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NEW YORK - Heico Corporation (NYSE:HEI) reported fourth quarter earnings that beat expectations, but revenue fell short of analyst estimates, sending shares down 4.9% in after-hours trading Tuesday.
The aerospace and electronics company posted adjusted earnings per share of $0.99, edging past the consensus estimate of $0.98. However, revenue of $1.01 billion missed Wall Street's forecast of $1.03 billion.
Net sales increased 8% YoY to a record $1.01 billion in Q4, driven by 15% growth in the Flight Support Group to $691.8 million. The Electronic Technologies Group saw sales decline slightly to $336.2 million.
"We are proud to announce record consolidated net sales and operating income for the fourth quarter and full fiscal year of fiscal 2024, principally driven by exceptional operating performance at the Flight Support Group and notable contributions from our fiscal 2023 and 2024 acquisitions," said Laurans A. Mendelson, HEICO (NYSE:HEI)'s Chairman and CEO.
The company's operating margin improved to 21.6% in Q4, up from 20.2% a year ago. Cash flow from operations jumped 39% to $205.6 million.
Looking ahead to fiscal 2025, Heico anticipates net sales growth in both operating segments, driven primarily by organic growth supported by strong demand across most product lines.
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