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

Santa Clarita CA
Today in
S.C.V. History
October 23
1888 - 8:15 a.m.: Newhall's luxurious Southern Hotel burns to the ground [story]

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.

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.


You can be the first one to leave a comment.

Leave a Comment

Bank Santa Clarita17.251  chart +0.00%
Biosolar Inc Com Usd0.0001(post0.0365  chart +2.82%
Sierra Bancorp27.62  chart -0.11%
Cu Bancorp (ca)37.50  chart +0.00%
Flex Ltd. - Ordinary Shares17.81  chart +0.17%
Mission Vly Bcp Ca14.20  chart +0.00%
Quest Diagnostics Incorporated95.51  chart +0.45%
Tejon Ranch Co19.21  chart -0.88%
Us Energy Initiative0.0006  chart -14.29%
Wesco Aircraft Holdings, Inc.9.40  chart -1.05%

Apple Inc.157.49  chart +0.79%
At&t Inc.35.425  chart -0.32%
Autonation, Inc.45.51  chart +0.02%
Best Buy Co., Inc.56.36  chart +0.95%
Big Lots, Inc.53.57  chart +2.00%
Barnes & Noble, Inc.7.20  chart -2.04%
Brady Corporation38.30  chart -0.26%
Boston Scientific Corporation29.75  chart +0.20%
Brookfield Asset Management Inc42.54  chart -0.82%
Cbre Group Inc Class A39.805  chart -1.08%
Carnival Corporation66.015  chart +0.20%
Comcast Corporation36.985  chart -0.63%
Costco Wholesale Corporation161.98  chart +0.75%
Curtiss-wright Corporation113.43  chart -0.57%
Cvs Health Corporation76.32  chart +0.43%
Cemex, S.a.b. De C.v. Sponsored8.155  chart +2.45%
D.r. Horton, Inc.43.13  chart +1.08%
Walt Disney Company (the)98.95  chart -0.45%
Edison International79.51  chart -0.11%
Hyatt Hotels Corporation Class 61.82  chart -0.05%
Home Depot, Inc. (the)165.32  chart +1.16%
Kb Home27.02  chart -0.11%
Kroger Company (the)21.535  chart +2.45%
Lennar Corporation Class A57.71  chart +0.37%
Laboratory Corporation Of Ameri151.96  chart +0.16%
Lowe's Companies, Inc.80.86  chart +1.02%
Mannkind Corporation3.9999  chart -2.68%
Marriott International115.04  chart +0.02%
Mcdonald's Corporation164.18  chart -1.27%
Mitsubishi Ufj Financial Group,6.52  chart +0.15%
Netflix, Inc.193.14  chart -0.53%
Office Depot, Inc.3.775  chart -0.13%
Rite Aid Corporation1.80  chart +1.12%
Rexford Industrial Realty, Inc.29.59  chart -1.07%
Regal Entertainment Group Class16.31  chart +0.12%
Ross Stores, Inc.64.85  chart +0.97%
Republic Services, Inc.64.2036  chart +0.02%
Starbucks Corporation54.60  chart +0.05%
Smart & Final Stores, Inc.7.00  chart +0.00%
Sears Holdings Corporation6.60  chart +0.76%
Six Flags Entertainment Corpora61.3075  chart +0.80%
Sonova N174.70  chart +1.69%
Staples, Inc.10.25  chart +0.10%
Sunpower Corporation7.04  chart +5.39%
Target Corporation63.235  chart +2.39%
Time Warner Cable Inc209.56  chart -0.21%
Ulta Beauty, Inc.204.13  chart -0.35%
Walgreens Boots Alliance, Inc.68.04  chart -0.03%
Waste Connections, Inc.70.66  chart +0.08%
Whole Foods Market, Inc.41.99  chart -100.00%
Waste Management, Inc.77.64  chart -0.12%
Wal-mart Stores, Inc.88.31  chart +0.99%
Woodward, Inc.81.04  chart -0.39%

