Heico (NYSE: HEI) reported mixed results in its fiscal third quarter, beating earnings primarily thanks to a lower-than-expected tax rate. Investors were largely put off by the news, sending Heico shares down as much as 6% at the open and 3% as of 10:30 a.m. ET.

Heico is a maker of electronics and other components for a variety of industries, with an emphasis on aerospace. The company earned $0.97 per share in its fiscal third quarter ending July 31, beating the $0.92 per share estimate. But revenue of $992.2 million came in a little shy of the $995 million estimate.

The aerospace business was the stronger of the two, with revenue up 15% year over year on strong demand for replacement parts. Outside of aerospace, revenue was down 1% from a year prior due to slower medical products and other electronics sales. Margins in both businesses held steady, up slightly from a year ago but down from the previous quarter.

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Source Fool.com