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HEI · Heico

50 filings

10-Q

HEI 10-Q Quarterly Reports

Heico - 50 quarterly reports

Filing record · 2016–202610-K1010-Q338-K83

HEI filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 83 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Dec ’18Dec ’18
  2. Leadership change8-K · Mar ’21Mar ’21
  3. Leadership change8-K · Sep ’25Sep ’25
  1. 2026-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2026

    HEICO Corporation's Form 10-Q for the third quarter ended July 31, 2026 shows strong growth. Net sales for the nine months rose to a record $3,967.3 million from $3,275.6 million, and third-quarter net sales reached a record $1,413.1 million from $1,147.6 million. Operating income for the nine months increased to a record $965.5 million from $740.0 million, and net income attributable to HEICO rose to a record $659.4 million, or $4.67 per diluted share, from $502.1 million, or $3.57 per diluted share. The Flight Support Group and Electronic Technologies Group both reported higher organic growth, and the company completed several acquisitions during fiscal 2026, including Ethos, Sherwood, Southwest Antennas, Cook Defence and CalRamic. Balance sheet growth was driven partly by acquisitions. Total assets rose to $9.94 billion from $8.50 billion at October 31, 2025, and goodwill increased to $4.36 billion. Total debt rose to $2.54 billion, with the company issuing $550 million of 4.950% senior notes due 2031 and $650 million of 5.400% senior notes due 2036 in July 2026 and using the proceeds to repay revolving credit borrowings. The revolving credit facility was amended in June 2026 to increase capacity by $200 million to $2.2 billion and extend maturity to June 11, 2031. Net cash provided by operating activities was $815.9 million for the nine months, compared with $638.9 million a year earlier. The filing reports $1,018.2 million of acquisition spending in the nine months, and redeemable noncontrolling interests increased to $617.9 million. Management states that net cash from operations and available credit facility borrowings will be sufficient to fund cash requirements for at least the next twelve months, and it reports that the total debt to shareholders' equity ratio was 50.6%.

    Aug 27, 2026
  2. 2026-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2026

    HEICO Corporation's second quarter of fiscal 2026 (ended April 30, 2026) showed strong growth. Net sales rose to a record $2,554.3 million for the six months, up from $2,128.0 million, and to $1,375.7 million for the quarter, up from $1,097.8 million. Operating income reached a record $610.3 million for the six months (23.9% of net sales) versus $475.0 million a year earlier, and net income attributable to HEICO was a record $424.0 million, or $3.01 per diluted share, compared with $324.7 million, or $2.31 per diluted share. The Flight Support Group and Electronic Technologies Group both posted record net sales and operating income, and the company cited organic growth of 16% for the FSG and 12% for the ETG in the six-month period. HEICO made several acquisitions during the period, including Rockmart Fuel Containment, EthosEnergy Accessories and Components, Sherwood Avionics and Accessories (80%), and Southwest Antennas (90%). Net cash paid for fiscal 2026 acquisitions was $822.8 million, funded largely by revolving credit facility borrowings. As a result, total assets rose to $9.59 billion from $8.50 billion at October 31, 2025, goodwill increased to $4.20 billion, and long-term debt rose to $2.58 billion. Cash flow from operations was $470.6 million for the six months, up from $407.7 million. The company stated its total debt to shareholders' equity ratio was 53.3% and that it was in compliance with all covenants. Backlog, which the company treats as its remaining performance obligations, stood at $2,622.6 million at April 30, 2026, with $1,177.0 million expected to be recognized over the rest of fiscal 2026. A subsequent event disclosed an agreement to acquire 80% of a maker of track systems and armored steel components for military fighting vehicles, with closing expected in the third quarter of fiscal 2026. Management expects continued sales growth at both segments and estimates fiscal 2026 capital expenditures of $85 to $95 million.

    May 29, 2026
  3. 2026-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2026

    HEICO Corporation's first quarter of fiscal 2026 (three months ended January 31, 2026) showed net sales of $1,178.6 million, up from $1,030.2 million in the first quarter of fiscal 2025, and net income attributable to HEICO of $190.2 million, or $1.35 per diluted share, compared with $168.0 million, or $1.20 per diluted share, a year earlier. Operating income rose to $259.9 million from $226.8 million, with the Flight Support Group contributing $200.7 million and the Electronic Technologies Group contributing $73.2 million. Consolidated gross profit margin declined to 38.6% from 39.4%, principally due to lower gross margin in the Electronic Technologies Group, while SG&A as a percentage of net sales improved to 16.6% from 17.4%. Net cash provided by operating activities was $178.6 million, down from $203.0 million, mainly due to a $120.3 million increase in net working capital, including a $107.2 million decrease in accrued expenses and other current liabilities. Investing activities used $447.0 million, primarily for the acquisition of Rockmart Fuel Containment, LLC (formerly part of Axillon Aerospace's Fuel Containment Business) for $441.4 million. Total debt rose to $2,507.7 million at January 31, 2026, driven by $443.0 million of revolving credit facility borrowings, and the filing reports a total debt to shareholders' equity ratio of 54.7%. Subsequent to quarter end, in February 2026 the company acquired 100% of EthosEnergy Accessories & Components (Ethos) for a mix of cash and 95,483 shares of Class A Common Stock, and agreed to acquire 80% of another company, with closing expected in the second quarter of fiscal 2026. The company reported remaining performance obligations (backlog) of $2,453.0 million and a fiscal 2026 capital expenditure outlook of approximately $80 to $90 million.

    Feb 27, 2026
  4. 2025-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2025

    HEICO Corporation's Form 10-Q for the third quarter ended July 31, 2025 reports record results for the first nine months of fiscal 2025. Net sales rose to $3,275.6 million from $2,844.0 million, and operating income increased to $740.0 million from $605.8 million. Net income attributable to HEICO was $502.1 million, or $3.57 per diluted share, compared with $374.4 million, or $2.67 per diluted share, a year earlier. For the third quarter alone, net sales were $1,147.6 million and net income attributable to HEICO was $177.3 million, or $1.26 per diluted share. The Flight Support Group's net sales grew 17% for the nine months and its operating income rose to $549.4 million, while the Electronic Technologies Group's operating income reached $235.3 million. Cash flow from operations was $638.9 million for the nine months, up from $466.7 million. The company spent $629.9 million net on acquisitions during the period, including Millennium International, Rosen Aviation, and Gables Engineering, and funded these largely through its revolving credit facility, which had $1,235.0 million outstanding at July 31, 2025 compared with $1,015.0 million at October 31, 2024. Total debt to shareholders' equity was 58.1%, and the company stated it was in compliance with all covenants. Backlog stood at $2,064.3 million of remaining performance obligations, with $625.5 million expected to be recognized in the remainder of fiscal 2025. The company also noted that the One Big Beautiful Bill Act, enacted July 4, 2025, is still being evaluated for its effect on the consolidated financial statements. Management expects fiscal 2025 capital expenditures of approximately $65 to $70 million and believes operating cash flow and revolver availability will fund requirements for at least the next twelve months.

    Aug 27, 2025
  5. 2025-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2025

    HEICO Corporation's Form 10-Q for the second quarter ended April 30, 2025 reports record results. Net sales for the six months rose to $2,128.0 million from $1,851.8 million, and net income attributable to HEICO increased to $324.7 million, or $2.31 per diluted share, from $237.8 million, or $1.70 per diluted share. Operating income reached a record $475.0 million. The Flight Support Group reported record net sales of $1,480.2 million and operating income of $351.1 million, while the Electronic Technologies Group reported record net sales of $672.5 million and operating income of $154.3 million. Management cited strong organic growth of 14% in the FSG and 7% in the ETG for the six months. The company completed several acquisitions during the period, including Millennium International (90% interest, January 2025) and Rosen Aviation (April 2025), and reported that the fiscal 2025 acquisitions are not material to its results. Total assets increased to $8.09 billion from $7.59 billion at October 31, 2024, with goodwill rising to $3.53 billion and long-term debt to $2.27 billion. Cash flow from operations was $407.7 million for the six months, up from $252.8 million, and the company's revolving credit facility borrowings were $1,065.0 million at April 30, 2025. Management said it expects net sales growth in both segments for the remainder of fiscal 2025 and anticipates fiscal 2025 capital expenditures of approximately $65 to $70 million. The company stated it was in compliance with all debt covenants and that its total debt to shareholders' equity ratio was 56.5%.

    May 29, 2025
  6. 2025-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2025

    HEICO Corporation's first-quarter fiscal 2025 Form 10-Q (quarter ended January 31, 2025) reports record net sales of $1,030.2 million, up from $896.4 million in the first quarter of fiscal 2024, with growth across both segments. The Flight Support Group reported net sales of $713.2 million and operating income of $166.1 million, while the Electronic Technologies Group reported net sales of $330.3 million and operating income of $76.5 million. Consolidated operating income rose to a record $226.8 million, and net income attributable to HEICO increased to a record $168.0 million, or $1.20 per diluted share, from $114.7 million, or $.82 per diluted share. The filing attributes the Flight Support Group's organic growth of 13% and the Electronic Technologies Group's organic growth of 11% to increased demand, with defense products cited as a particular strength. The company's effective tax rate fell to 7.0% from 11.8%, principally reflecting a larger discrete tax benefit from stock option exercises of $27.2 million, compared with $13.6 million a year earlier. Interest expense declined to $32.5 million from $38.6 million, mainly due to lower outstanding debt. Net cash provided by operating activities was $203.0 million, compared with $111.7 million in the prior-year quarter. During the quarter, HEICO spent $254.8 million on acquisitions, including the 90% acquisition of Millennium International, LLC, which was paid in part with 53,186 shares of Class A Common Stock. Total debt increased, with borrowings under the revolving credit facility rising to $1,140.0 million from $1,015.0 million, and the total debt to shareholders' equity ratio stood at 61.8%. Management stated it remains confident in net sales growth across both segments for the remainder of fiscal 2025 and believes operating cash flow and revolver availability will fund requirements for at least the next twelve months.

