Wednesday, aerospace company HEICO Corp. (HEI), reported a decline in profit for the third quarter, reflecting lower sales from both Flight Support and Electronic Technologies segments, impacted by global recession with weak passenger and cargo demand. Earnings for the quarter, however, were in line line with analysts' estimates. Looking ahead, the company provided its guidance for the full year 2009.
Heico's net income for the third quarter declined to $11.13 million or $0.41 per share from $12.83 million or $0.47 per share in the previous year.
On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the third quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined to $134.09 million from $147.31 million last year. Analysts expected the company to report sales of $134.26 million for the quarter.
By segment, net sales from Flight Support Group declined to $97.24 million from $109.97 million a year ago. Net sales from Electronic Technologies Group declined to $9.93 million from $10.78 million in the previous year.
Year-to-date, net income declined to $32.99 million or $1.22 per share from $34.86 million or $1.28 per share in the same period of the previous year. Net sales for the period declined to $394.69 million from $425.63 million last year.
Looking forward, the company expects net income in the range of $1.62 to $1.65 per share for the fiscal year 2009. Full-year net sales are expected in the range of $533 to $538 million.
Analysts currently expect the company to report earnings of $1.65 per share on revenues of $540.76 million for the fiscal 2009.
HEI closed Wednesday's regular trading at $37.37, up 0.11 or 0.30% on a volume of 189K shares on the NYSE.
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