Heico reports 19 percent jump in fiscal 2nd-quarter earnings, revenue rises 18 percentBy AP
Tuesday, May 25, 2010
Heico reports 19 percent jump in 2Q earnings
HOLLYWOOD, Fla. — Aerospace and defense company Heico Corp. reported a 19 percent jump in fiscal second-quarter net income Tuesday, helped by improved sales.
Heico said revenue growth of 18 percent in the quarter was driven by sales in its Electronic Technologies Group, which provides various types of electronic equipment to U.S. and foreign military agencies.
The company earned $12.6 million, or 37 cents per share, in the three months ended in April. That’s up from $10.5 million, or 31 cents per share, in the same period a year ago.
Revenue climbed to $153.8 million from $130.2 million.
Analysts polled by Thomson Reuters predicted earnings of 34 cents per share on revenue of $141.5 million.
Shares of Heico fell $1.23, or 3.1 percent, to close at $37.88.
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