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Heico Corp. reports profit increase in first quarter

HEICO, a high-tech manufacturer that produces and sells thousands of precision, FAA-approved replacement parts for the world's biggest airlines.
HEICO, a high-tech manufacturer that produces and sells thousands of precision, FAA-approved replacement parts for the world's biggest airlines. C.W. GRIFFIN

Niche technology company Heico Corp. saw growth in profit and sales for the first fiscal quarter of the year, the company announced Thursday.

Heico, which is headquartered in Miami and Hollywood, reported profit increased by 20 percent, at $33.2 million, up from $27.6 million during the same time in fiscal year 2015.

Net sales were also up, by 14 percent to $306.2 million, up from $268.2 million last year.

Heico, which manufactures replacement parts for airplanes as well as components for the space, defense, communications, medical and computer industries, said it anticipates a continued focus on new product development during the remainder of 2016. The company anticipates moderate growth this year.

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