Heico Corp. (HEI, HEI-A) reported that its third-quarter net income attributable to the company increased to $23.13 million or $0.43 per share, from $20.40 million or $0.38 per share, for the third quarter of fiscal 2011.
Net income per share for the third quarter of fiscal 2012 includes a 2 cent tax benefit from lower income tax expense attributable principally to higher R&D tax credits on fiscal 2011 tax returns filed during the current quarter.
Net income per share for the third quarter of fiscal 2011 includes a 4 cent tax benefit from lower income tax expense attributable principally to lower state income taxes and higher R&D tax credits on tax returns filed during the third quarter of fiscal 2011.
Net sales increased 15% to $225.97 million in the third quarter of fiscal 2012, from $197.27 million in the third quarter of fiscal 2011.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share on revenues of $232.25 million for the quarter. Analysts' estimates typically exclude special items.
The company estimate full year fiscal 2012 net sales to approximate $890 million, operating income to approximate $160 million and year-over-year growth in net income of 13% to 14%, which represents the high end of previous net income growth estimate range.
Analysts expect the company to report earnings of $1.58 per share on revenues of $909.52 million for fiscal 2012.
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