Why Shares of Heico Gained Altitude in April

April was a miserable month for many commercial aerospace companies, but Heico (NYSE: HEI) was a noticeable exception. Shares of the company gained 17.4% for the month, according to data provided by S&P Global Market Intelligence, outperforming a strong S&P 500 by nearly 5 percentage points.

Heico shares are down 27% year to date, but that figure makes it a relatively safe-haven stock in a year when most commercial aerospace suppliers have been pounded. The COVID-19 pandemic has had a significant impact on the airline industry, causing carriers to cut flights, ground planes, and seek additional ways to save money. That likely means fewer new plane orders, and less demand for spare parts, sending the makers of those parts tumbling.