Latest Additions to SCVNews.com
1888 - 8:15 a.m.: Newhall's luxurious Southern Hotel burns to the ground [story]
Bobbi Jean and her husband Jim Bell, whose OutWest clothing store and popular TV concert series celebrated all things Western and equestrian and helped revitalize Old Town Newhall over the past decade, will soon ride east into the sunrise: They’re moving to New Mexico.
OutWest Owners Jim and Bobbi Jean Bell Ride East Into the Sunrise
1898 - Birth of Mary S. Ruiz, eldest child of Enrique & Rosaria Ruiz of San Francisquito Canyon; all died in 1928 dam disaster [cemetery census]
2007 - Buckweed fire chars 38,000 acres, destroys 21 homes in Canyon Country and Agua Dulce [story]
Tonight on SCV NewsBreak, a sexual assault suspect was arrested Thursday night. Plus, some great weekend events. Watch these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Friday, October 20, 2017
Forever Fit SCV, a Santa Clarita sports and personal fitness training company, will host a "Pumpkin Workout" at its Centre Pointe location on Saturday, October 28, starting at 9 a.m.
Oct. 25: Pumpkin Workout Benefits American Cancer Society
The next regular meeting of the Governing Board of the William S. Hart Union High School District is set for Wednesday, Oct. 25 at 7 p.m.
Oct. 25: Hart School District Governing Board Meeting
The LA County Public Defender has won the Silver Eagle Award for its Public Defender Jail Liaison Program during the 31st Annual Productivity and Quality Awards Ceremony on Oct. 18 at the Dorothy Chandler Pavilion.
LA County Public Defender Soars with Silver Eagle Award
The Los Angeles County Health Officer has issued a heat alert as high temperatures have been forecast for the Los Angeles Basin on Monday, October 23 through Tuesday, October 24.
Heat Alert for SCV, L.A. County on Monday, Tuesday
The Academy Museum of Motion Pictures has received three major gifts toward the creation of the museum in Los Angeles, bringing fundraising to more than $300M, nearly 80 percent of its $388M campaign goal.
Motion Picture Museum Nears $388M Campaign Goal
Caltrans added nearly 1,200 lane miles of pavement repair and 66 bridges to its growing list of projects to be delivered sooner than planned, thanks to the imminent influx of revenue from the Road Repair and Accountability Act of 2017 (SB 1), the transportation funding and reform package passed in April.
Nearly $3.4 Billion in Transportation Projects to Be Accelerated
The city of Santa Clarita and SCV Veterans Memorial, Inc. invite the public to attend a special ceremony unveiling the new Fallen Warriors Monument at Veterans Historical Plaza in Newhall on Wednesday, November 8 starting at 10 a.m.
Nov. 8: City Unveils Fallen Warriors Monument in Newhall
Crime Prevention deputies from the Santa Clarita Valley Sheriff's Station along with Los Angeles County Probation Department officers conducted probation compliance searches Friday throughout the Santa Clarita Valley.
SCV Deputies Check Probationers, Aid in Domestic Violence Call
Here is the Santa Clarita Valley Sheriff Station's public safety report for Canyon Country (West), aka Zone 7, for October 2 through October 8, 2017
Crime Blotter: Robbery, Grand Theft in Canyon Country West
A suspect has been arrested in the investigation of an alleged sexual assault, according to Santa Clarita Valley Sheriff's Station officials.
Suspect Arrested in Alleged Sexual Assault
Motor vehicle collisions are the leading cause of death for teens in the United States and a concern the California Highway Patrol addresses with its "Start Smart" program.
CHP Helps New Drivers with ‘Start Smart’ Classes
The California High-Speed Rail Authority punted one of the most important decisions during its monthly meeting Thursday, stoking concerns the entity is not moving quickly enough on the $64 billion project.
California’s Bullet Train Board Delays Award of Key Contract
An extensive investigation by the county of Los Angeles Department of Consumer and Business Affairs in conjunction with the office of California Attorney General Xavier Becerra has resulted in a lawsuit announced today by the Attorney General against retailer Curacao.
AG Sues Retailer Curacao for Allegedly Preying on Consumers
1873 - Santa Barbara lawyers Charles Fernald and J.T. Richards purchase Rancho San Francisco for $33,000 (75 cents an acre) in a sheriff's sale [story]
