We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
HEICO Corporation’s (HEI - Free Report) fourth-quarter fiscal 2021 earnings per share (EPS) of 62 cents surpassed the Zacks Consensus Estimate of 57 cents by 8.8%. The bottom line improved 37.8% from the prior-year period’s figure of 45 cents.
The year-over-year improvement can be attributed to sales and operating income growth witnessed in the fiscal fourth quarter.
During fiscal 2021, the company reported EPS of $2.21, which surpassed the Zacks Consensus estimate of $2.16 by 2.3%. The fiscal bottom line however declined by 3.5% compared with the prior fiscal figure.
Total Sales
The company’s net sales increased 20% year over year to $509.4 million in the reported quarter, primarily driven by consistent recovery observed in the commercial aerospace market industry.
Moreover, total sales beat the Zacks Consensus Estimate of $506 million by 0.8%.
During fiscal 2021, the company generated revenues of $1.87 billion, which surpassed the Zacks Consensus Estimate of $1.86 by 0.5%. The fiscal sales increased 4% from the prior fiscal figure.
Operational Update
HEICO’s total costs and expenses increased 16.7% year over year to $394.4 million in the quarter under review. The increase was due to higher cost of sales, and selling, general and administrative expenses.
Segmental Performance
Flight Support Group: Net sales surged 34% year over year to $260.4 million, driven by enhanced demand for its commercial aerospace products across all product lines and the impact from its profitable fiscal 2021 acquisitions.
Operating income soared 126% year over year to $48.6 million on net sales growth and an improved gross profit margin. Further, its operating margin expanded a massive 760 basis points (bps) to 18.7% compared with 11.1% in the prior-year period.
Electronic Technologies Group: The segment’s net sales climbed 7% to $253 million in the quarter under review, driven by organic growth, and benefits from fiscal 2020 and 2021 acquisitions.
The segment reported an operating income improvement of 4% year over year to $76.9 million, primarily on net sales growth. However, the company’s operating margin contracted 80 bps to 30.4%.
Financial Details
As of Oct 31, 2021, HEICO’s cash and cash equivalents totaled $108.3 million compared with $406.9 million as of Oct 31, 2020.
Cash flow provided by operating activities was $444.1 million at the end of fiscal 2021, reflecting 8.5% growth from the prior-year period.
HEICO reported long-term debt (net of current maturities) of $235 million as of Oct 31, 2021, down from $738.8 million as of Oct 31, 2020.
Curtiss-Wright (CW - Free Report) reported third-quarter 2021 adjusted earnings of $1.88 per share, which surpassed the Zacks Consensus Estimate of $1.80 by 4.4%. Its total sales exceeded the Zacks Consensus Estimate of $601 million by 3.3%.
Curtiss-Wright updated its financial guidance for 2021 and now expects adjusted earnings in the range of $7.20-$7.35 per share, compared with the prior guidance range of $7.15-$7.35 per share. In the past six months, shares of Curtiss-Wright have returned 10.3%.
Raytheon Technologies’ (RTX - Free Report) third-quarter 2021 adjusted earnings per share of $1.26 outpaced the Zacks Consensus Estimate of $1.07 by 17.8%. The company’s third-quarter sales of $16,213 million missed the Zacks Consensus Estimate of $16,494 million by 1.7%.
Raytheon Technologies raised the earnings guidance range for 2021 and tweaked revenue expectations. It currently projects adjusted earnings in the range of $4.10-$4.20 per share, compared with the prior range of $3.85-$4.00. The company expects to record revenues worth approximately $64.50 billion compared with the earlier projection of $64.4-$65.4 billion. In the past year, shares of Raytheon Technologies have risen 18.1%.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2021 adjusted earnings of 13 cents per share, which outpaced the Zacks Consensus Estimate of 8 cents by 62.5%. Hexcel's net sales totaled $333.8 million, which missed the Zacks Consensus Estimate of $353 million by 5.3%.
Hexcel continues to withhold its financial guidance citing market uncertainties stemming from the pandemic. The Zacks Consensus Estimate for 2021 has increased 13.6% to 25 cents per share in the past 60 days. Hexcel’s shares have gained 2.4% in the past year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Heico (HEI) Q4 Earnings Beat Estimates, Sales Increase Y/Y
HEICO Corporation’s (HEI - Free Report) fourth-quarter fiscal 2021 earnings per share (EPS) of 62 cents surpassed the Zacks Consensus Estimate of 57 cents by 8.8%. The bottom line improved 37.8% from the prior-year period’s figure of 45 cents.
