Heico Corp announced after Monday’s close that its fourth quarter 2023 revenue rose 54% year over year to a record $936.4 million, surpassing the $898.25 million analyst consensus forecast.
The airplane parts and electronics supplier’s earnings for the period, meanwhile, increased 6% to $0.74 per share, better than Wall Street expectations of $0.69.
Its shares rose more than 2% to $188.24 in early Tuesday trading.
"These results reflect 12% consolidated organic net sales growth principally arising from continued strong demand for our commercial aerospace products and services and the contributions from our fiscal 2023 and 2022 acquisitions," Heico CEO Laurans Mendelson said in a statement.
Looking ahead, Heico stated it anticipates net sales growth in 2024 in both its Flight Support Group and Electronic Technologies Group, driven principally by contributions from fiscal 2023 acquisitions and demand for the majority of the company’s products.
Shares of Heico have gained 24% year to date.