HEICO Corporation (NYSE:HEI) shares rose more than 5% since the company’s reported Q4 results on Monday, with EPS of $0.70 coming in better than the Street estimate of $0.69. Revenue grew 20% year-over-year to a record $609.6 million. Free cash flow in the quarter was $136 million and $436 million for 2022.

However, the company continued to face headwinds in its ETG segment due to defense supply chain constraints. Organic sales were down approximately 1% in the ETG segment as the company called out a $47 million supply chain impact. The company has called out around $100 million in delayed fiscal 2022 sales in the ETG segment due to supply chain issues.

Management has not provided detailed 2023 guidance, but indicated it expects organic growth in each segment.