HEICO Corporation Declares 86th Consecutive Semi-Annual Cash Dividend; Increases the Semi-Annual Cash Dividend by 12.5%
HEICO Corporation (NYSE:HEI, HEI.A) has announced a 12.5% increase in its semi-annual cash dividend, raising it to $.09 per share from $.08 per share. This will be payable on July 15, 2021, for shareholders of record as of July 1, 2021. This marks HEICO's 86th consecutive semi-annual cash dividend since 1979. The company's strong cash flow and confidence in future air travel recovery were highlighted by CEO Laurans A. Mendelson, indicating benefits for shareholders and team members owning shares.
- 12.5% increase in semi-annual cash dividend to $.09 per share.
- HEICO's 86th consecutive cash dividend since 1979.
- Confidence in sustained recovery of commercial air travel.
- Direct benefit from dividend increase for team members and shareholders.
- Risks from COVID-19 pandemic affecting cash generation and demand.
- Potential impact of airline purchasing decisions on sales.
- Possibility of increased costs due to product specification requirements.
HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) announced today that its Board of Directors approved a
(NOTE: HEICO has two classes of common stock traded on the NYSE. Both classes, the Class A Common Stock (HEI.A) and the Common Stock (HEI), are virtually identical in all economic respects. The only difference between the share classes is the voting rights. The Class A Common Stock (HEI.A) carries 1/10 vote per share and the Common Stock (HEI) carries one vote per share.)
Laurans A. Mendelson, HEICO’s Chairman and Chief Executive Officer, along with HEICO’s Co-Presidents, Eric A. Mendelson and Victor H. Mendelson, commented, “This dividend recognizes HEICO’s strong cash flow generation, coupled with our confidence in the future, including for a sustained commercial air travel recovery. Further, as is the case for all HEICO shareholders, the vast majority of HEICO’s Team Members will directly benefit from the dividend increase through their share ownership and we are deeply grateful for our Team Members’ outstanding efforts, especially during the COVID-19 Pandemic.”
Considering the impact of cash dividends, prior stock splits and stock dividends, one share of HEICO worth
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; HEICO’s liquidity and the amount and timing of cash generation; lower commercial air travel caused by the COVID-19 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 and achieve operating synergies from acquired businesses; customer credit risk; interest, foreign currency exchange and income tax rates; economic conditions 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.
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