Wesco Aircraft Falls On Expenses, Meets Street; Lifts FY Outlook

(RTTNews) - Wesco Aircraft Holdings Inc (WAIR) Tuesday reported first-quarter net earnings of $24.3 million or $0.25 per share compared with $29.4 million or $0.31 per share last year.

Excluding items, adjusted earnings for the quarter were $32 million or $0.33 per share compared with $31.2 million or $0.33 per share a year ago.

Revenues for the quarter were up 45% at $327.4 million compared with $225.9 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.33 per share on revenues of $281.7 million for the quarter. Analysts' estimates typically exclude special items.

The bottomline was mostly impacted by selling and other expenses that climbed to $56.6 million from $34.9 million last year.

Looking ahead to fiscal year 2014, the company raised its guidance and now expects adjusted earnings of $1.33 to $1.38 per share on revenues of $1.33 billion to $1.38 billion. It earlier expected earnings of $1.31 to $1.37 per share on revenues of $975 million to $1.01 billion.

Analysts expect earnings of $1.36 per share on revenues of $1.33 billion for the year.

Valencia, California-based Wesco Aircraft provides supply chain management services to the aerospace industry.