Business

Heico Corp. reports slight profit increase for first quarter

The first fiscal quarter brought slight earnings growth for niche South Florida company Heico Corp.

The technology company said Tuesday that year-over-year profits increased less than a percent to $27.6 million for the first fiscal quarter of 2015. Net sales increased 1 percent to $268.2 million for the quarter that ended Jan. 31.

The company, which has headquarters in Miami and Hollywood, manufactures replacement parts for airplanes as well as components for the space, defense, communications, medical and computer industries.

While aerospace and defense product lines continued to grow in the first quarter, Heico said demand dropped for certain industrial products.

The company maintained its full-year forecast for sales and net income growth of 8-10 percent over fiscal 2014.

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