Financial Performance - HEICO Corporation reported a record net income of $168.0 million, a 46% increase from $114.7 million in Q1 fiscal 2024, translating to $1.20 per diluted share[1][4]. - Net sales reached a record $1,030.2 million, up 15% from $896.4 million in Q1 fiscal 2024, with an operating income increase of 26% to $226.8 million[2][27]. - The consolidated operating margin improved to 22.0%, up from 20.1% in the same quarter last year[2]. - HEICO's operating income for the Electronic Technologies Group increased 38% to $76.5 million, up from $55.3 million in Q1 fiscal 2024[16]. - For the first quarter of fiscal 2025, HEICO reported a net income of $181.6 million, a 44.8% increase from $125.5 million in the same period of fiscal 2024[32]. - HEICO's EBITDA for the three months ended January 31, 2025, was $273.9 million, a 22.1% increase from $224.4 million in the prior year[34]. Cash Flow and Debt Management - Cash flow from operating activities surged 82% to $203.0 million, compared to $111.7 million in Q1 fiscal 2024[6]. - The total debt to net income ratio was 4.15x as of January 31, 2025, down from 4.34x as of October 31, 2024[8]. - HEICO's total debt as of January 31, 2025, was $2.35 billion, with a net debt of $2.19 billion after accounting for cash and cash equivalents[34]. Acquisitions and Growth - HEICO executed acquisitions totaling approximately $255 million during the quarter, without significantly increasing leverage[7]. - The company made acquisitions totaling $254.8 million during the quarter, compared to $46.2 million in the same period last year[32]. - The company anticipates continued net sales growth in fiscal 2025, driven by strong organic demand and recent acquisitions[9]. Sales Performance by Segment - The Flight Support Group's net sales increased 15% to $713.2 million, with a 13% organic growth driven by aftermarket replacement parts[11][10]. - The Electronic Technologies Group's net sales rose 16% to $330.3 million, reflecting strong demand for defense, space, and aerospace products[15]. Asset and Equity Changes - Total assets increased to $7.89 billion as of January 31, 2025, up from $7.59 billion on October 31, 2024, reflecting a growth of 3.9%[31]. - The company’s inventories increased to $1.22 billion, up from $1.17 billion, indicating a rise of 4.5%[31]. - HEICO's current liabilities decreased to $618.3 million from $663.9 million, a reduction of 6.8%[31]. - Shareholders' equity increased to $3.81 billion as of January 31, 2025, up from $3.70 billion, reflecting a growth of 3.0%[31]. Tax Benefits - The company recognized a discrete tax benefit of $27.2 million from stock option exercises, increasing net income attributable to HEICO by $26.5 million, or $0.19 per share[30].
HEICO (HEI_A) - 2025 Q1 - Quarterly Results