HEICO Corporation Increases Cash Dividend by 10%

Rhea-AI Summary

HEICO (NYSE:HEI.A) has announced a 10% increase in its semiannual cash dividend, raising it to $0.11 per share from the previous $0.10. This marks the company's 92nd consecutive semiannual cash dividend since 1979. The dividend will be payable on July 15, 2024, to shareholders of record as of July 1, 2024. Laurans A. Mendelson, HEICO's Chairman and CEO, emphasized the company's strong performance and optimistic outlook as reasons for the increase. HEICO, through its Flight Support Group and Electronic Technologies Group, serves niche markets in aviation, defense, space, medical, telecommunications, and electronics.

Positive

• 10% increase in semiannual cash dividend to $0.11 per share.
• 92nd consecutive semiannual cash dividend since 1979.
• Dividend payable on July 15, 2024, to shareholders of record on July 1, 2024.
• Indication of strong company performance and positive outlook.

Negative

• None.

$.11 per share cash dividend declared

HOLLYWOOD, FL / ACCESSWIRE / June 20, 2024 / HEICO Corporation (NYSE:HEI.A)(NYSE:HEI) today announced that its Board of Directors declared an $0.11 per share semiannual cash dividend payable on all shares of its Class A Common Stock and its Common Stock. The amount is 10% greater than the Company's last cash dividend of $.10 per share paid earlier this year.

The dividend is HEICO's 92nd consecutive semiannual cash dividend since 1979.

The dividend is payable on July 15, 2024 to all shareholders of record on July 1, 2024.

Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, along with Eric A. Mendelson and Victor H. Mendelson, HEICO's Co-Presidents, remarked, "Recognizing the Company's strong performance and continued positive outlook, our Board of Directors declared this increased dividend, which follows a long history of increased HEICO dividend payouts reflecting the Company's excellent growth history. As always, all of our Team Members participating in the Company's 401K plan will share in the dividend through their share ownership in the plan, which recognizes our remarkable people."

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. Factors that could cause such differences include, among others: the severity, magnitude and duration of public health threats, such as the COVID-19 pandemic; our liquidity and the amount and timing of cash generation; lower commercial air travel, 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; cyber security events or other disruptions of our information technology systems could adversely affect our business; and 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; and 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. 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 the original press release on accesswire.com

FAQ

What is the new dividend amount announced by HEICO ?

HEICO announced a new semiannual cash dividend of $0.11 per share, a 10% increase from the previous $0.10.

When will HEICO 's new dividend be payable?

The new dividend will be payable on July 15, 2024, to shareholders of record as of July 1, 2024.

How many consecutive dividends has HEICO declared?

HEICO has declared its 92nd consecutive semiannual cash dividend since 1979.

What industries does HEICO serve?

HEICO serves the aviation, defense, space, medical, telecommunications, and electronics industries.

What is the stock symbol for HEICO ?

HEICO 's stock symbols are NYSE:HEI.A and NYSE:HEI.