Dec. 18--Hollywood-based Heico Corp., known for making certified aviation parts that sell at lower prices than big-name manufacturers, said it broke $1 billion in sales for the first time during another record year.
Net sales rose 12 percent to $1.008 billion and net income 20 percent to a record $102.4 million in the year ended Oct. 31 , Heico said late Tuesday.
For the quarter, net sales jumped 19 percent to $287.4 million and net profit 25 percent to $29.8 million, Heico said.
"Our fourth-quarter operating results exceeded our expectations," Heico Chairman and Chief Executive Laurans A. Mendelson said in a statement.
The results came after Heico boosted its revolving credit to $1 billion through 2018, allowing management "to pursue our disciplined strategy of acquiring high-quality businesses at fair prices," Mendelson said.
The company expects net income to grow by 20 percent on average during the next one to three years, including the impact of acquisitions.
Heico has been growing briskly by making an ever-wider range of aviation and electronics parts. Many commercial airlines purchase its Federal Aviation Administration-certified parts that sell at a fraction of the cost of similar items from Pratt & Whitney, GE and other big-name manufacturers.
Heico stock closed Tuesday on the New York Stock Exchange at $58.01, up one cent from a day earlier. The shares had split 5-for-4 in a distribution in October.
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