HEICO Corp falls after missing Q4 sales estimates

Heico

18/12/2024 12:13

** Aircraft generic parts maker HEICO Corp's  HEI.N  shares
fall ~5% to $247.11 premarket
    ** On Tuesday, HEI reported Q4 sales of $1.01 bln, missing
analysts' estimate of $1.03 bln, according to data compiled by
LSEG
    ** Q4 adjusted profit of 99 cents per share came slightly
above estimates of 98 cents per share, helped by lower tax rate
    ** Co's Electronic Technologies Group (ETG) segment's Q4
sales declined 2% from a year ago, on lower defense and "other"
electronics sales
    ** "Results were not superb; however, this was as expected
given ETG has yet to recover" - Jefferies
    ** HEI's larger Flight Support Group segment's Q4 sales were
up 12% yoy organically, driven by increased demand for
aftermarket replacement parts for aircrafts
    ** As of last close, stock had risen 45.3% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))