AI Earnings Predictions for Heico Corporation (HEI)

EX-99.1

2 a07312026ex991earningsrele.htm

EX-99.1

Document

EXHIBIT 99.1

August 25, 2026

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS RECORD NET INCOME (UP 33%) ON RECORD OPERATING INCOME (UP 34%) AND RECORD NET SALES (UP 23%) FOR THE THIRD QUARTER OF FISCAL 2026

Consolidated Quarterly Organic Net Sales Growth Reaches 14%

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported an increase in net income of 33% to a record $235.4 million, or $1.67 per diluted share, in the third quarter of fiscal 2026, up from $177.3 million, or $1.26 per diluted share, in the third quarter of fiscal 2025. Net income increased 31% to a record $659.4 million, or $4.67 per diluted share, in the first nine months of fiscal 2026, up from $502.1 million, or $3.57 per diluted share, in the first nine months of fiscal 2025.

Net sales increased 23% to a record $1,413.1 million in the third quarter of fiscal 2026, up from $1,147.6 million in the third quarter of fiscal 2025. Operating income increased 34% to a record $355.2 million in the third quarter of fiscal 2026, up from $265.0 million in the third quarter of fiscal 2025. The Company's consolidated operating margin improved to 25.1% in the third quarter of fiscal 2026, up from 23.1% in the third quarter of fiscal 2025.

Net sales increased 21% to a record $3,967.3 million in the first nine months of fiscal 2026, up from $3,275.6 million in the first nine months of fiscal 2025. Operating income increased 30% to a record $965.5 million in the first nine months of fiscal 2026, up from $740.0 million in the first nine months of fiscal 2025. The Company's consolidated operating margin improved to 24.3% in the first nine months of fiscal 2026, up from 22.6% in the first nine months of fiscal 2025.

EBITDA increased 31% to $415.2 million in the third quarter of fiscal 2026, up from $316.4 million in the third quarter of fiscal 2025. EBITDA increased 28% to $1,135.5 million in the first nine months of fiscal 2026, up from $888.1 million in the first nine months of fiscal 2025. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

-more-

Consolidated Results

Eric A. Mendelson and Victor H. Mendelson, HEICO’s Co-Chairmen and Co-Chief Executive Officers, commented on the Company's third quarter results stating, "HEICO continued its excellent growth, with record quarterly net income, operating income and net sales supported by 14% consolidated organic net sales growth and contributions from our profitable fiscal 2026 and 2025 acquisitions.

Cash flow provided by operating activities increased 49% to $345.3 million in the third quarter of fiscal 2026, up from $231.2 million in the third quarter of fiscal 2025. We continue to forecast strong cash flow from operations for fiscal 2026.

Our total debt to net income attributable to HEICO ratio improved to 3.00x as of July 31, 2026, down from 3.14x as of October 31, 2025, and our net debt to EBITDA ratio improved to 1.57x as of July 31, 2026, down from 1.60x as of October 31, 2025. See our reconciliation of total debt to net debt at the end of this press release.

During the third quarter, we successfully completed the public offering of $550 million aggregate principal amount of 4.950% Senior Notes due August 1, 2031 and $650 million aggregate principal amount of 5.400% Senior Notes due August 1, 2036. We used the net proceeds from the offering to repay outstanding borrowings under our revolving credit facility.

For the remainder of fiscal 2026, we expect increased net sales at both the Flight Support Group and Electronic Technologies Group to continue to be supported by underlying demand for our products and contributions from recent acquisitions. We remain focused on identifying and evaluating acquisition opportunities that align with our strategic objectives. Our capital allocation strategy continues to prioritize investments in organic growth and acquisitions while preserving adequate liquidity and financial flexibility."

Flight Support Group

The Flight Support Group delivered record quarterly net sales and operating income in the third quarter of fiscal 2026, with operating income and net sales increasing 24% and 18%, respectively, as compared to the third quarter of fiscal 2025. These strong results were driven by continued organic net sales growth across all of our product lines, as well as contributions from our fiscal 2026 acquisitions.

The Flight Support Group's net sales increased 18% to a record $947.8 million in the third quarter of fiscal 2026, up from $802.7 million in the third quarter of fiscal 2025. The net sales increase resulted from strong organic growth of 12%, as well as the impact from our fiscal 2026 acquisitions. The organic net sales growth reflects increased demand across all of our product lines.

-more-

The Flight Support Group's net s

hei-20260527

false000004661900000466192026-05-272026-05-270000046619hei:HeicoCommonStockMember2026-05-272026-05-270000046619us-gaap:CommonClassAMember2026-05-272026-05-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): May 27, 2026

HEICO CORPORATION

(Exact name of registrant as specified in its charter)

Florida001-0460465-0341002

(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

3000 Taft Street, Hollywood, Florida 33021

(Address of Principal Executive Offices) (Zip Code)

(954) 987-4000

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common Stock, $.01 par value per share HEINew York Stock Exchange

Class A Common Stock, $.01 par value per share HEI.ANew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 27, 2026, HEICO Corporation (the "Company") issued a press release announcing its results of operations for the three and six months ended April 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

ExhibitDescription

99.1 Press release dated May 27, 2026

104Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HEICO CORPORATION

Date:May 27, 2026By:/s/ CARLOS L. MACAU, JR.

