Heico descends after mixed qtrly results

Heico

29/08/2023 14:40

** Heico Corp's  HEI.N  shares down 6.5% at $156.98, hit
nearly 3-month low early Tues, after aerospace supplier's mixed
fiscal Q3 report
    ** Co late Mon posted net sales of $722.9 mln, 27% yr/yr
increase, driven by its Flight Support Group (FSG), topping
Refinitiv consensus of $701.7 mln
    ** Adj EBITDA up 18% to $179.8 mln from a yr-ago, but below
consensus of $181.7 mln
    ** Co's operating margin in qtr declined to 20.7% compared
to 22.6% in yr-ago period
    ** Looking ahead, co said continues to anticipate net sales
growth in both FSG and Electronic Technologies Group, adding
continued inflation and lingering supply chain disruptions
stemming from COVID-19 may lead to higher material and labor
costs
    ** Avg rating among 16 analysts covering HEI is "buy";
median PT is $186, according to Refinitiv
    ** With move on the session, stock up ~2% YTD vs NYSE Arca
Defense Index's  .DFII  ~12% advance

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))