Wesco Aircraft Holdings Inc. fell short of Wall Street expectations for revenue and net earnings in the fiscal fourth quarter.
The Valencia aerospace parts supplier reported a net loss of $214 million (-$2.21 a share) for the quarter ended Sept. 30, compared with net income of $24.6 million (25 cents) in the same period a year earlier. Revenue decreased 9 percent to $370 million.
Analysts on average expected net income of 27 cents a share on revenue of $392 million, according to Thomson Financial Network.
Adjusted for unusual or non-recurring items net income was $26.5 million, or 27 cents a share. Contributing to the $366 million adjustment were reducing the value of inventory, impairment of goodwill and restructuring and other costs, including employee cuts and consolidation of facilities.
Chief Executive Dave Castagnola said the fourth quarter results reflect an end of a transitional period for Wesco as the company took steps to stabilize and improve future performance.
“We steadied sales and costs sequentially in the fourth quarter and aligned the company around our market growth channels,” Castagnola said in a prepared statement. “We see these changes as driving increased business and an improved outlook for fiscal 2016.”
Shares closed up 2 cents, or a fraction of a percent, to $11.46 on the New York Stock Exchange.