HEICO Corporation reports 20% growth in first quarter of 2016

HEICO CORPORATION reported that adjusted net income increased 20% to US$33.2m in the first quarter of fiscal 2016, up from US$27.6m in the first quarter of fiscal 2015. Adjusted operating income increased 20% to US$55.8m in the first quarter of fiscal 2016, up from US$46.4m the previous year. The Company’s adjusted operating margin increased to 18.2%, up from 17.3%. The adjusted results above exclude the impact of US$3.2m of pre-tax acquisition costs which the Company incurred in connection with a fiscal 2016 acquisition. These are one-time nonrecurring costs. Net sales increased by 14% to US$306.2m up from US$268.2m the previous year.