Heico Corp. (HEI) Wednesday reported a 24 percent increase in second-quarter profit, driven mainly by some strong performance at its flight support and electronic technologies businesses. Both earnings and revenues for the quarter came in ahead of Street estimates.
Hollywood, Florida-based Heico's second-quarter profit rose to $23.7 million or $0.44 per share from $19.0 million or $0.36 per share last year. On average, 12 analysts polled by Thomson Reuters estimated earnings of $0.40 per share for the quarter. Analysts' estimates typically exclude special items.
Heico, which makes aircraft and defense-related products, said sales grew 10 percent to $237.7 million from $216.3 million a year ago. Analysts estimated revenues of $229.22 million for the quarter.
Flight support unit sales grew 10 percent to $155.2 million, while electronic technologies division's sales also increased 10 percent to $83.9 million from a year ago.
Looking forward to the full year, Heico lifted its outlook and now expects net income to increase 11 to 13 percent on sales growth of 8 to 10 percent. Previously, Heico expected net income to grow 9 to 11 percent and sales growth of 6 to 8 percent.
Analysts currently sees full-year earnings of $1.75 per share with sales growth of 7 percent.
HEI closed Wednesday's regular trading at $45.91, down $0.55 or 1.18%, on the NYSE. The stock gained $1.09 or 2.37%, in after-hours trade.
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