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HEICO Corporation

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HEICO Corporation Reports Second Quarter of Fiscal 2024HEICO Corporation ( NYSE:HEI ) reported a record increase in net income of 17% to $123.1 million in the second quarter of fiscal 2024, up from $105.1 million in the same period in 2023. The company also saw a 20% increase in net income to $237.8 million in the first six months of fiscal 2024, up from $198.1 million in the same period in 2023. Net sales increased 39% to a record $955.4 million in the second quarter of fiscal 2024, up from $687.8 million in the same period in 2023. Operating income increased 33% to a record $209.2 million in the second quarter of fiscal 2024, up from $157.1 million in the same period in 2023. The consolidated operating margin was 21.9% in the second quarter of fiscal 2024, as compared to 22.8% in the first six months of fiscal 2023. Net sales increased 41% to a record $1,851.8 million in the first six months of fiscal 2024, up from $1,308.8 million in the same period in 2023. Operating income increased 36% to a record $389.4 million in the first six months of fiscal 2024, up from $286.5 million in the first six months of fiscal 2023. The Company's consolidated operating margin was 21.0% in the first six months of fiscal 2024, as compared to 21.9% in the first six months of fiscal 2023. HEICO's Chairman and CEO, Laurens A. Mendelson, commented on the Company's second quarter results, stating that the company is pleased to report strong record quarterly consolidated net sales driven by record quarterly operating results at the Flight Support Group and improved results at the Electronic Technologies Group, as well as strong contributions from its fiscal 2023 acquisitions. These results reflect 12% organic growth in the Flight Support Group's net sales principally arising from increased demand for its commercial aerospace products and services and 4% organic growth in the Electronic Technologies Group reflecting increased net sales of its defense and aerospace products. The total debt to net income attributable to HEICO ratio was 5.39x as of April 30, 2024, down from 6.14x as of October 31, 2023. The net debt to EBITDA ratio was 2.45x as of April 30, 2024, down from 3.04x as of October 31, 2023. Cash flow provided by operating activities increased 82% to $141.1 million in the second quarter of fiscal 2024, up from $77.8 million in the second quarter of fiscal 2023. As HEICO ( NYSE:HEI ) looks ahead to the remainder of fiscal 2024, they continue to anticipate net sales growth in both the Flight Support Group and the Electronic Technologies Group, principally driven by contributions from their fiscal 2023 acquisitions and demand for the majority of their products. Additionally, they plan to continue their commitment to developing new products and services and further market penetration while maintaining their financial strength and flexibility. In conclusion, HEICO Corporation ( NYSE:HEI ) reported a record increase in net income, net sales, and operating income for the second quarter of fiscal 2024. The company's commercial aerospace sales growth has resulted in fifteen consecutive quarters of sequential growth in net sales at the Flight Support Group.
NYSE:HEILong
by DEXWireNews
$HEI Heico Corp $113 target Heico Jumps post earnings with earnings and guidance that meet estimates. HEICO Corp. engages in the design, manufacture, and sale of aerospace, defense, and electronic related products and services. It operates through the Flight Support Group and Electronic Technologies Group segments. The Flight Support Group segment designs, manufactures, repairs, overhauls, and distributes jet engine and aircraft component replacement parts. The Electronic Technologies Group segment designs and manufactures electronic, microwave, and electro-optical equipment and components, three-dimensional microelectronic and stacked memory products, high-speed interface products, high voltage interconnection devices, high voltage advanced power electronics products, power conversion products, underwater locator beacons, electromagnetic interference shielding, traveling wave tube amplifiers, harsh environment electronic connectors and other interconnect products, communications and electronic intercept receivers and tuners, crashworthy, and ballistically self-sealing auxiliary fuel systems for military rotorcraft, RF and microwave amplifiers, transmitters and receivers, satellite microwave modules, and integrated subsystems primarily for the aviation, defense, space, medical, telecommunications, and electronics industries. The company was founded in 1957 and is headquartered in Hollywood, FL.
NYSE:HEILong
by RedHotStocks
HEICO Corp.Trade setupHEICO Corp. engages in the design, manufacture, and sale of aerospace, defense, and electronic related products and services. It operates through the Flight Support Group and Electronic Technologies Group segments. The Flight Support Group segment designs, manufactures, repairs, overhauls, and distributes jet engine and aircraft component replacement parts. The Electronic Technologies Group segment designs and manufactures electronic, microwave, and electro-optical equipment and components, three-dimensional microelectronic and stacked memory products, high-speed interface products, high voltage interconnection devices, high voltage advanced power electronics products, power conversion products, underwater locator beacons, electromagnetic interference shielding, traveling wave tube amplifiers, harsh environment electronic connectors and other interconnect products, communications and electronic intercept receivers and tuners, crashworthy, and ballistically self-sealing auxiliary fuel systems for military rotorcraft, RF and microwave amplifiers, transmitters and receivers, satellite microwave modules, and integrated subsystems primarily for the aviation, defense, space, medical, telecommunications, and electronics industries. The company was founded in 1957 and is headquartered in Hollywood, FL.
NYSE:HEILong
by Bullishcharts
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NYSE:HEILong
by System_T