Aerospace supply chain management services provider Wesco Aircraft reported its 2015 second quarter financial earnings on Thursday for the period ended March 31.
The company had total sales of $385.6 million in the quarter, up 18 percent year-over-year from Q2 2014. Organic sales declined 12 percent, with adjusted organic sales down 3 percent.
Net income in Q2 was $23.0 million, down from $28.2 million in the same period last year. The company said the change primarily reflects the decline in organic sales, as well as an increase in interest expense and a higher effective tax rate.
Dave Castagnola, Wesco Aircraft’s recently appointed president and chief executive officer, said, “While this is only my first week at Wesco, I know the entire Wesco team agrees that our results so far this year have not been satisfactory. We need to drive organic growth, operate with greater efficiency and deliver better results. We will deploy more rigorous business and financial planning, accelerate the integration of Haas Group, align our team around common goals and initiatives, and develop one culture that reflects the best of all facets of the company.”
For the first six months of fiscal 2015, Wesco Aircraft's sales were $759.3 million, a 38 percent year-over-year increase. The company said the increase was driven primarily by the Haas acquisition. Organic sales excluding the Haas acquisition decreased six percent, impacted one percent by currency headwinds.The company said adjusted six months organic sales were flat.
Net income in the first six months of fiscal 2015 was $42.8 million, down from $57.9 million in the same period last year.
