [story]
With an offense that challenged the program’s single-season goals record, The Master’s University women’s soccer team was almost almost never out of any game it played: The Mustangs were always within striking range.
Lady Mustangs Within Range of Directors’ Cup Top Spots
When Ed Jackiewicz met Tera Trujillo in spring 2015, she was studying at a desk she’d carried to the corner of the California State University, Northridge soccer field, in a “time out” of sorts, unable to practice because she’d just earned a D in an economics class.
CSUN’s “Under Armour Faculty” Promotes Academic Success in Student-Athletes
When Rafael Munoz recalls his time at the Layer 8 Computer Security Club at California State University, Northridge, he feels proud and thankful.
CSUN’s Tech Education Makes Top 10 List
The city of Santa Clarita Arts and Events division is currently seeking proposals for solo exhibits for 2018 in the gallery space at The MAIN, the City’s newest arts venue in Old Town Newhall.
City Seeking Artists for 2018 Solo Exhibits
NORTHRIDGE, Calif.---CSUN Men's Basketball returns to the road for the final time in the non-conference season this weekend.
CSUN to Face-Off Against Formal Rival Eastern Washington
Here is a list of Santa Clarita arts-related events for Friday:
Dec. 15: Santa Clarita Arts Calendar
This Friday and Saturday (Dec. 15-16), The Sharon Disney Lund School of Dance brings their annual Winter Dance Concert to the REDCAT stage.
Dec. 15, 16: Sharon Disney Lund School of Dance Concert at REDCAT
The William S. Hart Union High School District Governing Board has approved naming Dr. Collyn Nielsen as Chief Administrative Officer and Jan Hayes-Rennels as Director of Special Programs and Staff Development.
Hart Appoints Nielsen, Hayes-Rennels to District Office Positions
NORTHRIDGE, Calif. - The CSUN men's volleyball team was picked to finish third in the inaugural Big West Men's Volleyball Preseason Coaches Poll announced Thursday.
Big West Pre-Season Coaches Poll Puts Matadors Volleyball at No. 3
A 44-year-old transient was arrested by SCV Sheriff's Station deputies Wednesday afternoon after he allegedly tried to pick up his 8-year-old niece from a school in Santa Clarita.
Suspect Arrested in Attempted Kidnapping
It was a night to honor exceptional mentors at California State University, Northridge, but the five recipients of the 2017 Don Dorsey Excellence in Mentoring Awards just wanted to talk about their students.
CSUN Pays Tribute to Mentors Who Have Made a Difference
The words leapt right off the page and hung in the air, heavy, encircling the audience. Their creator stood, offering his gifts of verse — shared in a powerful baritone voice.
Literary Star Power Comes to CSUN
While critical fire conditions continue through Friday, the final numbers for the Rye Fire have been released.
Officials Release Final Numbers on Rye Fire
The William S. Hart Union High School District Governing Board held it’s annual reorganizational meeting Wednesday night, naming Steve Sturgeon as Board President.
Steve Sturgeon Named 2018 Hart Board President
Castaic Elementary School is collecting gently used children's clothing and toys for the victims of the Creek Fire in Sylmar.
Local School Collecting Clothes, Toys for Creek Fire Victims
Gusty Santa Ana winds fanned the Thomas Fire's eastern flank Thursday, prompting officials to call for mandatory evacuations for areas near Fillmore.
Officials Issue Evacuation Orders for Fillmore Residents
SACRAMENTO – California Attorney General Xavier Becerra issued the following statement in response to the Federal Communications Commission’s (FCC) decision to repeal net neutrality rules instituted in 2015. These rules protect consumers' access to online content without interference or manipulation by an internet service provider:
Becerra Condemns FCC’s Net Neutrality Ruling
Washington—Senator Dianne Feinstein (D-Calif.) released the following statement Thursday on the fifth anniversary of the Sandy Hook Elementary School shooting:
Feinstein Issues Statement on Five Year Anniversary of Sandy Hook
SACRAMENTO – California Attorney General Xavier Becerra today filed a lawsuit against the U.S. Department of Education and its Secretary, Betsy DeVos, for refusing to process debt relief claims submitted by tens of thousands of students who took out federal student loans to attend Corinthian Colleges, Inc. (Corinthian).
Becerra Lawsuit Alleges Devos, Education Department Refusing to Process Debt Relief Claims
CAL FIRE has released a statement on its Facebook page regarding the death of one of their own:
CAL FIRE Engineer Killed Battling Thomas Fire
1931 - Season's first major storm deposits 9 inches of snow in Newhall, 10 in Saugus [story]
The Sheriff’s Department and CHP will participate in a special year-end "Drive Sober or Get Pulled Over" enforcement campaign from December 15 through January 1.
LASD, CHP Join ‘Drive Sober or Get Pulled Over’ DUI Campaign
The Caribbean is back, better than ever, and Valencia-based Princess Cruises is offering the best fares of the season during the “Exclusively Caribbean Sale,” on 7-, 8-, 10-, 14-day sailings departing February through April 2018.
Princess Cruises ‘Exclusively Caribbean Sale’ Offers Season’s Best Fares
Designer and animator Jamie Tan (Film/Video BFA 15) started baking cakes and fancy French pastries as a meditative practice to help her balance the 20 credit semesters she was taking as a student at CalArts.
Jamie Tan on Art, Baking for Rojas’ ‘Theater of Disappearance’
CalArts School of Critical Studies faculty Janet Sarbanes recently received a grant from The Creative Capital | Andy Warhol Foundation Arts Writers Grant Program for her essay "Reframing the House of Dust: A Meditation in Many Parts."
CalArts’ Janet Sarbanes Wins Writers Grant from Creative Capital
Artist and CalArts alumna Carrie Mae Weems (Art BFA 81) concludes her year-long residency at New York’s Park Avenue Armory with a day-long convening of artists, writers, poets, musicians and social theorists on Sunday, Dec. 17.
Dec. 17: Weems Wraps Year-Long NYC Residency
Los Angeles County Registrar-Recorder/County Clerk Dean C. Logan was named winner of the 2017 Electoral Ergonomy Award at the International Electoral Awards on December 5 in Dead Sea, Jordan.
LA County Registrar-Clerk Wins International Electoral Award
The CSUN women's basketball team looks to extend its winning streak to four when the Matadors return home to face the Northern Arizona Lumberjacks on Monday, December 18.
Dec. 18: CSUN Women’s Basketball Team Goes for 4
Sport fishing permits for 2018 are now on sale from the California Department of Fish and Wildlife.
Sport Fishing Licenses for 2018 Now on Sale
The National Weather Service has issued a Red Flag Warning for the Santa Clarita Valley and other areas of Los Angeles, Ventura and Santa Barbara counties through Friday morning.
Critical Fire Conditions in SCV Though Friday
Steve Gerischer, proprietor of Larkspur Garden Design, will simplify the art of rose pruning and share tips on keeping your roses flourishing at the next installment of CSUN's CSUN-al Gardening series on Saturday, Jan. 13.
CSUN-al Gardening to Tackle the Prickly Topic of Pruning Roses
The Master’s University profiles 2017 men's basketball star Brock Gardner.
TMU Basketball’s Brock Gardner – Tough Decisions, Terrific Transfer
The list of Daktronics-NAIA Scholar-Athletes, released recently, was backloaded with four athletes from The Master’s University.
4 TMU Men’s Soccer Players Named NAIA Scholar-Athletes
During October, 15 junior high and high school campuses in Santa Clarita hosted a toiletries drive as part of their annual DFY in SCV community campaign.
DFY in SCV Students Help Others in Need