By Connor Hart
Heico posted higher revenue and profit in its fiscal fourth quarter, boosted by multiple acquisitions in recent years, though shares slipped as fourth-quarter revenue missed estimates.
The airplane-part and electronics supplier on Tuesday reported a profit of $139.7 million, or 99 cents a share, for its three months ended Oct. 31, compared with $103.4 million, or 74 cents a share, a year earlier. Analysts surveyed by FactSet expected earnings of 98 cents a share.
Sales rose 8.2% to $1.01 billion but came in slightly below the $1.03 billion forecast by analysts.
Shares slid 4.7%, to $247.68, in after-hours trading.
Flight support group revenue jumped 15% to $691.8 million, boosted by prior acquisitions in addition to organic growth. This increase offset sales across the company's electronic technologies group, which fell 1.8% to $336.2 million on lower defense and other electronics sales, the company said.
Chief Executive Laurans Mendelson said the company anticipates net sales growth in both its flight support group and electronic technologies group in fiscal 2025, driven by organic growth and stronger demand. "Additionally, we plan to drive growth through our recently completed acquisitions while positioning ourselves to capitalize on potential opportunities from future acquisitions," he added.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
December 17, 2024 17:01 ET (22:01 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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