Tuesday, HEICO Corp. (HEI), an aerospace and defense contractor, reported a 12% increase in first quarter profit, despite a 3% revenue decline.
The Hollywood, Florida-based company reported net income for the first quarter of $11.32 million or $0.42 per share, up from $10.09 million or $0.37 per share in the year-ago quarter.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.42 per share for the quarter. Analysts' estimate typically excludes special items.
Net sales for the quarter declined 3% to $130.44 million from $134.29 million in the prior-year quarter, ahead of analysts' revenue consensus of $142.88 million.
Flight Support Group reported net sales of $99.6 million, down 3% from the first quarter of fiscal 2008, and Electronic Technologies Group reported net sales of $31.0 million, down 3% from the first quarter of fiscal 2008.
Selling, general and administrative expenses eased to $22.45 million from $23.59 million in the same quarter last year.
Operating income fell to $21.45 million from $23.23 million in the first quarter of 2008.
HEI closed Tuesday's regular trading session at $33.22, up $0.73 or 2.25% on the NYSE.
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