11/24/2014 11:44:00 AM
NEWS BRIEFS
Wesco Aircraft Reports Organic Growth; CFO Retires

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Aerospace fastener supplier Wesco Aircraft announced CFO Gregory A. Hann intends to retire on March 31, 2015.

Hann will serve as a consultant to the company for one year after he retires.

Hann has served as executive VP and CFO since joining Wesco Aircraft in 2009. During his tenure, net sales more than doubled to $1.4 billion. Wesco Aircraft also completed the acquisition of Haas Group in fiscal 2014, the largest acquisition in company history.

CEO Randy Snyder noted Hann provided financial leadership through the company’s IPO, several debt refinancing transactions and acquisitions. 

“Greg has been a valuable member of the Wesco Aircraft leadership team and leaves the company in a strong financial position,” Snyder stated.

Wesco Aircraft also announced the results of its fiscal fourth quarter and year ended Sept. 30.

Fiscal Q4 sales rose 74% to $408.2 million. External sales in North America increased 72%, while Rest of World external sales jumped 83%. The sales increase in both segments was driven mainly by the Haas acquisition and new contract wins.

Organic sales (excluding the February 2014 acquisition of Haas Group) increased 10%, with North American sales up 11% and Rest of World sales up 7%. 

Q4 net income fell 17% to $24.6 million, or $0.25 per diluted share, due to lower operating margins and higher interest expense as a result of the Haas acquisition financing, partially offset by growth in sales. 

Full-year sales increased 50% to $1.35 billion. Ad hoc and contract sales as a percentage of total net sales represented 28% and 72%, respectively. This compares to 40% and 60%, respectively, in fiscal 2013.

Adjusted net income increased 3.6% to $120.7 million, or $1.24 per diluted share. Adjusted EBITDA in fiscal 2014 was $220.2 million compared to $197.9 million in fiscal 2013.

Southern California-based Wesco Aircraft manages aerospace supply chains, with over 525,000 parts, including nuts, bolts, bushings, clamps, collars, pins, screws and washers. The company has more than 2,600 employees across 43 locations in 13 countries.

For more on Wesco Aircraft, visit the FIN Stock Review section on GlobalFastenerNews.com.

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Related Links:

• Wesco Aircraft