Heico Corp (NYSE:HEI) saw its shares hike early Wednesday after it reported better-than-expected results for its second quarter on Tuesday.
The company, out of Hollywood, Florida, reported that net income increased 22% to a record $197.3 million, or $1.44 per diluted share, in the first six months of fiscal 2020, up from $161.1 million, or $1.18 per diluted share, in the first six months of fiscal 2019.
In the second quarter of fiscal 2020, net income decreased 8% to $75.5 million, or 55 cents per diluted share, as compared to $81.8 million, or 60 cents per diluted share, in the second quarter of fiscal 2019.
Operating income increased 1% to a record $219.2 million in the first six months of fiscal 2020, up from $217.1 million in the first six months of fiscal 2019. In the second quarter of fiscal 2020, operating income decreased 9% to $108.2 million, as compared to $119.2 million in the second quarter of fiscal 2019.
The Company's consolidated operating margin improved to 22.5% in the first six months of fiscal 2020, up from 22.1% in the first six months of fiscal 2019. The Company's consolidated operating margin was 23.1% in both the second quarter of fiscal 2020 and 2019.
EBITDA increased 1% to $262.7 million in the first six months of fiscal 2020, up from $259.8 million in the first six months of fiscal 2019. In the second quarter of fiscal 2020, EBITDA decreased 9% to $130.0 million, as compared to $142.2 million in the second quarter of fiscal 2019.
HEI shares climbed $6.15, or 6.2%, to $105.77.
