Heico reports higher 2nd-quarter earnings as revenue improvesBy AP
Wednesday, August 25, 2010
Heico posts higher 2Q profit, revenue
HOLLYWOOD, Fla. — Aerospace and defense company Heico Corp. said Wednesday its fiscal third-quarter earnings and revenue improved, boosted by strong results in its electronic technologies business.
For the three months ended Jul 31, the company earned $14.9 million, or 44 cents per share, up 34 percent from $11.1 million, or 33 cents per share, in the same period a year earlier.
Revenue rose 18 percent to $158.3 million from $134.1 million.
Analysts, on average, were expecting a profit of 37 cents per share on revenue of $151.6 million, according to a poll by Thomson Reuters.
Heico said results within its flight support business improved during the quarter, with sales up 7 percent to $104.3 million.
Sales in its electronic technologies group jumped 46 percent to $54.1 million.
For the full year, the company is forecasting earnings of $1.50 to $1.53 per share on revenue of $600 million. Analysts expect earnings of $1.48 per share on revenue of $596.8 million.
Shares closed up $1.18, or 3.4 percent, at $36.23.
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