Wednesday, HEICO Corp. (HEI), a manufacturer of aerospace, defense and electronics related products and services, reported an increase in fourth quarter profit, helped by a 12% revenue growth. The company also issued its guidance for the fiscal year 2009.
The Hollywood, Florida-based company reported net income for the fourth quarter of $13.65 million or $0.50 per share, up from $10.76 million or $40 per share in the year-ago quarter.
On average, six analysts polled by First Call/Thomson Financial expected the company to earn $0.49 per share for the quarter. Analysts' estimate typically excludes special items.
Net sales for the quarter rose 12% to $156.72 million from $139.87 million in the prior-year quarter, ahead of analysts' revenue consensus of $151.46 million.
Selling, general and administrative expenses increased to $28.75 million from $24.75 million in the same quarter last year.
Operating income grew 20% to $28.71 million from $23.85 million in the fourth quarter of 2007.
For fiscal 2008, net income was $48.51 million or $1.78 per share, up from $39.01 million or $1.45 per share last year.
Net sales for the full year increased 15% to $582.35 million from $507.92 million a year ago.
Analysts were expecting earnings of $1.77 per share on revenues of $577.10 million for fiscal year 2007.
Looking ahead to fiscal year 2009, the company targets earnings growth at about 6% to 10% over fiscal year 2008, on net sales in the range of $610 million to $620 million. Analysts expect earnings of $2.01 per share on revenues of $631.84 million for the year.
Cash flow provided by operating activities for fiscal 2009 are anticipated to increase to about $75 million to $80 million, and capital expenditures is expected between $15 million and $18 million.
HEI closed Wednesday's regular trading session at $30.92, up $0.25 or 0.82%.
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