Heico shares fall as earnings miss Investing.com expectations

NEW YORK – Heico Corporation (NYSE:HEI) reported third-quarter earnings that beat analysts’ estimates, but revenue fell slightly short of expectations, sending shares down 2.4% in after-hours trading.

The aerospace and electronics company reported $0.97 earnings per share, beating the consensus estimate of $0.92. However, revenue of $992.2 million was below analysts’ forecasts of $996.16 million.

Net income rose 34% to a record $136.6 million in Q3, compared to $102.0 million in the same period last year. Net sales increased 37% year-over-year to $992.2 million.

“We are very pleased to report record quarterly consolidated net sales driven by record quarterly operating results at Flight Support Group as well as strong contributions from our fiscal 2023 and 2024 acquisitions,” said Laurans A. Mendelson, HEICO (NYSE:) President and its CEO.

Flight Support Group reported a 68% year-over-year increase in net sales to $681.6 million, reflecting organic growth of 15% and contributions from recent acquisitions. Meanwhile, Electronic Technologies Group net sales fell slightly to $322.1 million from $325.9 million a year ago.

Looking ahead, management remains bullish on achieving net sales growth in both segments for the remainder of fiscal 2024, driven by recent acquisitions and sustained demand across most products.

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