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HEICO Corporation Reports Record Growth in Net Sales, Operating Income, and Net Income for Q2 Fiscal 2024
HOLLYWOOD, FL and MIAMI, FL / ACCESSWIRE / May 28, 2024 / HEICO Corporation announced exceptional financial results for the second quarter of fiscal 2024. The company reported a significant increase in net income, operating income, and net sales.
Q2 Fiscal 2024 Financial Highlights
- Net Income: Increased by 17% to a record $123.1 million, or $.88 per diluted share, up from $105.1 million, or $.76 per diluted share, in Q2 fiscal 2023.
- Net Sales: Surged 39% to a record $955.4 million, up from $687.8 million in Q2 fiscal 2023.
- Operating Income: Grew by 33% to a record $209.2 million, up from $157.1 million in Q2 fiscal 2023.
- EBITDA: Increased by 35% to $252.4 million, up from $187.2 million in Q2 fiscal 2023.
- Operating Margin: Recorded at 21.9%, slightly down from 22.8% in Q2 fiscal 2023.
First Six Months of Fiscal 2024
- Net Income: Rose by 20% to $237.8 million, or $1.70 per diluted share, up from $198.1 million, or $1.43 per diluted share, in the first six months of fiscal 2023.
- Net Sales: Increased by 41% to a record $1,851.8 million, up from $1,308.8 million in the same period last year.
- Operating Income: Improved by 36% to $389.4 million, up from $286.5 million in the first six months of fiscal 2023.
- EBITDA: Climbed by 38% to $476.8 million, up from $344.3 million in the first six months of fiscal 2023.
- Operating Margin: Registered at 21.0%, down from 21.9% in the first six months of fiscal 2023.
Strong Growth in Commercial Aerospace and Defense Sectors
Laurans A. Mendelson, HEICO's Chairman and CEO, attributed the company's success to robust growth in the commercial aerospace sector and improved performance in the Electronic Technologies Group. He highlighted the company's 12% organic growth in the Flight Support Group and 4% organic growth in the Electronic Technologies Group.
Flight Support Group Achievements
Eric A. Mendelson, HEICO's Co-President and President of the Flight Support Group, reported:
- Net Sales: Increased by 65% to a record $647.2 million in Q2 fiscal 2024.
- Operating Income: Rose by 49% to a record $148.9 million in Q2 fiscal 2024.
- Operating Margin: Decreased to 23.0% from 25.5% in Q2 fiscal 2023, impacted by higher intangible asset amortization expense and inventory obsolescence expense.
Electronic Technologies Group Performance
Victor H. Mendelson, HEICO's Co-President and President of the Electronic Technologies Group, highlighted:
- Net Sales: Grew by 6% to $319.3 million in Q2 fiscal 2024.
- Operating Income: Increased by 11% to $75.3 million in Q2 fiscal 2024.
- Operating Margin: Improved to 23.6% from 22.5% in Q2 fiscal 2023, reflecting better gross profit margins.
Financial Strength and Outlook
HEICO's financial strength was underscored by an 82% increase in cash flow from operating activities to $141.1 million in Q2 fiscal 2024. The company's total debt to net income ratio improved to 5.39x as of April 30, 2024, down from 6.14x as of October 31, 2023, and its net debt to EBITDA ratio improved to 2.45x from 3.04x over the same period.
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