HEICO 3Q Profit, Sales Rise on Commercial Air Travel Demand
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By Denny Jacob
HEICO Corp. posted higher sales and profit in the latest quarter after sales at both its flight support business and its electronic technologies group grew on demand for commercial air travel.
The maker of jet engine and aircraft parts posted net income of $82.5 million, or 60 cents a share, for the third quarter ended July 31, compared to net income of $76.9 million, or 56 cents a share, a year earlier. Analysts polled by FactSet expected 65 cents a share.
Sales rose to $569.5 million from $471.7 million. Analysts polled by FactSet expected $554.5 million.
Sales for its flight support business rose to $330.3 million from $237.1 million, while its electronic technologies group moved up to $244.2 million from $239.5 million.
The company expects global commercial air travel to continue growing for the rest of fiscal 2022 despite the potential for additional Covid-19 variants, Chief Executive Laurans Mendelson said.
HEICO declined to issue fiscal 2022 net sales and earnings guidance, citing ongoing pandemic-related unpredictability, potential supply chain disruptions and inflation.
Write to Denny Jacob at denny.jacob@wsj.com
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