Wesco Aircraft Holdings Inc. beat Wall Street estimates on adjusted earnings and revenue in the fiscal first quarter.
The Valencia aircraft parts supplier reported on Thursday an adjusted net income of $14.5 million (15 cents a share) on revenue of $363 million for the quarter ending Dec. 31. That compares to adjusted net income of $18.5 million (19 cents) in the same period a year earlier.
Analysts on average expected earnings of 13 cents on revenue of $347 million, according to Thomson Financial Network.
Chief Executive Todd Renehan said the results reflect improved sales that he attributed to new business and higher volumes in hardware and chemical contracts.
“While our fiscal 2018 first quarter results are promising, more work is needed to sustain and further improve our performance,” Renehan said in a prepared statement.
Results were released after the market closed. Wesco (WAIR) closed up 5 cents, or less than 1 percent, to $6.55 on the New York Stock Exchange.