Wesco Aircraft Holdings Inc. missed Wall Street estimates on earnings and revenue for the fiscal second quarter.
The Valencia aerospace parts supplier reported net income of $17.4 million (18 cents a share) for the quarter ending March 31. That’s down from net income of $23.5 million (24 cents a shares) in the same period a year earlier. Revenue was $365 million.
Analysts on average expected earnings of 24 cents on revenue of $371 million, according to Thomson Financial Network.
Chief Executive Todd Renehan conceded that Wesco’s financial performance has fallen short of expectations in the first half of the fiscal year. The company has its “customer-first” focus which has muted the pace of new business and contributed to the decline in ad-hoc sales, he added.
“Going forward, we will renew our commitment to superior customer service and operational execution to deliver better performance,” Renehan said in a prepared statement. “We also are strengthening our financial planning and analysis function and process so that we can deliver more predictable results and set appropriate expectations.”
Earnings were announced on Tuesday. Shares closed down Wednesday at 80 cents, or more than 8 percent, to $8.35 on the New York Stock Exchange.