HEICO (US:HEI) zacks.comยท2024-05-29 18:31Core Insights - HEICO Corporation's second-quarter fiscal 2024 earnings per share (EPS) of 88 cents exceeded the Zacks Consensus Estimate of 80 cents by 10% and improved 15.8% from the prior-year quarter's 76 cents [1] Total Sales - The company's net sales increased 38.9% year over year to $955.4 million, surpassing the Zacks Consensus Estimate of $944 million by 1.3% [2] Operational Update - HEICO's cost of sales rose 38.5% year over year to $583.6 million, while selling, general and administrative expenses increased 48.6% to $162.6 million [3] - Interest expense surged 238.6% to $38.5 million from $11.4 million in the prior-year quarter [3] Segmental Performance - Flight Support Group: Net sales surged 65% year over year to $647.2 million, driven by strong organic growth of 12% and fiscal 2024 acquisitions; operating income increased 49% to $148.9 million [4] - Electronic Technologies Group: Net sales rose 6% to $319.3 million, primarily due to organic growth of 4%; operating income increased 11% to $75.3 million [4][5] Financial Details - As of April 30, 2024, HEI's cash and cash equivalents totaled $204.2 million, up from $171 million as of October 31, 2023 [6] - Cash flow from operating activities was $252.8 million for the six months ending April 30, 2024, reflecting a 63.7% increase from the prior-year period [6] - Long-term debt decreased to $2.39 billion from $2.46 billion as of October 31, 2023 [6]