HEICO (HEI) - 2024 Q3 - Quarterly Results

Financial Performance - Net sales increased 37% to a record $992.2 million in Q3 2024, up from $722.9 million in Q3 2023[2] - Operating income increased 45% to a record $216.4 million in Q3 2024, up from $149.4 million in Q3 2023[2] - Net income increased 34% to a record $136.6 million in Q3 2024, up from $102.0 million in Q3 2023[1] - EBITDA increased 45% to $261.4 million in Q3 2024, up from $179.8 million in Q3 2023[3] - Net sales for Q3 2024 increased to $992.2 million, up 37.2% from $722.9 million in Q3 2023[25] - Net income attributable to HEICO for Q3 2024 rose to $136.6 million, a 33.9% increase from $102.0 million in Q3 2023[25] - Operating income for Q3 2024 reached $216.4 million, a 44.9% increase from $149.4 million in Q3 2023[25] - Net sales for the nine months ended July 31, 2024, totaled $2.84 billion, up 40.0% from $2.03 billion in the same period in 2023[26] - Net income attributable to HEICO for the nine months ended July 31, 2024, was $374.4 million, a 24.7% increase from $300.2 million in the same period in 2023[26] - Net income attributable to HEICO for the nine months ended 2024 increased to $374,421K from $300,170K in 2023, a growth of 24.7%[35] - EBITDA for the nine months ended 2024 rose to $738,253K from $524,094K in 2023, an increase of 40.9%[35] - Net income attributable to HEICO for the three months ended July 31, 2024, was $136,577K, up from $102,023K in 2023, a 33.9% increase[35] - EBITDA for the three months ended July 31, 2024, reached $261,415K, compared to $179,804K in 2023, a 45.4% rise[35] - Trailing twelve months EBITDA as of July 31, 2024, was $972,469K, up from $758,310K as of October 31, 2023, a 28.2% increase[35] Flight Support Group Performance - Flight Support Group's net sales increased 68% to a record $681.6 million in Q3 2024, up from $405.0 million in Q3 2023[9] - Flight Support Group's operating income increased 72% to a record $153.6 million in Q3 2024, up from $89.2 million in Q3 2023[10] - Flight Support Group's net sales surged to $681.6 million in Q3 2024, a 68.3% jump from $405.0 million in Q3 2023[25] Electronic Technologies Group Performance - Electronic Technologies Group's net sales were $322.1 million in Q3 2024, compared to $325.9 million in Q3 2023[14] - Electronic Technologies Group's operating income increased 2% to $75.8 million in Q3 2024, up from $74.2 million in Q3 2023[15] - Electronic Technologies Group's net sales slightly decreased to $322.1 million in Q3 2024, down 1.1% from $325.9 million in Q3 2023[25] Debt and Liquidity - Total debt to net income ratio improved to 4.73x as of July 31, 2024, down from 6.14x as of October 31, 2023[5] - Net debt to EBITDA ratio improved to 2.11x as of July 31, 2024, down from 3.04x as of October 31, 2023[5] - Net debt as of July 31, 2024, decreased to $2,056,157K from $2,307,030K as of October 31, 2023, a reduction of 10.9%[35] - Total debt to net income attributable to HEICO ratio improved to 4.73 as of July 31, 2024, from 6.14 as of October 31, 2023[35] - Net debt to EBITDA ratio improved to 2.11 as of July 31, 2024, from 3.04 as of October 31, 2023[35] Cash Flow and Assets - Cash and cash equivalents as of July 31, 2024, stood at $202.9 million, up 18.6% from $171.0 million as of October 31, 2023[29] - Total assets as of July 31, 2024, increased to $7.42 billion, up 3.2% from $7.20 billion as of October 31, 2023[29] - Net cash provided by operating activities for the nine months ended July 31, 2024, was $466.7 million, a 55.4% increase from $300.4 million in the same period in 2023[31]