HEICO Corporation Increases Dividend by 11%; Sets Annual Meeting and Record Dates

Rhea-AI Summary

HEICO Corporation has increased its semi-annual cash dividend to $0.10 per share, an 11% rise from the previous rate. This marks the company's 89th consecutive semi-annual cash dividend since 1979. The dividend is scheduled for payment on January 23, 2023, to shareholders of record on January 5, 2023. In addition, HEICO has set its annual meeting for March 17, 2023, for shareholders of record on January 20, 2023.

Positive

• Increased dividend of $0.10 per share reflects strong cash generation.
• 11% higher dividend rate demonstrates company confidence in growth.

Negative

• Potential risks from the COVID-19 pandemic affecting operational results.
• Concerns over lower demand due to changes in airline purchasing decisions.

Increases semi-annual cash dividend to $.10 per share

Sets March 17, 2023 annual meeting date

HOLLYWOOD, FL / ACCESSWIRE / December 19, 2022 / HEICO Corporation (NYSE:HEI.A and HEI) today announced that its Board of Directors declared a $0.10 per share cash dividend payable on all shares of its Class A Common Stock and its Common Stock.

The new dividend amount is 11% higher than HEICO's previous semiannual cash dividend rate and is HEICO's 89th consecutive semiannual cash dividend since 1979.

The dividend is payable on January 23, 2023 to all shareholders of record on January 5, 2023.

Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, along with Eric A. Mendelson and Victor H. Mendelson, HEICO's Co-Presidents, remarked, "HEICO's Board of Directors declared this increased dividend with a view toward HEICO's expected continued growth and confidence in the Company's very strong cash generation. We are also very proud that a supermajority of HEICO's Team Members will receive the dividend through their accounts in the Company's 401(k) plan."

HEICO's Board of Directors set the Company's next annual meeting of shareholders for March 17, 2023. Shareholders of record on January 20, 2023 are eligible to vote on matters to be considered at the meeting.

HEICO Corporation is engaged primarily in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, Florida-based Flight Support Group and its Miami, Florida-based Electronic Technologies Group. HEICO's customers include a majority of the world's airlines and overhaul shops, as well as numerous defense and space contractors and military agencies worldwide, in addition to medical, telecommunications and electronics equipment manufacturers. For more information about HEICO, please visit our website at www.heico.com.

Certain statements in this press release constitute forward-looking statements, which are subject to risks, uncertainties and contingencies. HEICO's actual results may differ materially from those expressed in or implied by those forward-looking statements as a result of factors including: the severity, magnitude and duration of the COVID-19 Pandemic, including supply chain disruptions and inflationary pressures; HEICO's liquidity and the amount and timing of cash generation; lower commercial air travel caused by the Pandemic and its aftermath, airline fleet changes or airline purchasing decisions, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause an increase to our costs to complete contracts; governmental and regulatory demands, export policies and restrictions, reductions in defense, space or homeland security spending by U.S. and/or foreign customers or competition from existing and new competitors, which could reduce our sales; our ability to introduce new products and services at profitable pricing levels, which could reduce our sales or sales growth; product development or manufacturing difficulties, which could increase our product development and manufacturing costs and delay sales; our ability to make acquisitions, including obtaining any applicable domestic and/or foreign governmental approvals, and achieve operating synergies from acquired businesses; customer credit risk; interest, foreign currency exchange and income tax rates; economic conditions, including the effects of inflation, within and outside of the aviation, defense, space, medical, telecommunications, and electronics industries, which could negatively impact our costs and revenues; and defense spending or budget cuts, which could reduce our defense-related revenue. Parties receiving this material are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to filings on Form 10-K, Form 10-Q and Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

Contact:
Victor H. Mendelson (305) 374-1745 ext. 7590
Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

SOURCE: HEICO Corporation

View source version on accesswire.com:
https://www.accesswire.com/732294/HEICO-Corporation-Increases-Dividend-by-11-Sets-Annual-Meeting-and-Record-Dates

FAQ

What is the new dividend amount for HEICO Corporation?

HEICO Corporation has increased its semi-annual cash dividend to $0.10 per share.

When will the new dividend be paid?

The new dividend will be payable on January 23, 2023, to shareholders of record on January 5, 2023.

What date is HEICO's annual meeting scheduled for?

HEICO's annual meeting is scheduled for March 17, 2023.

How much has HEICO increased its dividend?

HEICO has increased its dividend by 11% from the previous rate.