November 21, 2014
Wesco Aircraft Holdings reports results for fiscal 2014 fourth quarter
Wescos Aircraft’s net sales in the fiscal 2014 fourth quarter were US$408.2m an increase of 74% compared to US$234.3m in the prior year period. External sales in the North America segment increased 72%, while Rest of World external sales increased 83%, in each case, compared to the fiscal 2013 fourth quarter. The external sales increase in both segments was driven mainly by the Haas acquisition, as well as growth across the company’s customer base resulting from the continued ramp-up of recently awarded contracts, scope expansion on existing contracts, and new contract wins. Wesco Aircraft’s organic sales (excluding the February 2014 acquisition of Haas Group) increased approximately 10% in the fiscal 2014 fourth quarter compared to the prior year period. Organic sales in the North America and Rest of World segments increased 11% and 7%, respectively, over the same periods. Net income in the fiscal 2014 fourth quarter was US$24.6m Adjusted net income was US$29.7m compared to US$31.7m in the same period last year. The decrease was primarily due to lower operating margins and higher interest expense as a result of the Haas acquisition financing, partially offset by growth in sales. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the fiscal 2014 fourth quarter were US$58.0m, compared to US$53.0mfor the same period last year.