Aerospace and defense components provider Heico cruised past estimates for Q4 results late Monday. Heico stock rose slightly Tuesday.
Hollywood, Fla.-based Heico reported a 5.7% increase in Q4 adjusted earnings to 74 cents per share while net sales leapt 53% to a record $936.5 million. Analysts polled by FactSet expected earnings of 69 cents per share on $901 million in revenue.
Heico's Flight Support Group sales spiked nearly 74% to $601.67 million, marking 13 consecutive quarters of sequential net sales growth. Sales for the Electronic Technologies group jumped 27.6% to $342.54 million.
In August, Heico completed its acquisition of Wencor Group for an aggregate price of $2.05 billion. The company's acquisition cost decreased net income by about 10 cents per share for the quarter, Heico reported.
Heico's board of directors earlier in December declared a 10 cent per share dividend payable in January. The cash dividend marks the company's 91st consecutive semiannual cash payout since 1979.
Full-year earnings increased 14% to $2.91 per share while FY2023 sales leapt 34% to $2.97 billion. FactSet analysts expected earnings of $2.84 per share on $2.94 billion in revenue.
Heico Stock
HEI stock pared gains to 0.12% after climbing 2% in early trade. Heico is sitting on a seven-week run, up 18% since late October and in a buy range just above a 182.18 buy point for a saucer base.
The stock's recent behavior has been to lodge relatively modest gains on breakouts, but it appears to be moving above a level of recent resistance. Shares are up about 22% for the year through Monday's close.
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