Wesco Aircraft Q3 Profit Rises, But Misses View - Update

(RTTNews) - Aerospace-parts supplier Wesco Aircraft Holdings Inc. (WAIR), Monday reported an increase in profit for the third quarter, as revenues surged 72 percent. However, both earnings and revenues for the quarter fell short of analysts' expectations. Moving ahead, the company lowered its earnings outlook for the full year 2014.

Valencia, California-based Wesco Aircraft said its third-quarter profit rose to $28.8 million or $0.29 per share from $27.0 million or $0.28 per share last year.

Excluding one-time items, adjusted earnings for the quarter rose to $33.0 million or $0.34 per share from $29.5 million or $0.31 per share a year ago. On average, nine analysts polled by Thomson Reuters estimated earnings of $0.37 per share for the quarter. Analysts' estimates typically exclude special items.

Wesco's revenues for the third quarter surged 72 percent to $395.63 million from $230.24 million a year ago. Analysts had a consensus revenue estimate of $405.82 million for the quarter.

The company said external sales in the North America and Rest of World segments, each increased by 72 percent, driven mainly by the Haas acquisition, growth across customer base, scope expansion on existing contracts, and new contract wins.

Looking forward to fiscal year 2014, the company now expect earnings of $1.12 to $1.15 per share and adjusted earnings of $1.30 to $1.33 per share. Analysts currently expect earnings of $1.35 per share. Previously, the company expected adjusted earnings of $1.33 to $1.38 per share.

Wesco now expect full-year revenues of $1.35 billion to $1.38 billion, compared to its prior estimate of $1.33 billion to $1.38 billion. Analysts currently expect revenues of $1.37 billion for the year.

WAIR closed Monday's trading at $19.01, up $0.07 or 0.37%, on the Nasdaq. The stock, however, dropped $0.51 or 2.68% in after-hours trade.