    Feb 28, 2025
  7. 2024-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2024

    HEICO Corporation's third-quarter fiscal 2024 Form 10-Q (quarter ended July 31, 2024) shows strong top-line and profit growth. Net sales for the nine months rose to a record $2,844.0 million from $2,031.7 million, with the Flight Support Group up to $1,947.6 million and the Electronic Technologies Group up to $927.4 million. Operating income increased to a record $605.8 million, and net income attributable to HEICO reached a record $374.4 million, or $2.67 per diluted share, versus $2.17 a year earlier. For the third quarter alone, net sales were $992.2 million and net income attributable to HEICO was $136.6 million, or $.97 per diluted share. Interest expense rose sharply to $113.9 million for the nine months from $29.6 million, reflecting debt taken on for fiscal 2023 acquisitions. Total debt includes $1,045.0 million outstanding under the revolving credit facility and $1.2 billion of senior unsecured notes. Cash flow from operations was $466.7 million for the nine months, up from $300.4 million, while cash used in investing activities was $112.2 million, including $55.2 million for acquisitions. Inventories increased $102.2 million to support higher backlog, which stood at $1,862.7 million of remaining performance obligations. Management stated it remains optimistic about net sales growth in both segments in the remainder of fiscal 2024, largely fueled by fiscal 2023 and 2024 acquisitions. The company also recorded a $6.0 million impairment on an Electronic Technologies Group trade name and reported a total debt to shareholders' equity ratio of 62.8%. Subsequent to quarter-end, HEICO acquired the Aerial Delivery and Descent Devices divisions of Capewell Aerial Systems, which the filing describes as not material.

    Aug 28, 2024
  8. 2024-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2024

    HEICO Corporation's Form 10-Q for the second quarter of fiscal 2024 (six months and three months ended April 30, 2024) reports record results. Net sales for the six months rose to $1,851.8 million from $1,308.8 million, and operating income increased to a record $389.4 million from $286.5 million. Net income attributable to HEICO increased to a record $237.8 million, or $1.70 per diluted share, from $198.1 million, or $1.43 per diluted share. For the second quarter alone, net sales were $955.4 million and net income attributable to HEICO was $123.1 million, or $.88 per diluted share. The Flight Support Group drove much of the growth, with net sales of $1,265.9 million for the six months, including $408.7 million contributed by fiscal 2023 and 2024 acquisitions, and the Electronic Technologies Group reported net sales of $605.3 million. Profitability was pressured by higher interest expense, which rose to $77.1 million for the six months from $17.4 million, reflecting debt taken on for fiscal 2023 acquisitions. Gross margin held roughly steady at 38.8% and operating margin declined to 21.0% from 21.9%, partly due to higher intangible asset amortization and a prior-year contingent consideration impact. Total debt to shareholders' equity was 69.4% at April 30, 2024, and the company stated it was in compliance with its covenants. Net cash provided by operating activities was $252.8 million for the six months, compared with $154.4 million a year earlier. Management continues to anticipate net sales growth in both segments for the remainder of fiscal 2024, driven mainly by fiscal 2023 acquisitions and product demand, and now expects fiscal 2024 capital expenditures of approximately $60 to $65 million. The company stated that its operating cash flow and revolving credit availability should be sufficient to fund requirements for at least the next twelve months.

    May 30, 2024
  9. 2024-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2024

    HEICO Corporation reported higher first-quarter fiscal 2024 results for the three months ended January 31, 2024. Net sales rose 44% to $896.4 million from $620.9 million, driven by the Flight Support Group (FSG), where net sales increased to a record $618.7 million. The filing attributes $202.0 million of FSG growth to a fiscal 2023 acquisition and cites strong organic growth of 12%. Electronic Technologies Group (ETG) net sales rose 12% to $285.9 million, but the ETG had a 5% organic net sales decline. Operating income increased 39% to $180.2 million, with the FSG reaching a record $136.1 million. Net income attributable to HEICO grew 23% to $114.7 million, or $.82 per diluted share. Gross profit margin was 38.7%, compared with 39.3% a year earlier, and operating income as a percentage of net sales was 20.1%, compared with 20.8%. Interest expense increased to $38.6 million from $6.1 million, mainly due to higher debt from fiscal 2023 acquisitions. Net cash provided by operating activities was $111.7 million, and the company borrowed $50.0 million under its revolving credit facility. Total debt to shareholders' equity was 75.4% as of January 31, 2024. The company remained in compliance with its covenants. Backlog (remaining performance obligations) was $1,444.3 million, of which $952.6 million is expected to be recognized during the remainder of fiscal 2024. Management continues to anticipate net sales growth in both segments for fiscal 2024, principally from fiscal 2023 acquisitions and product demand.

    Feb 28, 2024
  10. 2023-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2023

    HEICO Corporation's third-quarter fiscal 2023 Form 10-Q (quarter ended July 31, 2023) shows continued strong growth. Net sales for the first nine months rose 27% to a record $2,031.7 million, from $1,598.7 million a year earlier. Operating income rose 24% to a record $435.9 million, and net income attributable to HEICO increased 18% to a record $300.2 million, or $2.17 per diluted share. The Flight Support Group (FSG) grew net sales 29% to $1,168.5 million, with organic growth of 21%, reflecting recovery in commercial air travel. The Electronic Technologies Group (ETG) grew net sales 25% to $882.7 million, helped by the January 2023 Exxelia acquisition, while its organic net sales declined 1%, mainly due to lower defense product demand. The balance sheet and financing position changed substantially. Total assets rose to $5.45 billion from $4.10 billion at October 31, 2022, and long-term debt increased to $1.20 billion from $290.3 million. HEICO issued $600 million of 5.25% senior notes due 2028 and $600 million of 5.35% senior notes due 2033 in July 2023, and amended its revolving credit facility to $2.0 billion. Cash and cash equivalents were $694.3 million at July 31, 2023. Interest expense rose to $29.6 million for the nine months from $3.2 million. A significant subsequent event was the August 4, 2023 completion of the Wencor Group acquisition for $1.9 billion in cash plus 1,137,628 shares of Class A Common Stock. The company said the initial purchase accounting was incomplete at filing. The filing also discloses an ongoing grand jury investigation involving a subsidiary's work on Navy vessels, for which management cannot predict the outcome or estimate a possible loss range.

    Aug 30, 2023
  11. 2023-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2023

    HEICO Corporation's 10-Q for the second quarter of fiscal 2023 (ended April 30, 2023) shows continued strong growth. Net sales for the six months rose to a record $1,308.8 million from $1,029.2 million, and net income attributable to HEICO increased to a record $198.1 million, or $1.43 per diluted share, from $171.9 million, or $1.25 per diluted share. The Flight Support Group reported record net sales of $763.5 million and operating income of $183.5 million for the six months, driven by commercial air travel recovery, while the Electronic Technologies Group grew net sales to $556.8 million, supported by the January 2023 Exxelia acquisition, even as organic sales declined 2% on lower defense demand. The balance sheet expanded significantly during the period. Goodwill rose to $2.03 billion and long-term debt to $735.8 million, largely from the Exxelia acquisition, which was paid in cash of $515.8 million using the revolving credit facility. Interest expense increased to $17.4 million from $1.8 million, principally due to higher interest rates, and the weighted average rate on revolver borrowings was 6.1%. Operating cash flow was $154.4 million, down from $174.8 million, reflecting higher inventories and working capital needs. A subsequent event is the pending acquisition of Wencor Group for $1.9 billion in cash plus 1,137,656 shares of HEICO Class A Common Stock, announced May 15, 2023 and expected to close by the end of calendar 2023. The filing states that committed credit facilities, together with cash on hand, are sufficient to fund the purchase price. Closing is subject to regulatory approvals, and HEICO would owe a $143.5 million termination fee under specified circumstances.

    May 24, 2023
  12. 2023-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2023

    HEICO Corporation's first quarter of fiscal 2023 (three months ended January 31, 2023) shows strong growth. Net sales rose to a record $620.9 million from $490.3 million a year earlier, and operating income increased to $129.4 million from $98.8 million. Net income attributable to HEICO was $93.0 million, or $.67 per diluted share, compared with $86.9 million, or $.63 per diluted share, in the prior-year quarter. The Flight Support Group reported record net sales of $371.3 million and operating income of $83.6 million, driven by recovering commercial air travel, while the Electronic Technologies Group's sales rose to $255.1 million with operating income roughly flat at $56.5 million. The quarter was dominated by the January 5, 2023 acquisition of 93.69% of Exxelia International SAS, paid in cash for $515.8 million (net consideration of $501.5 million after cash acquired), funded by revolving credit facility borrowings. Consequently, long-term debt rose to $781.2 million from $288.6 million, and goodwill increased to $1.99 billion from $1.67 billion. Interest expense increased to $6.1 million from $0.8 million, principally due to higher interest rates, and the weighted average revolver interest rate was 5.5%. Acquisition costs of $5.1 million were recorded in SG&A expenses. Cash flow from operations was $76.7 million, slightly below $78.0 million a year earlier, as working capital absorbed funds, including a $52.0 million increase in inventories. The company reported no material changes to its market risk assessment beyond a hypothetical sensitivity to its Euro-denominated note receivable from Exxelia, and it disclosed a grand jury subpoena from the U.S. District Court for the Southern District of California relating to a subsidiary's work on Navy vessels, which it says it cannot predict or estimate the outcome of.

