It has been about a month since the last earnings report for Heico Corporation (HEI). Shares were flat in that time frame, outperforming the S&P 500.Will the recent trend continue leading up to its next earnings release, or is Heico Corporation due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Heico Q3 Earnings Beat Estimates, Sales Improve Y/YThe company’s third-quarter fiscal 2021 earnings per share (EPS) of 56 cents surpassed the Zacks Consensus Estimate of 54 cents by 3.7%. The bottom line improved 40% from the prior-year period’s figure of 40 cents.The year-over-year improvement can be attributed to sales and operating income growth witnessed in the fiscal third quarter.Total SalesThe company’s net sales increased 22.1% year over year to $471.71 million in the reported quarter, primarily driven by improvement in commercial aerospace market conditions.However, total sales missed the Zacks Consensus Estimate of $476 million by 1.9%.Operational UpdateHEICO’s total costs and expenses increased 16.6% year over year to $370.9 million in the quarter under review. The increase was due to higher cost of sales, and selling, general and administrative expenses.Segmental PerformanceFlight Support Group:Net sales surged 33% year over year to $237.1 million, driven by enhanced demand for its commercial aerospace products across all product lines.Operating income soared 250% year over year to $42.1 million, on account of net sales growth and an improved gross profit margin. Further, its operating margin expanded a massive 1100 basis points (bps) to 17.7% compared with 6.7% in the prior-year period.Electronic Technologies Group: The segment’s net sales climbed 14% to $239.5 million in the quarter under review, driven by organic growth, and benefits from fiscal 2020 and 2021 acquisitions.The segment reported an operating income surge of 11% year over year to $69 million, primarily on account of quarterly net sales growth. However, the company’s operating margin contracted 60 bps to 28.8%.Financial DetailsAs of Jul 31, 2021, HEICO’s cash and cash equivalents totaled $269.8 million compared with $406.9 million as of Oct 31, 2020.Cash flow provided by operating activities was $124 million at the end of third-quarter fiscal 2021, reflecting a solid 33% growth over prior-year period.HEICO reported long-term debt (net of current maturities) of $385.4 million as of Jul 31, 2021, down from $738.8MILLION as of Oct 31, 2020.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.VGM ScoresAt this time, Heico Corporation has an average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Notably, Heico Corporation has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>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 Heico Corporation (HEI): Free Stock Analysis Report To read this article on Zacks.com click here.