HEICO Corporation HEI reported fourth-quarter fiscal 2020 earnings of 45 cents per share, which surpassed the Zacks Consensus Estimate of 43 cents by 4.65%. The bottom line, however, declined 27.4% from the prior-year quarter’s 62 cents.The year-over-year downturn can be attributed to significant declines in quarterly sales and operating income.Total SalesQuarterly net sales of $426.2 million beat the Zacks Consensus Estimate of $413 million by 3.2%. The top line, however, declined 21.3% from the year-ago quarter’s $541.5 million due to lower revenues generated by the Flight Support Group segment.Operational UpdateHEICO’s total costs and expenses declined 14.4% year over year to $305.5 million in the quarter under review. The decrease was due to lower selling, general and administrative expenses.Segmental PerformanceFlight Support Group: Net sales dropped 40.4% year over year to $193.6 million due to lower demand across all product lines that resulted from the significant decline in global commercial air travel beginning in March 2020 due to the coronavirus outbreak.Its operating income decreased 65.4% year over year to $21.5 million, courtesy of sales decline, lower gross profit margin and an increase in bad debt expenses.Electronic Technologies Group: Net sales increased 8% year over year to $236.7 million, primarily owing to the favorable impact from the company’s fiscal 2020 acquisitions.The segment’s operating income grew 14% to a record $73.9 million in the fourth quarter of fiscal 2020, up from $64.6 million in the fourth quarter of fiscal 2019. The increase principally reflects the previously mentioned net sales growth and an improved gross profit margin.Heico Corporation Price, Consensus and EPS Surprise Heico Corporation price-consensus-eps-surprise-chart | Heico Corporation QuoteFinancial DetailsAs of Oct 31, 2020, cash and cash equivalents totaled $406.8 million compared with $57 million as of Oct 31, 2019.Long-term debt (net of current maturities) totaled $738.8 million as of Oct 31, 2020, up from $561 million as of Oct 31, 2019.As of Oct 31, 2020, cash provided by operating activities was $409.1 million compared with $437.4 million as of Oct 31, 2019.Zacks RankHEICO Corp currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Recent Defense ReleasesLockheed Martin LMT reported third-quarter 2020 earnings from continuing operations of $6.25 per share, which surpassed the Zacks Consensus Estimate of $6.07 by 3%.The Boeing Company BA incurred an adjusted loss of $1.39 per share for third-quarter 2020, narrower than the Zacks Consensus Estimate of a loss of $2.33.General Dynamics GD reported third-quarter 2020 earnings from continuing operations of $2.90 per share, which beat the Zacks Consensus Estimate of $2.85 by 1.8%.Biggest Tech Breakthrough in a GenerationBe among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.See 8 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Boeing Company (BA): Free Stock Analysis Report General Dynamics Corporation (GD): Free Stock Analysis Report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Heico Corporation (HEI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research