5 Stocks That Beat Profit Expectations

4. HEICO Corporation (NYSE:HEI)

Number of Hedge Fund Holders: 39

Shares of HEICO Corporation (NYSE:HEI) closed higher on Tuesday, May 24, 2022, after beating profit and sales expectations for its fiscal second quarter. The company attributed the latest performance to the recovery in the commercial aerospace market and solid income from its flight support group.

HEICO Corporation (NYSE:HEI) reported earnings of 62 cents per share, up from 51 cents per share in the same period last year. Revenue for the quarter rallied 15 percent on a year-over-year basis to $538.8 million. The results exceeded the consensus of 61 cents per share for earnings and $531.43 million for revenue.

HEICO Corporation (NYSE:HEI) also released its segment-wise sales results. Revenue from the flight support group climbed 33 percent to $306.3 million in the quarter. On the downside, revenue from the electronic technologies group decreased to $237.4 million, from $243.1 million in the year-ago period.

Discussing the results, CEO Laurans Mendelson said:

“As we look ahead to the remainder of fiscal 2022, we expect global commercial air travel to continue growing despite the potential for additional COVID-19 global pandemic (“the Pandemic”) variants. We remain cautiously optimistic that the ongoing worldwide rollout of Pandemic vaccines, including boosters, will continue to positively influence global commercial air travel and benefit the markets we serve.”