    Mar 1, 2023
  13. 2022-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2022

    HEICO Corporation's Form 10-Q for the third quarter of fiscal 2022 (quarter ended July 31, 2022) reports record results. Net sales for the first nine months rose 18% to a record $1,598.7 million from $1,356.3 million, driven by the Flight Support Group, whose net sales increased 36% to $909.3 million on strong organic growth of 26% tied to recovering commercial air travel. Electronic Technologies Group net sales were slightly lower at $703.9 million. Operating income increased 26% to a record $350.3 million, and net income attributable to HEICO rose 17% to a record $254.5 million, or $1.85 per diluted share. The effective tax rate increased to 19.4% from 13.3%, principally due to unfavorable tax-exempt unrealized losses on life insurance policies tied to the HEICO Leadership Compensation Plan. Cash flow from operations was $323.9 million for the nine months, versus $334.1 million a year earlier, as a $61.2 million increase in inventories weighed on working capital. The company spent $175.3 million on acquisitions, including Accurate Metal Machining, Pioneer Industries and Flight Microwave, and funded these largely through its revolving credit facility, where borrowings were $230.0 million at July 31, 2022. Total debt to shareholders' equity was 9.9%. Subsequent to quarter-end, HEICO agreed on August 5, 2022 to acquire Exxelia International for €453 million plus assumed liabilities of approximately €14 million, with closing expected in the first quarter of fiscal 2023 subject to customary conditions including foreign antitrust clearance and foreign investment authorizations. Management declined to provide fiscal 2022 net sales and earnings guidance, citing difficulty in predicting the path and effects of the COVID-19 pandemic, supply chain disruptions and inflation. The filing also discloses a grand jury subpoena received in April 2021 by an indirect subsidiary related to work on Navy vessels; the company is cooperating and cannot predict the outcome or estimate a possible loss range.

    Aug 31, 2022
  14. 2022-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2022

    HEICO Corporation's Form 10-Q for the second quarter of fiscal 2022 (quarter ended April 30, 2022) shows continued recovery in its commercial aerospace business. Consolidated net sales for the six months rose 16% to a record $1,029.2 million, from $884.6 million, driven by the Flight Support Group, whose net sales increased 35% to $579.0 million with organic growth of 26%. The Electronic Technologies Group's net sales decreased 1% to $459.7 million, as a 3% decline in organic sales tied to lower defense product demand offset some gains from acquisitions. Operating income rose 25% to a record $221.6 million, and net income attributable to HEICO increased 22% to $171.9 million, or $1.25 per diluted share. For the second quarter alone, net sales rose 15% to $538.8 million and net income attributable to HEICO rose 20% to $85.0 million, or $.62 per diluted share. The balance sheet expanded with total assets of $3.69 billion at April 30, 2022, up from $3.50 billion at October 31, 2021, reflecting $105.5 million of acquisition spending in the six months, including Pioneer Industries and Flight Microwave. Revolving credit borrowings rose to $253.0 million from $225.0 million, and the company extended the credit facility's maturity by one year to November 2024. Cash and cash equivalents were $117.3 million, and operating cash flow was $174.8 million, down from $210.1 million a year earlier due mainly to a larger increase in net working capital, including inventory. Management stated it would not provide fiscal 2022 net sales and earnings guidance, citing the difficulty of predicting the pandemic's path, supply chain disruptions and inflation, though it remains cautiously optimistic about global commercial air travel. The filing also discloses a grand jury subpoena received by an indirect subsidiary in April 2021, in connection with an investigation related to Navy vessel work; the company cannot predict the outcome or estimate a possible loss range.

    May 25, 2022
  15. 2022-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2022

    HEICO Corporation's first-quarter fiscal 2022 Form 10-Q (quarter ended January 31, 2022) shows a strong rebound in operating results. Net sales rose to $490.3 million from $417.9 million in the prior-year quarter, with the Flight Support Group up to $272.7 million from $199.3 million, principally reflecting improved demand for commercial aerospace products as air travel recovers. The Electronic Technologies Group's net sales were essentially flat at $222.3 million versus $223.6 million, with defense and space products declining. Operating income increased to $98.8 million from $80.3 million, and net income attributable to HEICO grew to $86.9 million, or $.63 per diluted share, from $70.6 million, or $.51 per diluted share. Cash flow was weaker than the prior year. Net cash provided by operating activities fell to $78.0 million from $107.2 million, mainly due to a $57.9 million increase in net working capital, including the payment of fiscal 2021 accrued performance-based compensation and a $27.0 million inventory build. Cash and cash equivalents rose to $124.8 million, and revolving credit facility borrowings were $226.0 million as of January 31, 2022. Management declined to provide fiscal 2022 net sales and earnings guidance, citing uncertainty from the COVID-19 pandemic, including the Omicron variant, supply chain disruptions and inflation, while stating it expects fiscal 2022 capital expenditures of approximately $45 million. The filing also discloses a grand jury subpoena received in April 2021 by an indirect subsidiary of HFSC relating to work on certain Navy vessels, for which the company cannot predict the outcome or estimate a possible loss range. In February 2022, the Flight Support Group agreed to acquire 74% of Pioneer Industries, LLC, a military aviation spares distributor, with closing expected in the second quarter of fiscal 2022 and a purchase price described as not material.

    Feb 25, 2022
  16. 2021-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2021

    HEICO Corporation's Form 10-Q for the third quarter of fiscal 2021 (quarter ended July 31, 2021) shows net sales of $471.7 million, up from $386.4 million in the prior-year quarter, with operating income of $100.8 million versus $68.4 million. For the first nine months, net sales were $1,356.3 million, roughly flat with $1,360.8 million a year earlier, and operating income declined to $277.9 million from $287.6 million. Net income attributable to HEICO was $218.2 million, or $1.58 per diluted share, for the nine months, compared with $251.7 million, or $1.83 per diluted share, a year earlier, reflecting higher income tax expense. The Flight Support Group is recovering from the pandemic's effect on commercial aviation, with four consecutive quarters of improvement in net sales and operating income, while the Electronic Technologies Group reported record nine-month net sales of $706.2 million and record operating income of $200.4 million. Balance sheet activity centered on debt reduction. Borrowings under the revolving credit facility fell to $375.0 million from $730.0 million at October 31, 2020, after $355.0 million of repayments in the nine months, and cash and cash equivalents declined to $269.8 million. Operating cash flow was $334.1 million for the nine months, and management stated it was cautiously optimistic about the COVID-19 vaccine rollout but did not provide fiscal 2021 net sales or earnings guidance. Management also disclosed a grand jury subpoena received in April 2021 at an indirect subsidiary, for which the Company cannot predict the outcome or estimate a possible loss range. Subsequent to the quarter, in August 2021, HEICO acquired 89% of Ridge Engineering, Inc. and The Bechdon Company, Inc., with total consideration described as not material to the financial statements.

    Aug 26, 2021
  17. 2021-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2021

    HEICO Corporation's fiscal 2021 second-quarter 10-Q (period ended April 30, 2021) shows a pandemic-related decline in the first six months. Net sales decreased by 9% to $884.6 million, as compared to $974.4 million a year earlier. The Flight Support Group (FSG) fell 22% to $429.6 million on lower commercial aerospace demand, while the Electronic Technologies Group (ETG) rose 9% to a record $466.6 million, with organic growth of 1%. Operating income decreased 19% to $177.0 million, and net income attributable to HEICO was $141.3 million, or $1.03 per diluted share, compared with $197.3 million, or $1.44 per diluted share, in the prior-year period. The company's effective tax rate was 12.0% for the six months, reflecting a discrete tax benefit from stock option exercises of $13.5 million. The balance sheet remained solid, with cash and cash equivalents of $385.4 million and revolving credit facility borrowings reduced to $575.0 million from $730.0 million at October 31, 2020. Net cash provided by operating activities was $210.1 million for the six months. Management stated that its total debt to shareholders' equity ratio was 27.1% and that cash from operations and available revolver borrowings should be sufficient for at least the next twelve months. The company cannot provide fiscal 2021 net sales and earnings guidance at this time, citing uncertainty around the pace of recovery in global travel. Other items include the March 2021 acquisition of Pyramid Semiconductor LLC, which was not material, and a grand jury subpoena received on April 20, 2021 by Rocky Mountain Hydrostatics, LLC, an indirect subsidiary of HEICO Flight Support Corp. The company says it cannot predict the outcome or estimate a possible range of loss from that investigation, and it believes other legal matters will not have a material adverse effect.

    May 27, 2021
  18. 2021-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2021

    HEICO Corporation's first quarter of fiscal 2021 (ended January 31, 2021) reflected continued pandemic pressure on its commercial aerospace business. Net sales fell 17% to $417.9 million from $506.3 million, principally because the Flight Support Group (FSG) declined 34% to $199.3 million, while the Electronic Technologies Group (ETG) rose 7% to $223.6 million, aided by $14.6 million from fiscal 2020 acquisitions. Consolidated operating income decreased 28% to $80.3 million, with FSG operating income down 58% to $25.8 million and ETG up 5% to $60.1 million. Net income attributable to HEICO was $70.6 million, or $0.51 per diluted share, versus $121.9 million, or $0.89 per diluted share, a year earlier. The prior-year figure included a $47.6 million discrete tax benefit from stock option exercises, compared with $13.5 million in the current quarter. Cash flow and liquidity were stronger than earnings suggested. Net cash provided by operating activities rose to $107.2 million from $81.1 million, mainly because of a smaller decrease in net working capital. The company repaid $70.0 million on its revolving credit facility, leaving $660.0 million outstanding, and ended the quarter with $399.4 million in cash and cash equivalents. Management said it cannot provide fiscal 2021 net sales and earnings guidance, but it is cautiously optimistic that vaccine progress could lead to a gradual recovery in commercial aerospace demand, principally in the second half of fiscal 2021.

