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UPDATE 1-HEICO Q2 profit beats Street view, ups FY outlook
May 25, 2010 / 9:46 PM / 7 years ago

UPDATE 1-HEICO Q2 profit beats Street view, ups FY outlook

* Q2 EPS $0.37 vs est $0.34

* Rev up 18 pct

* Sees FY10 EPS $1.44 to $1.48

* Sees FY10 rev $585 mln to $595 mln

May 25 (Reuters) - Aircraft component replacement parts maker HEICO Corp (HEI.N) (HEIa.N) posted a better-than-expected quarterly profit helped by strong performance of its electronic technologies segment, and raised its full-year forecast.

For 2010, the company expects earnings of $1.44 to $1.48 a share, on revenue of between $585 million to $595 million.

Analysts on average expect HEICO to earn $1.46 a share, on revenue of $583.36 million, according to Thomson Reuters I/B/E/S.

For the latest second quarter ended April 30, HEICO posted net income of $12.6 million, or 37 cents a share, compared with $10.5 million, or 31 cents a share, a year ago.

Revenue increased 18 percent to $153.9 million.

Analysts on average were expecting a profit of 34 cents a share, excluding items, on revenue of $141.5 million, according to Thomson Reuters I/B/E/S.

Quarterly sales of the company’s electronic technologies group increased 73 percent to a record $51.1 million.

“We continue to expect to see some strengthening in our commercial aviation markets during the second half of calendar 2010,” Chief Executive Laurans Mendelson said in a statement. “However, the strength and exact timing of the recovery and resulting benefit to HEICO remains uncertain.”

Shares of HEICO closed at $37.88 Tuesday on the New York Stock Exchange. (Reporting by Vinay Sarawagi in Bangalore; Editing by Roshni Menon)

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