Technology company Heico Corp. reported record third-quarter profits and net sales on Tuesday.
Heico, which has headquarters in Miami and Hollywood, said net sales increased 18 percent to more than $267 million in the third quarter of the fiscal year. Net income reached $28.9 million for the three months that ended July 31, a 25 percent increase.
The company manufactures replacement parts for airplanes as well as components for the space, defense, communications, medical and computer industries.
While executives said in an earnings report that they are confident about the outlook for airline-related business, concerns remain about government spending cuts and the impact on products related to defense. Those cuts have meant slower growth for parts of the company related to defense over the first nine months of the fiscal year.
Still, Heico said it was increasing estimates for the full year: Net sales are now expected to grow 10-11 percent compared to the 8-10 percent growth previously forecast. Profits are expected to be up 15-16 percent, compared to the prior estimate of 11-13 percent.