Wesco Aircraft Holdings Inc. missed Wall Street estimates on adjusted earnings and revenue for the fiscal fourth quarter.
The Valencia aerospace parts supplier reported on Tuesday adjusted net income of $8.4 million (8 cents a share) on revenue of $362 million in the quarter ended Sept. 30. That compares to adjusted net income of $29.9 million (30 cents) in the same period a year earlier.
Analysts on average expected earnings of 18 cents on revenue of $363 million, according to Thomson Financial Network.
Chief Executive Todd Renehan admitted that the results were not satisfactory as they did not reflect changes made, including better on-time delivery rates and reduction of back-office expenses late in the quarter.
“We believe we have stabilized our business from an operational perspective as a result of the progress made executing our improvement plan initiatives,” Renehan said in a prepared statement. “We are now focused on optimizing our cost structure and positioning our business for the long term.”
Shares in Wesco (WAIR) closed Tuesday down 10 cents, or just more than 1 percent, to $7.70 on the New York Stock Exchange.