Wesco Falls Short in QuarterTuesday, February 7, 2017
Wesco Aircraft Holdings Inc. missed analyst expectations on earnings and revenue for the fiscal first quarter.
The Valencia aerospace parts supplier reported on Tuesday adjusted net income of $18.5 million (19 cents a share) on revenue of $339 million in the quarter ended Dec. 31. That compares to adjusted net income of $24.2 million (25 cents) in the same period a year earlier.
Analysts on average expected earnings of 25 cents on revenue of $359 million, according to Thomson Financial Network.
Chief Executive Dave Castagnola said the first quarter earnings were affected by foreign currency translation, production schedule revisions made by a major commercial customer and disruptions to customer consumption patterns due to site closures and operational changes.
“The challenges created by these events were partially offset by sales realized from recent new business wins,” Castagnola said in a prepared statement.
Shares closed down 5 cents, or a fraction of a percent, to $15 on the New York Stock Exchange.