    Feb 25, 2021
  19. 2020-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2020

    HEICO Corporation's third-quarter fiscal 2020 10-Q (quarter ended July 31, 2020) shows a sharp earnings decline driven by the COVID-19 Outbreak, even as the balance sheet strengthened. Net sales for the nine months fell to $1,360.8 million from $1,514.1 million, and operating income fell to $287.6 million from $336.5 million. Net income attributable to HEICO was a record $251.7 million, or $1.83 per diluted share, for the nine months, helped by a discrete tax benefit from stock option exercises of $47.6 million and a lower effective tax rate of 3.5%. For the third quarter alone, net sales were $386.4 million versus $532.3 million a year earlier, and net income attributable to HEICO was $54.3 million, or $.40 per diluted share, compared with $.59 a year earlier. The Flight Support Group was most affected, with third-quarter net sales of $178.2 million versus $320.0 million and operating income of $12.0 million versus $64.8 million, as commercial aviation demand declined. The filing states that commercial aerospace businesses saw net sales decline by approximately 54% in the third quarter. The Electronic Technologies Group was more resilient, reaching a record $638.3 million in nine-month net sales and $184.9 million in nine-month operating income. Management states that demand for the defense, space and other industrial half of the business has not been fundamentally impacted. Liquidity was strengthened as a precaution. Cash and cash equivalents rose to $395.3 million from $57.0 million at October 31, 2019, after $200.0 million of revolver borrowings at the onset of the Outbreak. Total long-term debt was $739.0 million noncurrent, with the weighted average revolver rate at 1.3%. Management states it continues to forecast positive cash from operations and that resources are sufficient for at least the next twelve months. The company also recorded an $8.4 million increase in its allowance for doubtful accounts, mainly from commercial aviation customers that filed for bankruptcy.

    Aug 27, 2020
  20. 2020-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2020

    HEICO Corporation's 10-Q for the second quarter of fiscal 2020 (three and six months ended April 30, 2020) shows that the COVID-19 outbreak has materially hurt its commercial aerospace businesses while its defense, space and other industrial markets, roughly half of net sales, have not been fundamentally impacted. Net sales for the six months decreased 1% to $974.4 million, with the Flight Support Group down 7% to $553.0 million and the Electronic Technologies Group up 7% to a record $427.4 million. Operating income rose 1% to a record $219.2 million for the six months, though second-quarter operating income fell 9% to $108.2 million. Net income attributable to HEICO reached a record $197.3 million, or $1.44 per diluted share, for the six months, helped by a $47.6 million discrete tax benefit from stock option exercises in the first quarter. Cash and cash equivalents rose to $346.8 million from $57.0 million at October 31, 2019, after the company borrowed $200.0 million on its revolving credit facility as a precautionary measure at the onset of the Outbreak. Long-term debt increased to $739.2 million, and the company withdrew its fiscal 2020 financial guidance in an April 15, 2020 Form 8-K. Management stated it cannot estimate the duration and magnitude of the Outbreak and believes it has sufficient liquidity for at least the next twelve months. The company also made acquisitions totaling $45.3 million, net of cash acquired, including Quell Corporation (80.1% acquired), and reported $394.4 million of remaining performance obligations. Management expects commercial aviation demand to recover once air travel resumes, but the filing does not quantify when that will occur.

    May 28, 2020
  21. 2020-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2020

    HEICO Corporation's first quarter of fiscal 2020 (three months ended January 31, 2020) showed net sales of $506.3 million, up from $466.1 million a year earlier, and operating income of $111.0 million versus $97.9 million. Net income attributable to HEICO rose to a record $121.9 million, or $.89 per diluted share, compared with $79.3 million, or $.58 per diluted share, in the prior-year quarter. The filing states that the increase principally reflects an income tax benefit of $22.9 million, driven by a $47.6 million discrete tax benefit from stock option exercises, along with higher net sales and operating income. Segment results were mixed in margin terms. The Electronic Technologies Group grew net sales to $208.4 million, with defense demand up $19.3 million offset by a $7.5 million decline in space products, while the Flight Support Group rose to $301.1 million, with organic growth of 4%. Consolidated gross profit margin was 39.1% in both periods, and operating income as a percentage of net sales improved to 21.9% from 21.0%. Operating cash flow increased to $81.1 million from $49.6 million, while the company spent $45.3 million on acquisitions, net of cash acquired, and borrowed a net $7.0 million under its revolving credit facility, which carried a weighted average interest rate of 2.7%. Management estimates fiscal 2020 net sales growth of 6% to 8% and net income growth of 14% to 15%, the latter raised from 13% to 14%. The outlook excludes future acquisitions and any impact from the coronavirus outbreak, which the filing describes as uncertain and difficult to predict.

    Feb 27, 2020
  22. 2019-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2019

    HEICO Corporation's Form 10-Q for the third quarter ended July 31, 2019 reports record results. Net sales for the nine months rose to $1,514.1 million from $1,300.8 million, and operating income rose to $336.5 million from $272.5 million. Net income attributable to HEICO was $242.2 million, or $1.76 per diluted share, versus $191.9 million, or $1.40 per diluted share, in the prior-year nine-month period. For the third quarter alone, net sales were $532.3 million and net income attributable to HEICO was $81.1 million, or $.59 per diluted share. Growth was driven by both segments. The Flight Support Group reported nine-month net sales of $915.5 million and the Electronic Technologies Group reported $615.0 million, with the ETG citing organic growth of 13% for the period. The company made several fiscal 2019 acquisitions, including Bernier, REI, Decavo, SST, Freebird and Apex, with total consideration for the year's acquisitions of $238.4 million. Cash paid for acquisitions, net of cash acquired, was $235.2 million in the nine months. Management now estimates fiscal 2019 year-over-year growth of 14% to 15% in net sales and 23% to 24% in net income. Balance sheet leverage increased. Long-term debt, net of current maturities, rose to $639.3 million from $531.6 million, mainly from borrowings under the revolving credit facility, which the filing states had a weighted average interest rate of 3.4%. The company's total debt to shareholders' equity ratio was 39.0%. In June 2019, HEICO Aerospace paid a $91.5 million cash dividend to Lufthansa Technik AG, funded principally through the revolver, and HEICO received Lufthansa Technik's 20% interest in eight subsidiaries in exchange.

    Aug 29, 2019
  23. 2019-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2019

    HEICO Corporation's Form 10-Q for the second quarter of fiscal 2019 (quarter ended April 30, 2019) reports record results. Net sales for the six months rose to $981.8 million from $835.0 million, and operating income rose to $217.1 million from $171.1 million. Net income attributable to HEICO was $161.1 million, or $1.18 per diluted share, compared with $124.8 million, or $.91 per diluted share, a year earlier. For the second quarter alone, net sales were $515.6 million and net income attributable to HEICO was $81.8 million, or $.60 per diluted share. Management attributed growth mainly to organic demand in the Electronic Technologies Group and the Flight Support Group, along with contributions from fiscal 2019 acquisitions, including Decavo, SST, Freebird, Apex and SSP. Cash flow from operations was $178.3 million for the six months, up from $103.4 million. Cash used in investing activities was $157.7 million, mainly for acquisitions of $134.9 million net of cash acquired. Total debt rose to $556.4 million, with $547.0 million borrowed under the revolving credit facility, which matures in fiscal 2023. Management raised its fiscal 2019 outlook, now estimating net sales growth of 12% to 13% and net income growth of 17% to 18%, compared with prior estimates of 9% to 10% and approximately 11% to 13%. The company adopted ASC 606 on November 1, 2018 using the modified retrospective method. The adoption increased retained earnings by $13.7 million as of that date, and its impact on the statement of operations was not material for the period. Remaining performance obligations totaled $344.4 million as of April 30, 2019.

    May 30, 2019
  24. 2019-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2019

    HEICO Corporation's Form 10-Q for the first quarter of fiscal 2019 (three months ended January 31, 2019) reports net sales of $466.1 million, up from $404.4 million in the prior-year quarter, with the filing stating the increase was 15%. Operating income rose to $97.9 million from $79.6 million, and net income attributable to HEICO increased to a record $79.3 million, or $.58 per diluted share, compared with $65.2 million, or $.48 per diluted share, a year earlier. The Flight Support Group and Electronic Technologies Group both grew, with the ETG's net sales including organic growth of 12% and the FSG's organic growth of 13%. The company spent heavily on acquisitions during the quarter, paying $101.0 million net of cash acquired, including Freebird Semiconductor, Apex Microtechnology and Specialty Silicone Products. It borrowed $93.0 million under its revolving credit facility, pushing long-term debt to $607.7 million from $531.6 million at October 31, 2018. Total debt to shareholders' equity was 38.0%, and the company stated it was in compliance with all revolving credit facility covenants. Management raised its fiscal 2019 outlook, now estimating net sales growth of 9% to 11% and net income growth of 11% to 13%, up from prior estimates of 8% to 10% and approximately 10%. The filing also notes the adoption of ASC 606, which shifted revenue timing for certain contracts, and it reports February 2019 acquisitions of Solid Sealing Technology and Decavo, LLC, which the filing describes as not material to the consolidated financial statements.

    Feb 28, 2019
  25. 2018-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2018

    HEICO Corporation's Form 10-Q for the third quarter of fiscal 2018, ended July 31, 2018, reports record results. Net sales for the nine months rose to $1,300.8 million from $1,103.6 million, and net sales for the third quarter reached $465.8 million versus $391.5 million a year earlier. Operating income for the nine months was $272.5 million, up from $217.2 million, and net income attributable to HEICO was a record $191.9 million, or $1.40 per diluted share, compared with $132.3 million, or $.98 per diluted share, in the prior-year period. The Electronic Technologies Group drove much of the improvement, with nine-month operating income of $147.4 million and operating margin of 28.9%, while the Flight Support Group reported operating income of $152.1 million. The filing states that the lower effective tax rate reflects the Tax Cuts and Jobs Act, including a $16.6 million provisional discrete tax benefit from remeasuring U.S. federal net deferred tax liabilities, partly offset by a $4.7 million one-time transition tax expense. Balance sheet and cash flow data show cash and cash equivalents of $67.0 million at July 31, 2018, long-term debt of $622.9 million (including a $614.0 million revolving credit balance), and total HEICO shareholders' equity of $1,334.0 million. Net cash provided by operating activities was $204.7 million for the nine months, up from $179.3 million, while capital expenditures were $35.9 million and acquisitions, net of cash acquired, totaled $40.6 million. Management raised its fiscal 2018 outlook, now estimating year-over-year growth of 15% to 16% in net sales and 35% to 37% in net income, up from prior estimates of 13% to 14% and 33% to 35%. The company also disclosed a subsequent event in August 2018, the acquisition of Optical Display Engineering, whose consideration the filing describes as not material.

