Wesco Aircraft Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended September 30, 2017; Provides Earnings Guidance for the Fiscal Year 2018
For the year, the company reported net sales of $1,429,429,000 against $1,477,366,000 a year ago. Loss from operations was $208,795,000 against income from operations of $158,750,000 a year ago. Loss before income tax was $248,247,000 against income before income tax of $125,590,000 a year ago. Net loss was $237,346,000 against net income of $91,378,000 a year ago. Basic and diluted loss per share was $2.40 against diluted income per share of $0.93 a year ago. Net cash used in operating activities was $26,928,000 against net cash provided by operating activities of $117,455,000 a year ago. Purchase of property and equipment was $8,923,000 against $13,992,000 a year ago. Adjusted income from operations was $102,319,000 against $158,750,000 a year ago. Adjusted net income was $57,936,000 against $110,616,000 a year ago. Adjusted net income per basic and diluted share was $0.59 against $1.13 a year ago. LBITDA was $180,074,000 against EBITDA of $190,471,000 a year ago. Adjusted EBITDA was $136,627,000 against $196,868,000 a year ago. Free cash flow was negative $35,851,000 against free cash flow of $103,463,000 a year ago.
The company provided earnings guidance for the fiscal year 2018. For the year, the company is targeting a low single-digit percentage increase in net sales year-over-year in fiscal 2018, primarily based on the ramp up of new business and growth in ad-hoc sales, partially offset by volume declines on existing contracts. The company also targets a low double-digit percentage increase in adjusted EBITDA year-over-year in fiscal 2018, primarily based on higher sales and gross margin and stable SG&A as a percent of sales. The company expects its operational metrics to gain traction throughout the year, leading to a better second half than first half of fiscal 2018. As a result, the company expects to exit the year at an adjusted EBITDA margin run-rate of more than 10%.