HEICO Corporation reports record net income for fourth quarter of fiscal 2015

HEICO CORPORATION reported that net income increased 19% to US$38.3m in the fourth quarter of fiscal 2015, up from US$32.1m in the fourth quarter of fiscal 2014. Net income in the fourth quarter of fiscal 2014 includes a benefit of approximately US$1.7m, from a net reduction in accrued contingent consideration and impairment losses related to a prior year acquisition. For the full fiscal year ended October 31st, 2015, net income increased 10% to US$133.4m, up from US$121.3m in the fiscal year ended October 31st, 2014. Operating income increased 28% to US$69.0m in the fourth quarter of fiscal 2015, up from US$53.7m in the fourth quarter of fiscal 2014 and increased 13% to US$229.7m in the fiscal year ended October 31, 2015, up from US$203.4m in the fiscal year ended October 31, 2014. Net sales increased 12% to US$328.7m in the fourth quarter of fiscal 2015, up from US$292.2m in the fourth quarter of fiscal 2014. Net sales increased 5% to US$1,188.6m in the fiscal year ended October 31st, 2015, up from US$1,132.3m in the fiscal year ended October 31, 2014.