HEI - Heico's Q2 profit rises 24% on aerospace strength

2023-05-22 16:36:32 ET

Heico ( NYSE: HEI ) on Monday reported second-quarter results that beat the average estimate among Wall Street analysts as a recovery in aerospace demand drove sales.

The company’s Q2 net income rose 24% to $105.1 million, or $0.76 a share, from $85.0 million, or $0.62 a share, a year earlier. Analysts had forecast EPS of $0.73.

Net sales rose 28% to $687.8 million, compared with the consensus estimate of $675.9 million.

“These results reflect 10% consolidated organic growth in our net sales principally arising from a continued rebound in demand for our commercial aerospace products and services and the contributions from our fiscal 2023 and 2022 acquisitions,” Laurans A. Mendelson, chairman and CEO of Heico ( HEI ), said in a statement.

The company this month agreed to buy Wencor Group for $1.9 billion in cash and $150 million in Heico ( HEI ) shares.

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