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November 8
1977 - Castaic residents vote 168-54 to withdraw 7th-8th grades from Hart District, making CUSD K-8 [story]
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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%.

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