Shares of aerospace and electronics company HEICO Corporation (HEI) are climbing more than 4% in pre-market on Thursday after reporting improved fourth-quarter results.
The company registered net income of $86.06 million, or $0.62 per share, in the fourth quarter, up from $62.33 million, or $0.45 per share, in the same quarter a year ago.
Net sales for the quarter increased 20% to $509.42 million from $426.18 million last year, driven by improvement in the commercial aerospace market.
“As we look ahead to fiscal 2022, we expect the commercial air travel recovery to continue, particularly in certain domestic travel markets, while less so in international markets, even though the Pandemic will likely continue to adversely impact the commercial aerospace industry and HEICO,” commented Laurans A. Mendelson, HEICO’s Chairman and CEO.
HEICO stock closed Wednesday’s trade at $141.05, up $1.95 or 1.4%. It is currently at $147.
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