CHESTERFIELD, MO — NewGround, a St. Louis-based experiential design-build firm, recently teamed up with Logix Federal Credit Union to work on a large scale facility project, a new corporate headquarters building for the full-service credit union in the Burbank, California area.
Valencia Will Soon be Home to Logix Federal Credit Union Headquarters
The CSUN women's volleyball team (10-9, 4-3 Big West) opens the second half of the Big West season this week as the Matadors head up the coast this week for road tests at No. 23 Cal Poly (17-2, 7-0 Big West) and UC Santa Barbara (4-15, 3-4 Big West). CSUN, coming off a tough five-set loss to Hawai'i at home, is 3-4 in seven road matches this season but has won two of three Big West road contests.
Matadors Volleyball Testing Their Skills on the Road
No. 5 College of the Canyons defeated L.A. Mission College 3-0 on Wednesday to earn its eighth consecutive match and fifth straight sweep. Set scores were 25-15, 25-11, and 25-20.
Cougars Volleyball Earns Fifth Straight Sweep
CSUN Women's Soccer (7-4-5, 3-1-1 BWC) looks to move up in the Big West standings this week as it hosts UC Irvine on Thursday at 7:00 p.m.
Matadors Get Ready for Big West Matchups
Behind Julio Rubio's goal in the 11th minute CSUN defeated UC Riverside 1-0 in Big West Conference men's soccer action Wednesday night.
Matadors’ Lone Goal Enough to Hold Off UC Riverside
Northridge, CA – CSUN Athletics officially opened its new satellite athletic training facility on Thursday at an event featuring Athletic Director Dr. Brandon Martin, Assistant Athletic Director for Sports Medicine/Head Athletic Trainer Steven Grech, student-athletes, coaches, staff and campus partners.
Matadors Student-Athletes Welcome New Training Facility
Want unique gifts and a shopping experience unlike any other?
Nov. 18-19: City’s Annual Two-Day Fine Craft Show
City officials gathered Wednesday for the Grand Opening of "Three Oaks," the first 100 percent affordable family development in Santa Clarita.
Affordable Housing Comes to Santa Clarita
The Gibbon Conservation Center will celebrate Halloween for the first time on Saturday, Oct. 28 from 10:00 a.m. - 1:00 p.m.
Oct. 28: Gibbon Conservation Center Celebrates First Halloween
California State University, Northridge is partnering with the California State University Entertainment Alliance to host a morning of workshops designed to offer students and members of the public advice on building successful careers in the entertainment industry.
Oct. 23: CSUN Workshop; Succeeding in Entertainment Industry
Spotlight Arts Center, a local non-profit that provides free performing and visual arts classes to children in the Santa Clarita Valley, will hold its Fall Festival, Sunday, Oct. 22 from 11:00 a.m. - 3:00 p.m.
Oct. 22: Fall Festival Spotlight Arts Center
The College of the Canyons Athletics department is inviting all players, coaches and cheerleaders associated with a Santa Clarita Valley youth sports league or cheer organization to attend Saturday's Cougar football game free of charge.
Oct. 21: SCV Youth Teams Invited to Free COC Football Game
College of the Canyons freshmen Joanna Roecker and Cassandra Lee both turned in scores of 79 to lead the Cougars to a second place team finish at the Western State Conference (WSC) event hosted by Glendale College at Brookside Golf Course on Monday.
COC Falls Short at WSC Glendale
Beginning Monday, October 23, 2017, the city of Santa Clarita will increase the frequency of street sweeping throughout all areas of the City.
Oct. 23: City Begins Increased Street Sweeping Frequency
In a battle for Western State Conference, East Division supremacy, it was College of the Canyons that came out on top Tuesday night, as the Cougars scored two second half goals to secure a 2-0 win against visiting Antelope Valley College. Justine Hoeft and Jennifer Roney collected goals for the Cougars (11-2, 2-0).
COC Secures Win Against AVC With Two Second-Half Goals
The upcoming 10-year anniversary of the Buckweed Fires offers Santa Clarita residents a reminder of the ever-present fire danger in Los Angeles County, as blazes ravage the northern half of the state, as well.
Officials Reflect on 10-Year Anniversary of Buckweed Fires