Wesco Meets Earnings Expectations

Wesco Aircraft Holdings Inc. matched Wall Street expectation on earnings but fell considerably short on revenue in the fourth quarter. The Valencia aerospace parts supplier reported adjusted net income of $29.9 million (30 cents a share) for the quarter ending Sept. 30, compared with net income of $26.5 million (27 cents) in the same period a year earlier. Revenue decreased 1 percent to $365.6 million. Analysts on average expected earnings of 30 cents on revenue of $391 million, according to Thomson Financial Network. Chief Executive Dave Castagnola called the fourth quarter results a solid finish to the fiscal year. “We booked new business and expanded the scope of work with customers in the fourth quarter of fiscal 2016 at a sustained pace, setting us on a path for sales growth in fiscal 2017,” Castagnola said in a prepared statement. Shares closed up 5 cents, or less than a percent, to $14.45 on the New York Stock Exchange.