Technology-driven aerospace, industrial, defense and electronics company HEICO Corporation (NYSE:HEI.A) today posted upbeat fourth quarter earnings, although its sales missed expectations.
The Florida-based group’s net income increased by 16% to a record US$44.3mln, or 65 cents a share in the fourth quarter, up from US$38.3mln, or 56 cents per share at the same stage in 2015.
Net sales increased by 11% to US$363.3mln in the quarter, up from US$328.7mln a year earlier.
For the full-year. HEICO’s net income increased by 17% to a record US$156.2mln, or $2.29 per share, from US$133.4mln, or $1.97 a share in 2015, as net sales increased by 16% to US$1.376n, up from US$1.188bn.
HEICOIs chairman and CEO Laurans A. Mendelson, said the results reflected the impact “of our profitable fiscal 2016 and 2015 acquisitions, as well as continued increased demand for the majority of HEICO's products.”