HEICO Corporation (HEI) delivered upbeat earnings for its third quarter, exceeding analyst expectations. The company reported earnings per share of 97 cents, surpassing the consensus estimate of 92 cents. However, HEICO’s quarterly sales of $992.246 million fell slightly short of the anticipated $994.784 million.
Laurans A. Mendelson, HEICO’s Chairman and CEO, attributed the strong performance to record quarterly operating results at the Flight Support Group, bolstered by contributions from recent acquisitions. He highlighted a significant 15% organic net sales growth in the Flight Support Group, driven by increased demand across all product lines. Furthermore, the Electronic Technology Group experienced robust demand for its defense, space, and aerospace products.
Following the earnings announcement, analysts have adjusted their price targets for HEICO stock, reflecting their confidence in the company’s future prospects. Baird analyst Peter Arment maintained an Outperform rating and raised the price target from $243 to $280. RBC Capital analyst Ken Herbert also maintained an Outperform rating and boosted the price target from $250 to $272. Truist Securities analyst Michael Ciarmoli kept a Buy rating and increased the price target from $248 to $264.
HEICO shares rose 1.1% to trade at $250.12 on Wednesday, demonstrating investor enthusiasm following the positive earnings report. The upward revisions in price targets by multiple analysts suggest a strong belief in HEICO’s ability to maintain its growth trajectory and deliver continued value to shareholders.
