UPDATE 1-HEICO Q3 tops Wall Street view, raises 2010 outlook
* Q3 EPS $0.44 vs est. $0.37
* Q3 revenue up 18 pct
* Ups 2010 outlook
Aug 25 (Reuters) - Aircraft component replacement parts maker HEICO Corp (HEI.N) (HEIa.N) posted quarterly results above market estimates, helped by strong performance of its electronic technologies group, and raised its 2010 outlook citing current market conditions within its aviation market.
For 2010, the company now sees earnings of $1.50-$1.53 a share, on revenue of about $600 million, while analysts on average were expecting HEICO to earn $1.48 a share, on revenue of $596.8 million, according to Thomson Reuters I/B/E/S.
It had earlier forecast earnings of $1.44-$1.48 a share, on sales ranging between $585-$595 million.
For the third quarter ended July 31, the company reported net income of $14.9 million, or 44 cents a share, compared with $11.1 million, or 33 cents a share, a year ago.
The company, which is a small player in a market dominated by giants like Honeywell International Inc (HON.N), Goodrich Corp GR.N and EDAC Technologies Corp EDAC.O, saw revenue rise 18 percent to $158.3 million.
The electronic technologies group -- which makes high voltage connector and cable assembly systems used in CT scanners, x-ray systems and defense systems -- saw sales jump 46 percent to $54.1 million.
Analysts were expecting the company to earn 37 cents a share on revenue of $151.6 million.
Shares of the Hollywood Florida-based company, which have gained about 16 percent in the past one year, closed at $36.23 Wednesday on the New York Stock Exchange. (Reporting by Fareha Khan in Bangalore; Editing by Vyas Mohan)
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