Wesco Results: Better Than Expected

Wesco Aircraft Holdings Inc. beat Wall Street expectations on earnings but fell a bit short on revenues. The Valencia aerospace parts supplier on Thursday reported fiscal second quarter adjusted earnings equal to 29 cents a shares. Analysts on average expected income of 27 cents a share, according to Thomson Financial Network. Wesco’s net income was $23.5 million (24 cents a share) in the quarter ended March 31, compared to $23 million (24 cents) in the same period a year earlier. Revenue decreased 2.3 percent to $376.7 million. Analysts were looking for revenue of $379.2 million. Chief Executive Dave Castagnola said the company focused during the quarter on growing sales and achieved that with renewing long-term contracts and signing new business. “These wins are expected to drive incremental sales growth in the second half of fiscal 2016 and into fiscal 2017 and 2018,” Castagnola said in a prepared statement. Shares on Friday closed down 4 cents, or less than a percent, to $14.29 on the New York Stock Exchange.