The year-over-year improvement can be attributed to sales and operating income growth witnessed in the fiscal fourth quarter.
During fiscal 2021, the company reported EPS of $2.21, which surpassed the Zacks Consensus estimate of $2.16 by 2.3%. The fiscal bottom line however declined by 3.5% compared with the prior fiscal figure.
Total Sales
The company’s net sales increased 20% year over year to $509.4 million in the reported quarter, primarily driven by consistent recovery observed in the commercial aerospace market industry.
Moreover, total sales beat the Zacks Consensus Estimate of $506 million by 0.8%.
Heico Corporation Price and Consensus
Heico Corporation price-consensus-chart | Heico Corporation Quote
During fiscal 2021, the company generated revenues of $1.87 billion, which surpassed the Zacks Consensus Estimate of $1.86 by 0.5%. The fiscal sales increased 4% from the prior fiscal figure.
Operational Update
HEICO’s total costs and expenses increased 16.7% year over year to $394.4 million in the quarter under review. The increase was due to higher cost of sales, and selling, general and administrative expenses.
Segmental Performance
Flight Support Group: Net sales surged 34% year over year to $260.4 million, driven by enhanced demand for its commercial aerospace products across all product lines and the impact from its profitable fiscal 2021 acquisitions.
Operating income soared 126% year over year to $48.6 million on net sales growth and an improved gross profit margin. Further, its operating margin expanded a massive 760 basis points (bps) to 18.7% compared with 11.1% in the prior-year period.
Electronic Technologies Group: The segment’s net sales climbed 7% to $253 million in the quarter under review, driven by organic growth, and benefits from fiscal 2020 and 2021 acquisitions.
The segment reported an operating income improvement of 4% year over year to $76.9 million, primarily on net sales growth. However, the company’s operating margin contracted 80 bps to 30.4%.
Financial Details
As of Oct 31, 2021, HEICO’s cash and cash equivalents totaled $108.3 million compared with $406.9 million as of Oct 31, 2020.
Cash flow provided by operating activities was $444.1 million at the end of fiscal 2021, reflecting 8.5% growth from the prior-year period.
HEICO reported long-term debt (net of current maturities) of $235 million as of Oct 31, 2021, down from $738.8 million as of Oct 31, 2020.
Zacks Rank
HEICO currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Defense Releases
Curtiss-Wright (CW - Free Report) reported third-quarter 2021 adjusted earnings of $1.88 per share, which surpassed the Zacks Consensus Estimate of $1.80 by 4.4%. Its total sales exceeded the Zacks Consensus Estimate of $601 million by 3.3%.
Curtiss-Wright updated its financial guidance for 2021 and now expects adjusted earnings in the range of $7.20-$7.35 per share, compared with the prior guidance range of $7.15-$7.35 per share. In the past six months, shares of Curtiss-Wright have returned 10.3%.
Raytheon Technologies’ (RTX - Free Report) third-quarter 2021 adjusted earnings per share of $1.26 outpaced the Zacks Consensus Estimate of $1.07 by 17.8%. The company’s third-quarter sales of $16,213 million missed the Zacks Consensus Estimate of $16,494 million by 1.7%.
Raytheon Technologies raised the earnings guidance range for 2021 and tweaked revenue expectations. It currently projects adjusted earnings in the range of $4.10-$4.20 per share, compared with the prior range of $3.85-$4.00. The company expects to record revenues worth approximately $64.50 billion compared with the earlier projection of $64.4-$65.4 billion. In the past year, shares of Raytheon Technologies have risen 18.1%.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2021 adjusted earnings of 13 cents per share, which outpaced the Zacks Consensus Estimate of 8 cents by 62.5%. Hexcel's net sales totaled $333.8 million, which missed the Zacks Consensus Estimate of $353 million by 5.3%.
Hexcel continues to withhold its financial guidance citing market uncertainties stemming from the pandemic. The Zacks Consensus Estimate for 2021 has increased 13.6% to 25 cents per share in the past 60 days. Hexcel’s shares have gained 2.4% in the past year.