    Aug 31, 2018
  26. 2018-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2018

    HEICO Corporation's Form 10-Q for the second quarter of fiscal 2018 (period ended April 30, 2018) reports record results. Net sales for the six months rose to $835.0 million from $712.1 million, and operating income increased to $171.1 million from $141.1 million. Net income attributable to HEICO was a record $124.8 million, or $1.14 per diluted share, versus $86.6 million, or $.80 per diluted share, a year earlier. The filing states that the lower effective tax rate reflected the Tax Cuts and Jobs Act, which produced a provisional discrete tax benefit of $16.6 million, partly offset by a $4.7 million one-time transition tax expense. The effective tax rate for the six months fell to 14.8% from 29.5%. Growth was broad across both segments. The Flight Support Group's net sales reached a record $522.6 million and the Electronic Technologies Group's reached a record $324.4 million. The filing attributes part of the growth to fiscal 2017 and 2018 acquisitions, including Sensor Technology (85% acquired) and Interface Displays & Controls. Management raised its fiscal 2018 outlook, now estimating net sales growth of 13% to 14% and net income growth of 33% to 35%, up from prior estimates of 12% to 14% and 30% to 32%. Balance sheet and cash flow items to note include total debt of $683.8 million, with $681.0 million drawn on the revolving credit facility, and a total debt to shareholders' equity ratio of 50.0%. Operating cash flow was $95.0 million for the six months, and the company repurchased $24.6 million of common stock tied to stock option exercises. Management states it believes operating cash flow and available revolver borrowings will fund requirements for at least the next twelve months.

    May 31, 2018
  27. 2018-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2018

    HEICO Corporation's Form 10-Q for the first quarter of fiscal 2018 (three months ended January 31, 2018) reports record results. Net sales rose to $404.4 million from $343.4 million, and operating income increased to $79.6 million from $64.6 million. Net income attributable to HEICO reached a record $65.2 million, or $.60 per diluted share, compared with $40.9 million, or $.38 per diluted share, a year earlier. The filing states that the Tax Cuts and Jobs Act lowered the effective tax rate to 4.7% from 26.6%, driven by a $16.6 million provisional discrete tax benefit from remeasuring U.S. federal net deferred tax liabilities, partly offset by a $4.7 million one-time transition tax expense. By segment, the Electronic Technologies Group (ETG) grew net sales 23% to $155.7 million and lifted operating income 49% to $43.2 million, with its operating margin rising to 27.8%. The Flight Support Group (FSG) grew net sales 15% to $254.7 million and operating income 11% to $45.9 million. Interest expense more than doubled to $4.7 million, reflecting higher rates and a larger revolver balance tied to fiscal 2017 acquisitions. Long-term debt was $669.0 million, and the revolving credit facility's weighted average interest rate rose to 2.9% from 2.4%. Management raised its fiscal 2018 outlook, now expecting net sales growth of 12% to 14% and net income growth of 30% to 32%, up from prior estimates of 10% to 12% for both. Operating cash flow was $45.0 million, and the company paid $7.4 million in dividends. The company also acquired Interface Displays & Controls, Inc. in November 2017 and, in February 2018, acquired 85% of Sensor Technology Engineering, Inc., with the purchase price not described as material.

    Mar 1, 2018
  28. 2017-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2017

    HEICO Corporation's Form 10-Q for the third quarter of fiscal 2017 (quarter ended July 31, 2017) reports record net sales of $391.5 million for the three months, up from $356.1 million, and record nine-month net sales of $1,103.6 million, up from $1,013.0 million. Operating income for the nine months rose to a record $217.2 million from $189.3 million, and net income attributable to HEICO increased to a record $132.3 million, or $1.53 per diluted share, from $111.9 million, or $1.32 per diluted share. The Flight Support Group and Electronic Technologies Group both posted record nine-month operating income, with the FSG at $132.8 million and the ETG at $106.5 million. The balance sheet grew over the period, with total assets of $2.22 billion at July 31, 2017 versus $2.04 billion at October 31, 2016. Total debt, consisting mainly of revolving credit facility borrowings, was $434.8 million, and the revolver was increased by $200 million to $1.0 billion in April 2017. Cash provided by operating activities was $179.3 million for the nine months. The company completed the A2C and Carbon by Design acquisitions in fiscal 2017 and raised its fiscal 2017 guidance to 9%-11% net sales growth and 14%-16% net income growth. A subsequent event is the August 2017 agreement by HEICO Electronic Technologies Corp. to acquire AeroAntenna Technology, Inc. for approximately $317 million in cash plus up to approximately $20 million of contingent consideration, with closing expected in the fourth quarter of fiscal 2017 subject to governmental approval. The filing also notes a 5-for-4 stock split effected in April 2017 and that defense-related net sales declined due to customer delays in new orders.

    Aug 25, 2017
  29. 2017-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2017

    HEICO Corporation's Form 10-Q for the second quarter of fiscal 2017 (period ended April 30, 2017) reports record net sales of $368.7 million for the quarter and $712.1 million for the first six months, up from $656.9 million a year earlier. Consolidated operating income rose to $141.1 million for the six months (19.8% of net sales versus 18.2%), and net income attributable to HEICO reached a record $86.6 million, or $1.00 per diluted share, compared with $69.9 million, or $.82 per diluted share, in the prior-year period. Growth was driven by both the Flight Support Group and the Electronic Technologies Group, with organic growth of 6% in each segment for the six months. The balance sheet expanded during the period, with total assets of $2.18 billion at April 30, 2017, up from $2.04 billion at October 31, 2016. The increase reflects the April 24, 2017 acquisition of an 80.1% interest in LLP Enterprises, LLC (Air Cost Control), funded principally with revolving credit facility borrowings. Goodwill rose to $912.5 million and long-term debt was $460.5 million. In April 2017, the company increased its revolving credit facility by $200 million to $1.0 billion. Cash flow from operations was $97.7 million for the six months, compared with $102.7 million a year earlier. Management raised its fiscal 2017 outlook, now estimating consolidated net sales growth of 8% to 10% and net income growth of 12% to 14%, up from prior estimates of 6% to 8% and 9% to 11%, respectively. The filing also notes a 5-for-4 stock split effective April 19, 2017, with all share and per share data restated accordingly.

    May 25, 2017
  30. 2017-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2017

    HEICO Corporation's Form 10-Q for the first quarter of fiscal 2017 (three months ended January 31, 2017) shows net sales rising 12% to $343.4 million from $306.2 million a year earlier, with operating income up 23% to $64.6 million from $52.6 million. Net income attributable to HEICO increased to $40.9 million, or $.59 per diluted share, from $31.3 million, or $.46 per diluted share. The Flight Support Group grew net sales to $220.9 million and the Electronic Technologies Group grew net sales to $126.2 million, with the ETG's increase including $13.1 million from fiscal 2016 acquisitions. The ETG's gross margin declined by 1.5%, principally due to less favorable product mix for certain space products, while the company benefited from the absence of $3.1 million in acquisition costs recognized in the prior-year quarter. Cash flow and balance sheet trends were mixed but supportive. Net cash provided by operating activities was $56.0 million, up from $45.2 million, and the company repaid $40.0 million on its revolving credit facility. Long-term debt, net of current maturities, declined to $416.9 million from $457.8 million at October 31, 2016. Total debt to shareholders' equity was 38.3% as of January 31, 2017. The ASU 2016-09 adoption contributed a $3.1 million discrete tax benefit, which, net of noncontrolling interests, increased net income attributable to HEICO by $2.6 million. Management raised its fiscal 2017 outlook, now estimating consolidated year-over-year growth of 6% to 8% in net sales and 9% to 11% in net income, up from prior estimates of 5% to 7% and 7% to 10%, respectively. Capital expenditures for fiscal 2017 are anticipated to approximate $38 million, and management stated that operating cash flow and available revolver borrowings should be sufficient for at least the next twelve months.

    Mar 2, 2017
  31. 2016-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2016

    HEICO Corporation's Form 10-Q for the third quarter ended July 31, 2016 reports record results for the nine months, with net sales of $1,012.96 million (up from $859.98 million) and operating income of $189.27 million (up from $160.70 million). Net income attributable to HEICO was a record $111.93 million, or $1.64 per diluted share, compared with $95.11 million, or $1.40 per diluted share, in the prior-year period. For the third quarter alone, net sales were $356.08 million and net income attributable to HEICO was $42.00 million, or $0.62 per diluted share. Growth was driven largely by the fiscal 2016 acquisition of Robertson Fuel Systems, LLC, completed January 11, 2016 for a total consideration of $253.02 million. Robertson contributed approximately $60.1 million of net sales and $8.8 million of net income attributable to HEICO for the nine months. The Electronic Technologies Group (ETG) posted nine-month net sales of $372.93 million and operating income of $89.28 million, while the Flight Support Group (FSG) reported net sales of $647.42 million and operating income of $118.76 million. Balance sheet leverage increased. Long-term debt rose to $509.57 million from $367.24 million at October 31, 2015, mainly to fund acquisitions, and cash fell to $27.19 million. Net cash provided by operating activities was $172.42 million for the nine months, while acquisitions used $263.81 million. Management raised its fiscal 2016 net income growth estimate to 13% to 15% from 12% to 14%, and reaffirmed net sales growth of approximately 15% to 17%.

