Heico Corp (HEI) has reported an 18.18 percent rise in profit for the quarter ended Apr. 30, 2017. The company has earned $45.69 million, or $0.53 a share in the quarter, compared with $38.66 million, or $0.45 a share for the same period last year.
Revenue during the quarter grew 5.14 percent to $368.66 million from $350.65 million in the previous year period. Gross margin for the quarter contracted 14 basis points over the previous year period to 38.08 percent. Total expenses were 79.24 percent of quarterly revenues, down from 80.95 percent for the same period last year. This has led to an improvement of 171 basis points in operating margin to 20.76 percent.
Operating income for the quarter was $76.54 million, compared with $66.79 million in the previous year period.
Laurans A. Mendelson, HEICO's chairman and chief executive officer, commented on the Company's second quarter results stating, "We are very pleased to report record quarterly results in consolidated net sales, operating income and net income driven by record net sales and operating income at both operating segments. Our outstanding performance principally reflects increased demand and operating efficiencies within both of our operating segments, as well as the excellent performance of our well managed and profitable fiscal 2016 acquisition. As we look ahead to the remainder of fiscal 2017, we anticipate net sales growth within the Flight Support Group and Electronic Technologies Group resulting from increased demand across the majority of our product lines."
Operating cash flow falls marginally
Heico Corp has generated cash of $97.71 million from operating activities during the first half, down 4.86 percent or $4.99 million, when compared with the last year period.
The company has spent $95.32 million cash to meet investing activities during the first six months as against cash outgo of $282.60 million in the last year period.
The company has spent $9.15 million cash to carry out financing activities during the first six months as against cash inflow of $181.70 million in the last year period.
Cash and cash equivalents stood at stood at $36.73 million as at Apr. 30, 2017.
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