8/6/2012 2:02:00 PM
HEADLINES
STOCKS: Wesco Aircraft Reports Sales and Profit Growth
Wesco Aircraft Holdings reported revenue grew 5.2% to $189.3 million in its fiscal third quarter ended June 30, 2012, driven by a 34.5% increase in international sales. Fiscal Q3 net income increased 59% to $22.3 million.
“We have continued to increase the scope of our contracts with our valued customers and have also started to see the positive impact of our efforts to work through excess customer-owned inventory on some of our newer contracts,” stated CEO Randy Snyder.
Nine-month revenue gained 6.5% to $564 million, with net income improving 13% to 465.2 million.
On July 3, Wesco completed its acquisition of fastener distributor Interfast Inc. for CDN$134 million. In conjunction with the acquisition, Wesco named former Interfast President Peter Oleck as VP – Airlines and MRO.
Wesco reiterated its previous guidance for full year fiscal 2012 revenues of between $740-760 million, representing a growth rate of approximately 4-7% over 2011 results. ©2012 GlobalFastenerNews.com
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