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Monday, May 27, 2024

Wesco’s Quarter Disappoints Analysts

Wesco Aircraft Holdings Inc. missed on Wall Street expectations on adjusted earnings and revenue in what may be its final quarter as a public company. The Valencia aerospace parts and supply chain services provider reported adjusted net income of $10.7 million (11 cents a share) for the fiscal fourth quarter ending Sept. 30, compared with adjusted net income of $18.2 million (18 cents) in the same period a year earlier. Revenue increased 6 percent to $432 million. Analysts on average expected earnings of 23 cents on revenue of $436 million, according to Thomson Financial Network. During the quarter, Wesco announced it was being acquired by private equity firm Platinum Equity in a deal valued at $1.9 billion. Wesco will be combined with Pattonair, a Platinum Equity-owned supply chain management services company based in the United Kingdom. The transaction was expected to close by the end of the year but that may be delayed as the United Kingdom Competition and Markets Authority has until early January to finalize its investigation of whether the deal meets regulatory approvals. Wesco (WAIR) released the earnings on Monday. On Tuesday, its shares closed unchanged at $10.97 on the New York Stock Exchange.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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