Heico (NYSE:HEI) lost heavily early Tuesday, even after topping fiscal third-quarter revenue expectations. Heico reported revenue of $723 million for the previous quarter, ahead of the $702 million expected by analysts polled by Refinitiv. Heico did report a decline in operating margins to 20.7% from 22.6% a year ago.
The company, based in Hollywood, Florida, today reported operating income increased 16% to $149.4 million in the third quarter of fiscal 2023, up from $128.7 million in the third quarter of fiscal 2022. The Company's consolidated operating margin was 20.7% in the third quarter of fiscal 2023, as compared to 22.6% in the third quarter of fiscal 2022.
Net sales increased 27% to a record $2,031.7 million in the first nine months of fiscal 2023, up from $1,598.7 million in the first nine months of fiscal 2022. Operating income increased 24% to a record $435.9 million in the first nine months of fiscal 2023, up from $350.3 million in the first nine months of fiscal 2022. The Company's consolidated operating margin was 21.5% in the first nine months of fiscal 2023, as compared to 21.9% in the first nine months of fiscal 2022.
Net income attributable to HEICO increased 24% to $102.0 million, or $0.74 per diluted share, in the third quarter of fiscal 2023, up from $82.5 million, or $.60 per diluted share, in the third quarter of fiscal 2022. Net income attributable to HEICO increased 18% to a record $300.2 million, or $2.17 per diluted share, in the first nine months of fiscal 2023, up from $254.5 million, or $1.85 per diluted share, in the first nine months of fiscal 2022.
HEI shares dumped $9.26, or 5.5%, to $158.59.
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