    Aug 26, 2016
  32. 2016-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2016

    HEICO Corporation's Form 10-Q for the second quarter of fiscal 2016 (three and six months ended April 30, 2016) shows net sales of $350.6 million for the quarter, up from $291.4 million a year earlier, and $656.9 million for the six months, up from $559.6 million. Operating income rose to $66.8 million in the quarter and $119.4 million for the six months. Net income attributable to HEICO was $38.7 million, or $.57 per diluted share, for the quarter, and $69.9 million, or $1.03 per diluted share, for the six months. The filing describes the quarter's net sales as a record, and the Electronic Technologies Group drove much of the growth, with segment net sales rising to $132.6 million in the quarter. Growth was supported by acquisitions, most notably Robertson Fuel Systems, LLC, acquired January 11, 2016 for cash consideration of $256.3 million (total consideration of $253.0 million net of cash acquired). Robertson contributed approximately $23.3 million of net sales and $3.1 million of net income attributable to HEICO in the quarter. Total assets grew to $2.02 billion from $1.74 billion at October 31, 2015, and long-term debt rose to $562.6 million from $367.2 million, mainly from borrowings on the revolving credit facility. The net debt to shareholders' equity ratio was 53.8%, with net debt of $526.1 million. Management raised its fiscal 2016 outlook, now expecting consolidated net sales growth of 15% to 17% and net income growth of 12% to 14%, up from prior estimates of 14% to 16% and 10% to 13%, respectively. The filing states that the company's revolving credit facility covenants were met as of April 30, 2016, and that cash from operations and available borrowings are expected to fund requirements for at least the next twelve months.

    May 27, 2016
  33. 2016-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2016

    HEICO Corporation's first quarter of fiscal 2016 (three months ended January 31, 2016) showed higher sales and profit. Net sales rose 14% to $306.2 million from $268.2 million, with the Flight Support Group contributing $204.6 million (up from $182.1 million) and the Electronic Technologies Group contributing $104.2 million (up from $89.2 million). Operating income increased 13% to $52.6 million, and net income attributable to HEICO rose to $31.3 million, or $.46 per diluted share, from $27.6 million, or $.41 per diluted share. Gross profit margin improved to 36.6% from 35.0%, while SG&A expenses rose to 19.5% of net sales from 17.7%, reflecting $3.2 million of acquisition costs tied to the Robertson acquisition and higher performance-based compensation. The quarter was dominated by the January 11, 2016 acquisition of Robertson Fuel Systems, LLC, paid in cash of $256.8 million, funded largely by revolving credit facility borrowings of $260.0 million. Net cash used in investing activities was $269.5 million, including $264.3 million for acquisitions. Long-term debt rose to $594.6 million from $367.2 million, and net debt to shareholders' equity was 61.3%, with net debt of $565.0 million. Goodwill increased to $863.9 million and intangible assets to $391.9 million, largely from the fiscal 2016 acquisitions. Management raised its fiscal 2016 outlook, now expecting consolidated net sales growth of 14% to 16% and net income growth of 10% to 13%, up from prior estimates of 8% to 10% for both. Management stated that liquidity from operating cash flow and revolver availability should be sufficient for at least the next twelve months.

    Feb 29, 2016
  34. 2015-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2015

    HEICO Corporation's quarterly report for the third quarter of fiscal 2015 (ended July 31, 2015) shows record net sales of $860.0 million for the first nine months, up 2% from $840.1 million, and record net income attributable to HEICO of $95.1 million, or $1.40 per diluted share, versus $89.2 million, or $1.32 per diluted share, a year earlier. Operating income rose to a record $160.7 million (18.7% of net sales) from $149.7 million. Growth came mainly from the Flight Support Group, whose net sales rose to a record $591.4 million, partly offset by a decline in the Electronic Technologies Group, whose net sales fell to $277.4 million. The prior-year period included $9.2 million of intangible asset impairment losses and a larger reduction in accrued contingent consideration, which affected year-over-year comparisons. The balance sheet expanded with total assets of $1.59 billion as of July 31, 2015, up from $1.49 billion at October 31, 2014, driven largely by fiscal 2015 acquisitions funded mainly through the revolving credit facility. Long-term debt was $299.1 million, and net debt of $267.8 million equaled 31.3% of shareholders' equity. Cash provided by operating activities was $121.3 million for the nine months, and cash used in acquisitions was $56.2 million. Management estimates fiscal 2015 net sales growth of approximately 5% and net income growth of approximately 8%. Subsequent to quarter-end, in August 2015, HEICO completed three additional acquisitions: Aerospace & Commercial Technologies, Inc., Astroseal Products Mfg. Corporation, and Midwest Microwave Solutions, Inc. The company stated that their total consideration is not material to its condensed consolidated financial statements.

    Aug 27, 2015
  35. 2015-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2015

    HEICO Corporation's Form 10-Q for the second quarter of fiscal 2015 (period ended April 30, 2015) shows record net sales of $559.6 million for the first six months, up from $549.1 million, and record operating income of $102.2 million, up from $99.6 million. Net income attributable to HEICO rose to a record $60.7 million, or $.90 per diluted share, for the six months, compared with $55.8 million, or $.83 per diluted share, a year earlier. For the second quarter alone, net sales were $291.4 million and net income attributable to HEICO was $33.1 million, or $.49 per diluted share. The Flight Support Group reported record net sales of $384.8 million for the six months, and the Electronic Technologies Group reported record net sales of $180.2 million and record operating income of $41.6 million. The company attributed the Flight Support Group's organic revenue decline of 2% in the six months to lower demand for certain industrial products, while the Electronic Technologies Group's organic growth was approximately 2%. The balance sheet expanded during the period, with total assets of $1.58 billion versus $1.49 billion at October 31, 2014, driven largely by fiscal 2015 acquisitions. Goodwill increased to $712.0 million and intangible assets to $223.3 million. Total debt was $326.8 million, almost unchanged from October 31, 2014, and cash and cash equivalents were $20.7 million. Redeemable noncontrolling interests rose to $63.9 million from $40.0 million, and management stated that the net debt to shareholders' equity ratio was 37.0%, with net debt of $306.1 million. Operating cash flow was $64.8 million for the six months, versus $55.0 million a year earlier, and capital expenditures were $9.5 million. Management continues to estimate fiscal 2015 year-over-year growth in both net sales and net income of approximately 8% to 10%. In January 2015 the company acquired 80% of Aeroworks International Holdings, B.V. and 80.1% of Harter Aerospace, LLC, and in May 2015 it acquired Thermal Energy Products, Inc. Management described the total consideration for these acquisitions as not material to the condensed consolidated financial statements.

    May 21, 2015
  36. 2015-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2015

    HEICO Corporation's Form 10-Q for the first quarter of fiscal 2015 (three months ended January 31, 2015) shows net sales of $268.2 million, up from $266.8 million a year earlier, while operating income declined to $46.4 million from $50.4 million. Management attributed the operating income decline mainly to a $7.0 million decrease in accrued contingent consideration recorded in the first quarter of fiscal 2014, partially offset by lower than expected operating income of approximately $3.0 million at an acquired business. Net income attributable to HEICO was $27.6 million, or $.41 per diluted share, flat with the prior year, as a lower effective tax rate of 29.5% (versus 33.9%) and lower noncontrolling interest allocations offset the lower operating income. The company completed two acquisitions in January 2015: 80% of Aeroworks International Holdings, B.V. and 80.1% of Harter Aerospace, LLC, both funded principally with revolving credit facility borrowings. Cash used in investing activities was $53.5 million, including $49.3 million for acquisitions. Total assets rose to $1.58 billion from $1.49 billion, goodwill increased to $712.8 million, and long-term debt increased to $354.6 million. Net cash provided by operating activities was $29.5 million, down from $33.5 million. Management maintained its fiscal 2015 outlook for year-over-year growth in both net sales and net income of 8% to 10%. The company reported that its disclosure controls were effective and that it was in compliance with all revolving credit facility covenants. Cash dividends were $.07 per share this quarter compared with $.41 per share in the prior-year quarter.

    Feb 26, 2015
  37. 2014-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2014

    HEICO Corporation's Form 10-Q for the third quarter ended July 31, 2014 reports record results for the nine months, with net sales of $840.1 million, up 16% from $721.3 million in the first nine months of fiscal 2013, and record operating income of $149.7 million, up 17% from $128.0 million. Net income attributable to HEICO rose to a record $89.2 million, or $1.32 per diluted share, compared with $72.6 million, or $1.09 per diluted share, a year earlier. Growth was led by the Flight Support Group, whose net sales rose to $568.0 million, and the Electronic Technologies Group, whose net sales rose to a record $279.3 million. Results were helped by a $19.5 million decrease in accrued contingent consideration, which was partially offset by $9.2 million of intangible asset impairment losses recorded in the third quarter in the Electronic Technologies Group. For the third quarter alone, net sales were $291.0 million, up from $267.1 million, and operating income was $50.1 million, up from $48.4 million. Operating cash flow for the nine months was $127.2 million, versus $92.3 million a year earlier. Cash was used mainly for $76.7 million of distributions to noncontrolling interests, including a $67.4 million dividend paid to Lufthansa Technik AG in connection with the acquisition of its 20% interest in four subsidiaries. Total debt was $386.3 million, with borrowings under the revolving credit facility of $383.0 million, and the net debt to shareholders' equity ratio was 49.0%. Management raised its fiscal 2014 net income growth estimate to 14% to 16%, from 12% to 14%, and kept its net sales growth estimate at 12% to 14%.

    Aug 28, 2014
  38. 2014-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2014

    HEICO Corporation's Form 10-Q for the second quarter of fiscal 2014 (six months ended April 30, 2014) reports record net sales of $549.1 million for the first six months, up 21% from $454.2 million, and record operating income of $99.6 million, up 25% from $79.6 million. Net income attributable to HEICO reached a record $55.8 million, or $.83 per diluted share, versus $43.7 million, or $.65 per diluted share, a year earlier. For the second quarter alone, net sales rose 19% to $282.2 million and net income attributable to HEICO increased to $28.4 million, or $.42 per diluted share. The Flight Support Group drove much of the growth, with sales up 28% in the six-month period to a record $376.5 million, while the Electronic Technologies Group grew 9% to $177.2 million, though its operating margin was pressured by less favorable product mix. Gross margin declined to 35.0% for the six months from 36.8%, reflecting product mix in both segments, and selling, general and administrative expenses benefited from a $9.3 million reduction in contingent consideration tied to a fiscal 2013 acquisition. Management raised its fiscal 2014 net income growth estimate to 12% to 14%, from 10% to 12%, while keeping its net sales growth estimate at 12% to 14%. Balance sheet leverage increased during the period. Total debt rose to $436.6 million, with borrowings under the revolving credit facility at $433.0 million, and net debt was $415.2 million, equal to 57.9% of shareholders' equity. The increase followed a $67.4 million cash dividend paid to Lufthansa Technik AG in connection with HEICO's acquisition of its 20% noncontrolling interest in four HEICO Aerospace subsidiaries, plus $27.2 million in regular and special dividends. Operating cash flow was $55.0 million for the six months, and the company stated it was in compliance with all revolving credit facility covenants.

