Heico 3Q Profit Falls As Air Travel Slumps

HOLLYWOOD, Fla. (AP) — Aerospace and defense company Heico Corp. said Wednesday its third-quarter earnings fell 13 percent, hurt by the ongoing slump in passenger and cargo air traffic.

The company earned $11.1 million, or 41 cents per share, compared with $12.8 million, or 47 cents per share, a year ago.

Revenue fell to $134.1 million, from $147.3 million a year earlier.

Analysts surveyed by Thomson Reuters forecast a profit of 41 cents per share on $134.3 million in sales.

Heico's flight support group reported net sales of $97.2 million, compared with $110.0 million in the third-quarter of 2008, as airlines around the world continued to cut back their fleets as weak passenger and cargo demand continued.

Shares rose 11 cents to close at $37.37.