HEICO Profit Tops Estimates; Stock Up - Update

(RTTNews) - HEICO Corp. (HEI), a maker of aerospace and defense related products, Tuesday reported a higher fourth-quarter profit, mainly on strong growth at its flight support business. Quarterly results topped Wall Street estimates.

Going forward, HEICO provided a buoyant outlook for 2014, sending its shares up 5 percent in after-hours trade on the New York Stock Exchange.

Hollywood, Florida-based HEICO posted quarterly net income of $29.8 million or $0.44 per share, compared with $23.8 million or $0.36 per share last year.

On average, 12 analysts polled by Thomson Reuters estimated earnings of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter rose 19 percent to $287 million from $242 million a year ago, and topped analysts' expectations of $273.4 million.

Among segments, Flight Support Group sales increased 27 percent and Electronic Technologies Group climbed 6 percent, compared with a year ago.

For fiscal 2014, HEICO expects sales growth of 12 to 14 percent and net income growth of 8 to 10 percent, from the prior year.

Analysts currently expect sales growth of 11.4 percent for 2014.

HEICO stock closed Tuesday at $58.01, up $0.01 or 0.02%, on a volume of 230 thousand shares. In after hours, the stock gained $3.03 or 5.22%.