Wesco Aircraft Holdings, Inc., the Valencia-based provider of supply chain management services to the global aerospace industry, reported results for its fiscal 2016 fourth quarter ended September 30, 2016. Net sales were $365.6 million, down from $369.7 million in the prior-year fourth quarter. Gross profit was $95.5 million, compared with $6.1 million in the fiscal 2015 fourth quarter, reflected previously reported inventory adjustments. The company’s adjusted net income of $29.9 million, or $0.30 per diluted share, met analysts’ expectations, following a net loss in the same quarter of 2015.
“Fiscal 2016 was a year of improvement and transformational change for Wesco Aircraft,” said Dave Castagnola, president and chief executive officer. “We accomplished nearly all of our goals for the year. Our fiscal 2016 fourth-quarter performance was a solid end to the fiscal year, with continued contract sales momentum, reduced sales, general and administrative expenses and higher operating income. While net sales were down one percent in fiscal 2016, we recorded low-single-digit constant-currency sales growth.” The company is targeting constant-currency sales growth (which eliminates the effects of exchange rate fluctuations) in the range of three percent to five percent in 2017. The company’s services include traditional distribution, management of supplier relationships, quality assurance, kitting, just-in-time delivery and point-of-use inventory management.