Financial Performance - HEICO Corporation reported a record net income of $139.7 million, a 35% increase from $103.4 million in Q4 2023, translating to $0.99 per diluted share[1]. - Net sales for Q4 2024 reached $1,013.7 million, an 8% increase from $936.4 million in Q4 2023, with an operating income of $218.6 million, up 15% from $189.4 million[2]. - For the fiscal year ended October 31, 2024, net sales increased 30% to $3,857.7 million, while operating income rose 32% to $824.5 million[3]. - Net income attributable to HEICO for the fiscal year ended October 31, 2024, was $514,109, representing a 27.4% increase from $403,596 in 2023[41]. - Basic net income per share attributable to HEICO shareholders for the fiscal year ended October 31, 2024, was $3.71, compared to $2.94 in 2023, reflecting a 26.2% increase[41]. - Net income attributable to HEICO for the fourth quarter of 2024 was $139,688,000, up from $103,426,000 in the same quarter of 2023, marking a growth of approximately 35%[54]. - EBITDA for the fiscal year 2024 was $1,002,230,000, compared to $758,310,000 in 2023, reflecting a year-over-year increase of about 32.2%[52]. - EBITDA for the fourth quarter of 2024 was $263,977,000, compared to $234,216,000 in the fourth quarter of 2023, an increase of about 12.7%[54]. Segment Performance - The Flight Support Group achieved a record net sales of $691.8 million in Q4 2024, a 15% increase from $601.7 million in Q4 2023, with a 12% organic net sales growth[14]. - The Electronic Technologies Group's net sales were $336.2 million in Q4 2024, down from $342.5 million in Q4 2023, primarily due to lower defense product sales[21]. - The Flight Support Group generated net sales of $2,639,354 for the fiscal year ended October 31, 2024, a significant increase from $1,770,185 in 2023[41]. - The Flight Support Group's operating income for the fiscal year ended October 31, 2024, was $593,074, up from $387,297 in 2023, marking a 53.1% increase[41]. - The Flight Support Group's operating margin improved to 22.3% in Q4 2024, up from 19.0% in Q4 2023, reflecting lower acquisition costs and improved gross profit margin[18]. Cash Flow and Liquidity - Cash flow from operating activities increased 39% to $205.6 million in Q4 2024, up from $148.4 million in Q4 2023, and increased 50% to $672.4 million for the fiscal year[9]. - Cash and cash equivalents at the end of the fiscal year on October 31, 2024, were $162,103, down from $171,048 in 2023[48]. - Cash and cash equivalents as of October 31, 2024, were $162,103,000, compared to $171,048,000 in 2023, indicating a slight decrease in liquidity[55]. Debt and Financial Ratios - The total debt to net income ratio improved to 4.34x as of October 31, 2024, down from 6.14x a year earlier, while the net debt to EBITDA ratio decreased to 2.06x from 3.04x[8]. - The total debt as of October 31, 2024, was $2,229,374,000, while net debt stood at $2,067,271,000, down from $2,307,030,000 in 2023[55]. - The total debt to net income attributable to HEICO ratio was 4.34 for the fiscal year 2024, indicating a leverage increase compared to the previous year[56]. - The net debt to EBITDA ratio improved to 2.06 in 2024, down from 3.04 in 2023, suggesting better debt management[56]. Dividends and Future Plans - HEICO's Board declared a semiannual cash dividend of $0.11 per share, marking the 93rd consecutive semiannual cash dividend since 1979[11]. - HEICO plans to drive growth in fiscal 2025 through organic growth and recent acquisitions, focusing on new product development and market expansion[13]. Other Financial Information - The company incurred acquisition costs related to the Wencor acquisition, which decreased net income attributable to HEICO by approximately $13.6 million during the fourth quarter of fiscal 2023[43]. - The company recognized a $13.6 million discrete tax benefit from stock option exercises in the first quarter of fiscal 2024, increasing net income attributable to HEICO by $13.3 million[44]. - Interest expense for the fiscal year 2024 was $149,313,000, significantly higher than $72,984,000 in 2023, indicating increased borrowing costs[52]. - The company reported a depreciation and amortization expense of $175,331,000 for 2024, up from $130,043,000 in 2023, reflecting increased capital investments[52]. - Total assets increased to $7,592,822 as of October 31, 2024, compared to $7,195,063 in 2023, indicating a growth of 5.5%[48].
HEICO (HEI_A) - 2024 Q4 - Annual Results