Financial Performance - HEICO Corporation reported a record net income of $136.6 million, a 34% increase from $102.0 million in Q3 2023, translating to $0.97 per diluted share[1]. - Net sales reached a record $992.2 million in Q3 2024, up 37% from $722.9 million in Q3 2023, with an operating income increase of 45% to $216.4 million[2]. - Cash flow from operating activities rose 47% to $214.0 million in Q3 2024, up from $145.9 million in Q3 2023[6]. - Net income attributable to HEICO for the three months ended July 31, 2024, was $136,577 thousand, representing a 33.8% increase from $102,023 thousand in the same period of 2023[25]. - For the nine months ended July 31, 2024, net sales reached $2,844,004 thousand, a 40% increase from $2,031,658 thousand in the same period of 2023[26]. - EBITDA for the three months ended July 31, 2024, reached $261,415, up from $179,804 in the same period last year, reflecting a year-over-year increase of 45.3%[35]. - For the trailing twelve months ended July 31, 2024, net income attributable to HEICO was $477,847, an increase from $403,596 for the trailing twelve months ended October 31, 2023, marking a growth of 18.4%[35]. - EBITDA for the trailing twelve months ended July 31, 2024, was $972,469, up from $758,310 for the trailing twelve months ended October 31, 2023, representing a growth of 28.2%[35]. Segment Performance - The Flight Support Group achieved a 68% increase in net sales to $681.6 million in Q3 2024, compared to $405.0 million in Q3 2023, marking sixteen consecutive quarters of growth[9]. - The Flight Support Group's operating income increased 72% to $153.6 million in Q3 2024, up from $89.2 million in Q3 2023[10]. - The Electronic Technologies Group's net sales were $322.1 million in Q3 2024, slightly down from $325.9 million in Q3 2023, but increased 5% to $927.4 million in the first nine months of fiscal 2024[14]. - The Electronic Technologies Group reported net sales of $322,129 thousand for the three months ended July 31, 2024, a slight decrease of 1.1% from $325,867 thousand in the prior year[25]. Debt and Financial Ratios - The company's 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]. - Total debt decreased to $2,259,097 as of July 31, 2024, from $2,478,078 as of October 31, 2023, indicating a reduction of 8.8%[35]. - Net debt as of July 31, 2024, was $2,056,157, down from $2,307,030 as of October 31, 2023, showing a decrease of 10.8%[35]. - The net debt to EBITDA ratio improved to 2.11 as of July 31, 2024, compared to 3.04 as of October 31, 2023, indicating better leverage management[35]. - The 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, reflecting enhanced financial health[35]. Cash and Assets - Cash and cash equivalents increased to $202,940 thousand as of July 31, 2024, from $171,048 thousand at the end of October 2023[29]. - Total assets as of July 31, 2024, were $7,422,436 thousand, an increase from $7,195,063 thousand at the end of October 2023[29]. Acquisitions and Future Outlook - The company announced the acquisition of the Aerial Delivery and Descent Devices divisions of Capewell Aerial Systems, expected to be accretive to earnings within a year[6]. - HEICO forecasts continued net sales growth driven by acquisitions and sustained demand for its products in the remainder of fiscal 2024[7]. Other Financial Metrics - Interest expense for the nine months ended July 31, 2024, was $113,907, significantly higher than $29,561 for the same period last year, indicating an increase of 284.5%[35]. - Depreciation and amortization for the three months ended July 31, 2024, increased to $44,310 from $29,531 in the same period last year, a rise of 50.1%[35].
HEICO (HEI_A) - 2024 Q3 - Quarterly Results