Heico’s Financial Results Surpass Wall Street Estimates

Heico Corp. (HEI) has reported quarterly financial results that topped Wall Street forecasts on both the top and bottom lines.The Florida-based aerospace company announced fiscal second quarter earnings per share (EPS) of $1.12 U.S., which exceeded the $1.03 U.S. expected among analysts.Revenue in the quarter came in at $1.1 billion U.S., topping estimates of $1.06 billion U.S. Sales were up 15% from a year earlier. Heico’s net income for the quarter rose 27% to $156.8 million U.S., while its operating income increased 19% to a record $248.2 million U.S. The company’s operating margin improved to 22.6%, up from 21.9% a year ago.Heico, which primarily makes parts for commercial aircraft, said that its Flight Support Group led the growth, with sales rising 19% year-over-year to a record $767.1 million U.S.The Electronic Technologies Group also performed strongly, with net sales increasing 7% to $342.2 million U.S., driven by strong demand for aerospace products.In terms of guidance, Heico said that it is confident it can continue to achieve net sales growth for the remainder of the current fiscal year.The stock of Heico has gained 16% so far this year to trade at $274.02 U.S. per share.