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Wesco’s profits rise

Posted: July 31, 2012 6:27 p.m.
Updated: July 31, 2012 6:27 p.m.
 

Wesco Aircraft Holdings Inc. reported Tuesday an increase in profit, mainly driven by higher revenues, for its fiscal third-quarter 2012.

The Valencia-based provider of comprehensive supply chain management services to the aerospace industry announced its third-quarter revenue of $189.3 million was up 5.2 percent to $180 million in the prior year. Year-to-date revenue was up 6.5 percent, Wesco reported.

Net income of $22.3 million for the quarter was reported, resulting in $0.23 earnings per share.

 “We are pleased with our performance during the past quarter as 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,” said Randy Snyder, Wesco’s Chairman, president and CEO.

On July 5, Wesco announced it had acquired Canadian-based Interfast, a specialty fastener, fastening systems and production installation tooling distributor in the aerospace, electronics and general industrial markets.

Wesco expects the acquisition will aid the aerospace supplier in expanding key customer relationships and boosting inroads into the airline and maintenance, repair and overhaul businesses.

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