Wesco Aircraft Holdings Inc. narrowly beat analyst expectations on adjusted earnings but fell short on matching revenue in the fiscal first quarter, it was announced Thursday.
The Valencia aerospace parts supplier reported net income of $20.6 million (21 cents a share) for the quarter ended Dec. 31, compared with net income of $19.7 million (20 cents) in the same period a year earlier. Adjusted earnings per share were 25 cents. Revenue decreased 4 percent to $360 million.
Analysts on average expected net income of 24 cents a share on revenue of $366 million, according to Thomson Financial Network.
Wesco Chief Executive Dave Castagnola attributed Wesco’s revenue decline to a large commercial contract ending and to currency rate movements.
Sales activities for the company include renewing long-term contracts with more opportunities in the pipeline, he added.
“While these wins are primarily expected to benefit fiscal 2017 and 2018, they also are a key part of our sales growth strategy in fiscal 2016,” Castagnola said in a prepared statement.
Shares closed up 17 cents, or 1.5 percent, to $11.16 on the New York Stock Exchange.