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HEICO this week reported net income of $11.1 million for its third quarter, down a tick from the year-earlier time period. Some market commentary from HEICO chief Laurans Mendelson, as detailed in a company press release:Demand for passenger air travel and cargo traffic remains soft. Current market forecasts of worldwide airline capacity reductions in 2009 continue to range from decreases of 5 percent to 10 percent from 2008 levels with forecasted MRO spending down 10% percent to 15 percent for overhaul and repairs services and 15 percent to 25 percent for replacement parts during the same period due to capacity reductions, inventory destocking and short-term maintenance deferrals. We have been able to offset a substantial portion of this market decline by accelerated new product development efforts and additional market penetration.
Demand for passenger air travel and cargo traffic remains soft. Current market forecasts of worldwide airline capacity reductions in 2009 continue to range from decreases of 5 percent to 10 percent from 2008 levels with forecasted MRO spending down 10% percent to 15 percent for overhaul and repairs services and 15 percent to 25 percent for replacement parts during the same period due to capacity reductions, inventory destocking and short-term maintenance deferrals. We have been able to offset a substantial portion of this market decline by accelerated new product development efforts and additional market penetration.
Tags: HEICO, aftermarket, mro, parts, om99