A reduction in interest expense and a lower tax rate contributed to an increase in net income in the third quarter for Wesco Aircraft Holdings Inc. when compared to the same period a year ago.
The Valencia-based distributor of aircraft parts reported net income of $22.3 million, or $0.23 per diluted share, on revenue of $189.3 million for the quarter ending June 30. That is a 59 percent increase from the $14 million, or $0.15 per diluted share, on revenue of $180 million.
The company had strong international sales during the quarter with a 34.5 percent increase in revenue compared to the same period a year ago.
“We are pleased with our performance during the past quarter as we have continued to increase the scope of our contracts with our valued customers and have also started to see the positive impact of our efforts to work through excess customer-owned inventory on some of our newer contracts,” Wesco Chairman, President and CEO Randy Snyder said in a prepared statement.
During the quarter, Wesco announced its acquisition of Interfast Inc., a Toronto based distributor of specialty fasteners, fastening systems and production installation tooling. Buying Interfast allows for Wesco to supply to the aircraft maintenance and repair market.
The Interfast acquisition closed on July 3.
Mark R. Madler