    May 22, 2014
  39. 2014-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2014

    HEICO Corporation's first-quarter fiscal 2014 Form 10-Q (quarter ended January 31, 2014) shows net sales rising 23% to $266.8 million from $216.5 million, with operating income up 44% to $50.4 million and net income attributable to HEICO of $27.5 million, or $.41 per diluted share, versus $20.0 million, or $.30 per diluted share, a year earlier. Growth was led by the Flight Support Group, whose net sales increased 31% to $181.6 million, while the Electronic Technologies Group rose to $87.5 million. Operating income also benefited from a $7.0 million reduction in contingent consideration recorded in selling, general and administrative expenses, which partly offset roughly $3.0 million of lower operating income at an acquired ETG business tied to percentage-of-completion contracts. Gross profit margin fell to 34.5% from 35.8%, principally due to the ETG's less favorable product mix. Cash and debt position was affected by fiscal 2014 dividend payments. Net cash provided by operating activities was $33.5 million, while net cash used in financing activities was $29.0 million, mainly $27.2 million of cash dividends paid in January 2014, which were principally funded from revolving credit borrowings. Borrowings under the revolving credit facility stood at $375.0 million, and net debt was $364.0 million, a net debt to shareholders' equity ratio of 50.0%. In November 2013 the revolving credit facility was amended to extend maturity to December 2018 and increase the principal to $800 million, with an accordion feature to $1.0 billion. Subsequent to the quarter, on February 18, 2014, HEICO acquired the 20% noncontrolling interest held by Lufthansa Technik AG in four subsidiaries within HEICO Aerospace Holdings Corp., with LHT's dividend approximating $67 million funded by a borrowing under the credit facility. Management continues to estimate fiscal 2014 net sales growth of 12% to 14% and net income growth of 10% to 12%, and expects capital expenditures of about $25 million for the year.

    Feb 27, 2014
  40. 2013-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2013

    HEICO Corporation's Form 10-Q for the third quarter ended July 31, 2013 shows record results. Net sales for the first nine months of fiscal 2013 rose 10% to a record $721.3 million, and the third quarter rose 18% to a record $267.1 million. Operating income for the nine months increased 9% to a record $128.0 million, and net income attributable to HEICO increased to a record $72.6 million, or $1.36 per diluted share, versus $61.4 million, or $1.15 per diluted share, a year earlier. The Flight Support Group drove much of the growth, with nine-month net sales of $475.6 million, while the Electronic Technologies Group reported $250.2 million in nine-month net sales and $57.3 million in operating income. The balance sheet shifted meaningfully during the period. HEICO acquired Reinhold Industries, Inc. on May 31, 2013 for approximately $133.0 million net of cash acquired, funded mainly by its revolving credit facility. Goodwill rose to $619.6 million from $542.1 million, and total assets reached $1.39 billion from $1.19 billion at October 31, 2012. Long-term debt increased to $318.9 million from $131.2 million, and the net debt to shareholders' equity ratio was 44.4%. Cash dividends of $120.4 million were paid in the period, including a special and extraordinary $2.14 per share dividend in December 2012, which was also funded by revolver borrowings. Management raised its fiscal 2013 outlook, now expecting net sales growth of 10% to 11% and net income growth of 15% to 16%, up from prior estimates of 8% to 10% and 11% to 13%. Management cited ongoing uncertainty around government defense budget reductions as a factor slowing growth in the Electronic Technologies Group.

    Aug 29, 2013
  41. 2013-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2013

    HEICO Corporation's Form 10-Q for the second quarter of fiscal 2013 (quarter ended April 30, 2013) reports record net sales of $454.2 million for the first six months, up 6% from $429.0 million, and record operating income of $79.6 million, up 5.8% from $75.2 million. Net income attributable to HEICO rose to a record $43.7 million, or $.82 per diluted share, for the six months, compared with $38.2 million, or $.72 per diluted share, a year earlier. For the second quarter alone, net sales were $237.7 million, up 10% from $216.3 million, and net income attributable to HEICO was $23.7 million, or $.44 per diluted share. The Flight Support Group and Electronic Technologies Group both reported record first-half net sales and operating income, and the company's gross profit margin improved to 36.8% for the six months from 35.8%. The company's balance sheet became more leveraged during the period. Long-term debt rose to $227.9 million from $131.2 million at October 31, 2012, as borrowings under the revolving credit facility increased to $224.0 million. The increase funded a special and extraordinary cash dividend of $2.14 per share paid in December 2012, which, together with a regular semi-annual dividend, aggregated $116.6 million. The filing states that net debt to shareholders' equity was 32.1%, with net debt of $211.7 million, and that the company was in compliance with all revolving credit facility covenants. Management expects net sales growth of 8% to 10% and net income growth of 11% to 13% for fiscal 2013. A subsequent event disclosed in the filing is the pending acquisition of Reinhold Industries, Inc. for approximately $130 million in cash, expected to close in the third quarter of fiscal 2013 subject to governmental approval, with funding principally from the revolving credit facility.

    May 24, 2013
  42. 2013-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2013

    HEICO Corporation's first quarter of fiscal 2013 (three months ended January 31, 2013) shows net sales of $216.5 million, up from $212.7 million in the prior-year quarter, while operating income declined to $34.9 million from $37.6 million. Net income attributable to HEICO was $20.0 million, or $.37 per diluted share, compared with $19.2 million, or $.36 per diluted share, a year earlier. The filing states that the decline in operating income reflected a less favorable product mix and lower specialty product sales at the Flight Support Group, along with higher new product research and development expenses and amortization of acquired intangibles at the Electronic Technologies Group. The effective tax rate fell to 27.8% from 34.2%, principally due to a retroactive research and development tax credit and a Section 404(k) deduction related to the special dividend. Capital structure changed significantly in the quarter. In December 2012 the company paid a special and extraordinary cash dividend of $2.14 per share plus an accelerated regular semi-annual dividend of $.06 per share, aggregating $116.6 million and funded by revolving credit borrowings. Borrowings under the revolving credit facility rose to $250.0 million from $127.0 million at October 31, 2012, and total shareholders' equity declined to $632.5 million from $719.8 million. The company stated that net debt to shareholders' equity was 37.3%, with net debt of $235.8 million, and that it was in compliance with all revolving credit covenants. Management estimates full fiscal 2013 growth in net sales and operating income of 6% to 8% over fiscal 2012, with operating margins approximating the 18% reported last year and net income growth of approximately 9% to 11%. Management also anticipates improving demand and moderate organic growth in both segments principally during the second half of fiscal 2013, while noting ongoing uncertainty around U.S. defense spending.

    Feb 22, 2013
  43. 2012-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2012

    HEICO Corporation's Form 10-Q for the third quarter ended July 31, 2012 reports record results. Net sales for the first nine months of fiscal 2012 rose 18% to a record $654.9 million from $556.0 million, and operating income increased 17% to a record $117.7 million. Net income attributable to HEICO reached a record $61.4 million, or $1.15 per diluted share, versus $54.3 million, or $1.02 per diluted share, a year earlier. For the third quarter, net sales were $226.0 million, up 15%, and net income attributable to HEICO was $23.1 million, or $.43 per diluted share. Growth was driven largely by the Electronic Technologies Group (ETG), whose nine-month net sales rose 46% to a record $237.2 million, including about $65.7 million from acquisitions of 3D Plus, Switchcraft, Ramona Research and Moritz Aerospace. The ETG's operating margin declined to 22.1% from 27.4%, which the company attributes mainly to amortization and purchase accounting effects at 3D Plus and Switchcraft. The Flight Support Group (FSG) grew net sales 6% to a record $420.7 million, and its operating margin improved to 18.7% from 17.3%. Balance sheet leverage increased. Long-term debt rose to $152.6 million from $39.8 million at October 31, 2011, mainly to fund the Switchcraft acquisition (approximately $143.2 million, net of cash acquired) and other acquisitions. Cash used in investing activities was $184.0 million for the nine months, and cash provided by operating activities was $78.3 million. The company states it was in compliance with its revolving credit facility covenants, and net debt was $139.0 million, a net debt to shareholders' equity ratio of 20.1%.

    Aug 24, 2012
  44. 2012-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2012

    HEICO Corporation's Form 10-Q for the quarterly period ended April 30, 2012 reports record net sales of $429.0 million for the first six months of fiscal 2012, up 20% from $358.7 million, and record operating income of $75.2 million, up 15%. Net income attributable to HEICO rose to a record $38.2 million, or $.72 per diluted share, from $33.9 million, or $.64 per diluted share. For the second quarter, net sales increased 17.3% to a record $216.3 million and net income attributable to HEICO was $19.0 million, or $.36 per diluted share, versus $.32 a year earlier. The Electronic Technologies Group grew sales 43% in the six-month period, driven largely by acquisitions including 3D Plus, Switchcraft, Ramona Research and Moritz Aerospace, while the Flight Support Group grew 10% with organic growth of approximately 7.5%. Growth was financed largely with debt. Total assets rose to $1.17 billion from $941.1 million at October 31, 2011, driven by goodwill and intangibles from acquisitions. Long-term debt increased to $174.4 million from $39.8 million, mainly from borrowings under the revolving credit facility, which stood at $171.0 million. The company entered a $670 million Revolving Credit Agreement in December 2011. Net cash provided by operating activities was $45.3 million for the first six months, down from $51.1 million, principally due to a $14.3 million increase in working capital. Net debt to shareholders' equity was 22.7%. Management cited gross margin compression in the Electronic Technologies Group, with consolidated gross profit margin falling to 35.8% from 36.3%, partly reflecting inventory purchase accounting adjustments and amortization at recently acquired businesses. Management expects continued moderate growth in the Flight Support Group and stable demand in the Electronic Technologies Group, while noting that government spending reductions may moderate defense demand. A 5-for-4 stock split took effect April 25, 2012.

