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wesco_logoValencia aerospace service provider Wesco Aircraft posted third-quarter profits of 17 cents per share (adjusted, 22 cents) on sales of $368.7 million, missing analysts’ expectations of 30 cents and $383.6 million.

 

 

[Aug. 6, 2015] – Wesco Aircraft Holdings Inc., a leading provider of comprehensive supply chain management services to the global aerospace industry, announced results for its fiscal 2015 third quarter ended June 30, 2015.

Fiscal 2015 Third Quarter Highlights

  • Net sales were $368.7 million, a decrease of seven percent compared to the third quarter of fiscal 2014.
  • Organic sales fell four percent, adjusted for the impact of foreign currency movements.
  • Diluted earnings per share were $0.17 compared to $0.29 in the fiscal 2014 third quarter; adjusted diluted earnings per share were $0.22, compared to $0.34 in the fiscal 2014 third quarter.
  • Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $42.6 million, compared to $63.2 million in the third quarter of fiscal 2014.
  • Free cash flow was $32.6 million, compared to $31.4 million in the fiscal 2014 third quarter.

Fiscal 2015 Third Quarter Results

Net sales in the fiscal 2015 third quarter were $368.7 million, compared to $395.6 million in the prior-year period. Organic sales adjusted for the impact of foreign currency movements decreased four percent in the fiscal 2015 third quarter compared to the prior-year period. The decrease in adjusted organic sales was primarily due to a large commercial hardware contract that concluded on March 31, 2015, as previously disclosed.

Net income in the fiscal 2015 third quarter was $16.5 million, or $0.17 per diluted share. Adjusted net income was $21.3 million, or $0.22 per diluted share, compared to $33.0 million, or $0.34 per diluted share in the same period last year. The change primarily reflects the decline in adjusted organic sales and higher selling, general and administrative expenses. In addition, other expense, net increased by $4.0 million due to realized and unrealized foreign exchange losses associated with certain transactions.

Dave Castagnola, president and chief executive officer, said, “The decline in sales is almost entirely due to the large commercial contract we had previously identified and the impact of currency. We are working on opportunities to improve sales growth through new business wins and expanding scope with existing customers. We are aligning sales resources around programs and channels that are expected to drive our growth, better capture synergies in our combined offering and improve our overall performance.”

Castagnola continued, “As we work through this period of transition, we are addressing higher selling, general and administrative costs through an acceleration of the integration of Haas and Wesco. We are sizing our business according to current sales levels and aligning our structure to support activities in the future. We are taking specific actions starting in our fiscal 2015 fourth quarter, which we believe will deliver greater stability and set a foundation for sustained results in fiscal 2016 and beyond. Cash flow remains strong; we will continue to be prudent in how we invest that cash as we implement our plans.”

Fiscal 2015 Year-to-Date Results

Net sales in the first nine months of fiscal 2015 were $1.1 billion, an increase of 19 percent compared to $947.7 million in the prior-year period. The net sales increase was driven primarily by the Haas acquisition.

Wesco Aircraft’s organic sales (excluding the Haas acquisition) decreased seven percent in the fiscal 2015 year-to-date period, compared to the same period last year. Net sales in the first nine months of fiscal 2014 also included a $26.4 million one-time pull-forward sale related to the contract with the large commercial customer discussed above, as well as a $6.4 million settlement related to the termination of a separate contract. Additionally, foreign currency movements negatively impacted sales in the first nine months of fiscal 2015 by two percent. Excluding these factors, organic sales were down one percent.

Net income in the first nine months of fiscal 2015 was $59.3 million, or $0.61 per diluted share. Adjusted net income in the fiscal 2015 year-to-date period was $74.1 million, or $0.76 per diluted share, compared to $90.9 million, or $0.93 per diluted share in the same period last year.

Adjusted EBITDA in the first nine months of fiscal 2015 was $146.2 million, compared to $162.1 million in the first nine months of fiscal 2014.

Conference Call Information

Wesco Aircraft will hold a conference call to discuss its fiscal 2015 third quarter results at 2:00 P.M. PDT (5:00 P.M. EDT) today, August 6, 2015. The conference call can be accessed by dialing 888-771-4371 (domestic) or 847-585-4405 (international) and entering passcode 40304776.

The conference call will be simultaneously broadcast on Wesco Aircraft’s Investor Relations website (http://ir.wescoair.com).

Following the live webcast, a replay will be available on the company’s website for one year. A telephonic replay also will be available approximately two hours after the conference call and may be accessed by dialing 888-843-7419 (domestic) or 630-652-3042 (international) and entering passcode 40304776. The telephonic replay will be available until August 13, 2015 at 11:59 P.M. PDT.

Wesco Aircraft is one of the world’s largest distributors and providers of comprehensive supply chain management services to the global aerospace industry. The company’s services range from traditional distribution to the management of supplier relationships, quality assurance, kitting, just-in-time delivery and point-of-use inventory management. The company believes it offers one of the world’s broadest inventories of aerospace products, comprised of more than 600,000 active SKUs, including hardware, bearings, tools, electronic components, machined parts and chemicals. Wesco Aircraft has more than 2,700 employees across 86 locations in 19 countries.

To learn more about Wesco Aircraft, visit our website at www.wescoair.com. Follow Wesco Aircraft on LinkedIn at https://www.linkedin.com/company/wesco-aircraft-corp.

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