Financial Performance - HEICO Corporation reported a 44% increase in net sales to $896.4 million for the first quarter of fiscal 2024, compared to $620.9 million in the same period of fiscal 2023[2]. - Operating income rose by 39% to $180.2 million in the first quarter of fiscal 2024, up from $129.4 million in the first quarter of fiscal 2023[2]. - Net income attributable to HEICO increased by 23% to $114.7 million, or $0.82 per diluted share, compared to $93.0 million, or $0.67 per diluted share, in the first quarter of fiscal 2023[1]. - HEICO Corporation reported a net income of $125,482,000 for the three months ended January 31, 2024, compared to $103,005,000 for the same period in 2023, representing a year-over-year increase of 22%[31]. - The company's EBITDA for the three months ended January 31, 2024, was $224,394,000, up from $157,133,000 in the prior year, indicating a growth of 43%[33]. Segment Performance - The Flight Support Group achieved a record net sales increase of 67% to $618.7 million, driven by a 12% organic growth and contributions from the Wencor acquisition[9]. - The Flight Support Group's operating income increased by 63% to $136.1 million, reflecting strong demand for commercial aerospace products and services[10]. - The Electronic Technologies Group's net sales increased by 12% to $285.9 million, attributed to fiscal 2023 acquisitions and organic growth in aerospace products[14]. - The company anticipates continued net sales growth in both the Flight Support Group and Electronic Technologies Group for the remainder of fiscal 2024[8]. Cash Flow and Liquidity - Cash flow from operating activities increased by 46% to $111.7 million in the first quarter of fiscal 2024, compared to $76.7 million in the first quarter of fiscal 2023[7]. - HEICO's net cash provided by operating activities for the three months ended January 31, 2024, was $111,652,000, compared to $76,686,000 in the same period last year, showing a significant increase of 45.6%[31]. - Cash and cash equivalents rose to $196,323,000 at the end of January 2024, compared to $171,048,000 at the end of October 2023, marking an increase of 14.77%[31]. Balance Sheet and Debt - Total assets increased to $7,336,069,000 as of January 31, 2024, from $7,195,063,000 at October 31, 2023, reflecting a rise of 1.96%[30]. - The company’s total liabilities increased slightly to $3,653,565,000 as of January 31, 2024, from $3,637,105,000 at October 31, 2023[30]. - The total debt to net income ratio improved to 5.88x as of January 31, 2024, down from 6.14x as of October 31, 2023[6]. - The net debt as of January 31, 2024, was $2,304,142,000, a slight decrease from $2,307,030,000 at October 31, 2023[33]. - The company reported a total debt to net income attributable to HEICO ratio of 5.88 as of January 31, 2024, down from 6.14 at October 31, 2023[33]. Inventory and Acquisitions - HEICO's inventories increased to $1,068,735,000 as of January 31, 2024, from $1,013,680,000 at October 31, 2023, reflecting a rise of 5.44%[30]. - The company made acquisitions net of cash acquired amounting to $46,208,000 during the three months ended January 31, 2024, compared to $503,736,000 in the same period last year[31]. Strategic Outlook - HEICO plans to maintain its commitment to developing new products and services while ensuring financial strength and flexibility[8].
HEICO (HEI_A) - 2024 Q1 - Quarterly Results