Wesco Aircraft Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended September 30, 2016; Provides Earnings Guidance for the Fiscal Year 2017
For the year, the company reported, net sales of $1,477,366,000, income from operations of $158,750,000, income before income taxes of $125,590,000, net income of $91,378,000, EBITDA of $190,471,000, adjusted EBITDA of $196,868,000, adjusted net income of $110,616,000, compared to net sales of $1,497,615,000, loss from operations of $206,365,000, loss before income taxes of $241,616,000, net loss of $154,744,000, EBITDA loss of $176,798,000, adjusted EBITDA of $192,176,000, adjusted net income of $100,571,000, for the same period a year ago. Net cash provided by operating activities was $117,455,000 against $141,172,000 a year ago. Purchase of property and equipment was $13,992,000 against $9,631,000 a year ago. Diluted earnings per share were $0.93 against diluted loss per share of $1.60 a year ago. Adjusted diluted net income per share was $1.13 against $1.04 a year ago.
For the fiscal year 2017, the company is targeting constant-currency sales growth in the range of 3% to 5%, adjusted net income per diluted share in the range of $1.15 to $1.20 and free cash flow in the range of 90% to 95% of net income in fiscal 2017. The company expects diluted earnings per share in a range of $1.00 to $1.05. The company expects net cash provided by operations of $100,000 to $114,000. The company expects purchase of property and equipment of $10,000 to $14,000. The company expects free cash flow of $90,000 to $100,000. The company expects amortization of intangible assets of $0.15. The company expects effective tax rate for fiscal 2017 to be in the range of 28% to 30%, primarily due to projected mix of taxable income across jurisdictions and lower discrete tax items.