    May 31, 2012
  45. 2012-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2012

    HEICO Corporation's Form 10-Q for the quarter ended January 31, 2012 reports record first-quarter net sales of $212.7 million, up from $174.2 million a year earlier, with the filing stating the increase was 22%. Operating income rose to a record $37.6 million from $32.4 million, though operating margin declined to 17.7% from 18.6% as the Electronic Technologies Group's margin fell, partly due to the 3D Plus acquisition. Net income attributable to HEICO increased to $19.2 million, or $.45 per diluted share, from $17.1 million, or $.40 per diluted share. The quarter was dominated by the November 22, 2011 acquisition of Switchcraft, Inc. for approximately $142 million in cash, funded mainly by the revolving credit facility. Borrowings under the revolver rose to $187.0 million from $36.0 million, and the company entered a new $670 million Revolving Credit Agreement in December 2011. Net cash used in operating activities was $2.3 million, driven by a $36.6 million increase in working capital, and goodwill rose to $516.2 million. Management expects stable demand in the Electronic Technologies Group for the remainder of fiscal 2012 and continued but slower year-over-year capacity growth in the commercial airline industry. The filing notes that fiscal 2012 capital expenditures are anticipated to be $20 to $22 million, and that the company was in compliance with all revolving credit facility covenants as of January 31, 2012.

    Mar 1, 2012
  46. 2011-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2011

    HEICO Corporation's Form 10-Q for the third quarter of fiscal 2011 (quarter ended July 31, 2011) reports record results. Net sales for the first nine months rose to $556.0 million, up from $447.7 million a year earlier, with the Flight Support Group reaching a record $395.2 million and the Electronic Technologies Group reaching a record $162.5 million. Operating income increased 27% to a record $101.0 million, and net income attributable to HEICO was a record $54.3 million, or $1.28 per diluted share, versus $.93 in the prior-year nine months. For the three months ended July 31, 2011, net sales were $197.3 million and net income attributable to HEICO was $20.4 million, or $.48 per diluted share. The balance sheet strengthened over the period. Cash rose to $27.6 million from $6.5 million at October 31, 2010, and the company had no borrowings under its $300 million revolving credit facility at July 31, 2011, compared with $14.0 million outstanding at fiscal year-end 2010. Operating cash flow was $85.0 million for the nine months, while the company spent $29.2 million on acquisitions and $5.7 million on capital expenditures. Redeemable noncontrolling interests and put rights are estimated at approximately $54 million in aggregate, and up to approximately $93 million of additional contingent purchase consideration could be payable in fiscal 2012, though management estimates about $16 million would be paid at historical earnings levels. Management expects continued year-over-year sales and earnings growth for the remainder of fiscal 2011, citing expected capacity increases in the commercial airline industry at a slower pace than the first half, and stable demand in the Electronic Technologies Group's markets. The company also disclosed a pending acquisition of 3D Plus, S.A. by HEICO Electronic, expected to close in the fourth quarter of fiscal 2011, with a purchase price the company does not expect to be material.

    Sep 1, 2011
  47. 2011-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2011

    HEICO Corporation's quarterly report for the second quarter of fiscal 2011 (period ended April 30, 2011) shows record results. Net sales for the six months rose to $358.7 million from $289.4 million, and operating income rose to $65.3 million from $50.5 million. Net income attributable to HEICO was $33.9 million, or $.80 per diluted share, versus $24.4 million, or $.58 per diluted share, a year earlier. For the three months ended April 30, 2011, net sales were $184.5 million and net income attributable to HEICO was $16.8 million, or $.40 per diluted share. The Flight Support Group drove much of the growth, with net sales of $254.4 million for the six months and organic growth of approximately 22%, while the Electronic Technologies Group reported net sales of $105.3 million and organic growth of approximately 6%. Per-share figures reflect a 5-for-4 stock split effected April 26, 2011. The balance sheet shows total assets of $834.9 million and total shareholders' equity of $599.5 million as of April 30, 2011. Long-term debt, net of current maturities, was $7.1 million, and the company stated it had no net debt because cash and cash equivalents of $7.8 million exceeded total debt. Net cash provided by operating activities was $51.1 million for the six months, and the company used $27.9 million for acquisitions during the period. Management stated it expects continued year-over-year sales and earnings growth for the remainder of fiscal 2011. Investors should also note contingent purchase consideration obligations of up to approximately $95 million payable in fiscal 2012, with an estimated expected payment of approximately $14 million, and redeemable noncontrolling interests with management's estimated aggregate Redemption Amount of approximately $54 million. The company reported no material changes to its market risk disclosures and concluded its disclosure controls were effective.

    May 31, 2011
  48. 2011-Q1

    Heico Quarterly Report for Q1 Ended Jan 31, 2011

    HEICO Corporation reported record first-quarter fiscal 2011 results for the three months ended January 31, 2011. Net sales rose 29% to a record $174.2 million from $135.5 million a year earlier, driven by the Flight Support Group (net sales of $120.6 million, up 29%) and the Electronic Technologies Group (net sales of $53.9 million, up 28%). Operating income increased 32% to a record $32.4 million, and net income attributable to HEICO was $17.1 million, or $.50 per diluted share, compared with $11.8 million, or $.35 per diluted share, in the prior-year quarter. The filing attributes part of the earnings benefit to a retroactive extension of the federal research and development tax credit, which added approximately $.8 million to net income, or $.02 per diluted share. Consolidated gross margin edged down to 36.7% from 37.0%, mainly due to lower Flight Support Group margins. Balance sheet and cash flow data show modest leverage and steady cash generation. Net cash provided by operating activities was $23.5 million, while investing activities used $24.2 million, mainly for a December 2010 acquisition (Blue Aerospace LLC, 80.1% interest) and $1.6 million of capital expenditures. Total debt rose to $24.2 million, and net debt was $10.3 million, equal to 1.8% of shareholders' equity. Management estimates the aggregate redemption amount of noncontrolling-interest put rights at approximately $61 million, and additional contingent purchase consideration could total approximately $92 million, though management estimates the likely payment at approximately $16 million. Management expects continued year-over-year sales and earnings growth for the remainder of fiscal 2011, citing expected airline capacity increases and stable-to-increasing demand in electronic technologies markets. The company stated it has no significant debt maturities until fiscal 2013 and believes operating cash flow and revolver availability will meet cash needs for at least the next twelve months.

    Mar 2, 2011
  49. 2010-Q3

    Heico Quarterly Report for Q3 Ended Jul 31, 2010

    HEICO Corporation's Form 10-Q for the quarter ended July 31, 2010 reports record results for the first nine months of fiscal 2010. Net sales rose to $447.7 million from $394.7 million, and operating income increased to a record $79.5 million from $64.2 million. Net income attributable to HEICO was a record $39.3 million, or $1.16 per diluted share, compared with $33.0 million, or $.98 per diluted share, in the prior-year period. The Electronic Technologies Group drove much of the growth, with net sales up 51.0% to $147.2 million and operating income up to $40.0 million, while the Flight Support Group's net sales rose 1.2% to $301.1 million on organic growth. For the third quarter, net sales increased 18.0% to a record $158.3 million and net income attributable to HEICO was a record $14.9 million, or $.44 per diluted share. Gross profit margin improved to 36.0% for the nine months from 33.5%, mainly due to a more favorable product sales mix in the Flight Support Group. Management raised its fiscal 2010 targets, now calling for net sales of approximately 11% growth over fiscal 2009 and diluted net income per share growth of 14% to 16%. Balance sheet and cash flow remained solid. Cash provided by operating activities was $67.9 million for the nine months, and net debt was $36.3 million, equal to 6.8% of shareholders' equity. Adoption of new noncontrolling interest accounting reclassified about $57 million to redeemable noncontrolling interests, which management estimates may be redeemed for about $56 million through Put Rights exercisable from fiscal 2011 through fiscal 2018.

    Sep 1, 2010
  50. 2010-Q2

    Heico Quarterly Report for Q2 Ended Apr 30, 2010

    HEICO Corporation's Form 10-Q for the second quarter of fiscal 2010 (quarter ended April 30, 2010) shows net sales of $289.4 million for the first six months, up 11.0% from $260.6 million, and operating income of $50.5 million, up 18.1%. For the three months ended April 30, 2010, net sales were $153.8 million, up 18.2%, and net income attributable to HEICO was $12.6 million, or $.37 per diluted share, compared with $.31 in the prior-year quarter. The Electronic Technologies Group drove much of the growth, with net sales up 54.0% for the six months, partly from acquisitions and organic growth of approximately 9%. The Flight Support Group's net sales declined 1.7% for the six months as reduced airline capacity continued to weigh on demand, though its operating margin improved to 16.7% from 15.7%. The balance sheet shows total assets of $779.9 million and long-term debt of $64.1 million, with net debt of $53.8 million representing a 10.3% net debt-to-shareholders' equity ratio. Cash flow from operations was $40.3 million for the six months, versus $26.6 million a year earlier. The company completed a five-for-four stock split in April 2010, and it adopted new accounting guidance that reclassified noncontrolling interests and created $56.1 million of redeemable noncontrolling interests, which are subject to put rights. Management's outlook targets fiscal 2010 full-year growth in net sales and net income of 9% to 12% over fiscal 2009, and operating cash flow near fiscal 2009 levels. Management noted that the strength and timing of the commercial aviation recovery remain uncertain, and commercial aviation represented approximately 65% of net sales over the last twelve months.

    Jun 3, 2010