Carlos L. Macau, Jr. Executive Vice President - Chief Financial Officer and Treasurer

EX-99.1

2 a01312026q1ex991earningsre.htm

EX-99.1

Document

EXHIBIT 99.1

February 25, 2026

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS RECORD NET INCOME (UP 13%) AND STRONG INCREASES IN OPERATING INCOME (UP 15%) AND NET SALES (UP 14%) FOR THE FIRST QUARTER OF FISCAL 2026

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported an increase in net income of 13% to a record $190.2 million, or $1.35 per diluted share, in the first quarter of fiscal 2026, up from $168.0 million, or $1.20 per diluted share, in the first quarter of fiscal 2025.

Net sales increased 14% to $1,178.6 million in the first quarter of fiscal 2026, up from $1,030.2 million in the first quarter of fiscal 2025. Operating income increased 15% to $259.9 million in the first quarter of fiscal 2026, up from $226.8 million in the first quarter of fiscal 2025. The Company's consolidated operating margin improved to 22.1% in the first quarter of fiscal 2026, up from 22.0% in the first quarter of fiscal 2025.

EBITDA increased 14% to $312.0 million in the first quarter of fiscal 2026, up from $273.9 million in the first quarter of fiscal 2025. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

Net income attributable to HEICO in the first quarter of fiscal 2026 and 2025 were both favorably impacted by a discrete income tax benefit from stock option exercises. The benefit in the first quarter of fiscal 2026, net of noncontrolling interests, was $21.8 million, or 15 cents per diluted share, as compared to $26.5 million, or 19 cents per diluted share, in the first quarter of fiscal 2025.

Consolidated Results

Eric A. Mendelson and Victor H. Mendelson, HEICO’s Co-Chairmen and Co-Chief Executive Officers, commented on the Company's first quarter results stating, "We are proud to report record quarterly net income, as well as increased operating income and net sales, principally driven by strong double-digit consolidated organic net sales growth, as well as the contributions from our fiscal 2025 and 2026 acquisitions. The strong organic growth reflects increased demand across all of the Flight Support Group’s product lines and for the Electronic Technologies Group's other electronics, aerospace and defense products.

-more-

Cash flow provided by operating activities remained strong, totaling $178.6 million in the first quarter of fiscal 2026, as compared to $203.0 million in the first quarter of fiscal 2025. The decrease in cash provided by operating activities reflects a significant distribution to a certain participant under the HEICO Leadership Compensation Plan, as well as higher performance-based compensation payments driven by strong operating performance across both segments in fiscal 2025. We continue to forecast strong cash flow from operations for fiscal 2026.

Our total debt to net income attributable to HEICO ratio was 3.52x as of January 31, 2026, as compared to 3.14x as of October 31, 2025. Our net debt to EBITDA ratio was 1.79x as of January 31, 2026, as compared to 1.60x as of October 31, 2025. The increase in our leverage ratio in the first quarter of fiscal 2026 is a direct result of the successful completion of an acquisition during the quarter. See our reconciliation of total debt to net debt at the end of this press release.

As we look ahead to the remainder of fiscal 2026, we expect continued sales momentum across both the Flight Support Group and the Electronic Technologies Group, supported by organic demand for our products, together with the impact of recent acquisitions. We remain focused on pursuing selective acquisition opportunities that align with our growth strategy. Our disciplined financial management continues to emphasize long-term shareholder value through a combination of strategic acquisitions and organic growth, while preserving financial strength and flexibility."

Flight Support Group

The Flight Support Group delivered strong results in operating income and net sales, achieving quarterly increases of 21% and 15%, respectively, as compared to the first quarter of fiscal 2025. These exceptional results reflect strong double-digit organic net sales growth, driven by increased demand across all of the Flight Support Group's product lines, as well as the contributions from our fiscal 2025 acquisitions.

The Flight Support Group's net sales increased 15% to $820.0 million in the first quarter of fiscal 2026, up from $713.2 million in the first quarter of fiscal 2025. The net sales increase stems from strong organic growth of 12% and the impact from our fiscal 2025 acquisitions. The organic net sales growth is attributable to increased demand across all of the Flight Support Group’s product lines.

The Flight Support Group's operating income increased 21% to $200.7 million in the first quarter of fiscal 2026, up from $166.1 million in the f

EX-99.1

2 a10312025ex991earningsrele.htm

EX-99.1

Document

EXHIBIT 99.1

December 18, 2025

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS RECORD NET INCOME (UP 35%) ON RECORD OPERATING INCOME (UP 28%) AND RECORD NET SALES (UP 19%) FOR THE FOURTH QUARTER OF FISCAL 2025

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported net income increased 35% to a record $188.3 million, or $1.33 per diluted share, in the fourth quarter of fiscal 2025, up from $139.7 million, or $.99 per diluted share, in the fourth quarter of fiscal 2024. Net income increased 34% to a record $690.4 million, or $4.90 per diluted share, in the fiscal year ended October 31, 2025, up from $514.1 million, or $3.67 per diluted share, in the fiscal year ended October 31, 2024.

Net sales increased 19% to a record $1,209.4 million in the fourth quarter of fiscal 2025, up from $1,013.7 million in the fourth quarter of fiscal 2024. Operating income increased 28% to a record $279.0 million in the fourth quarter of fiscal 2025, up from $218.6 million in the fourth quarter of fiscal 2024. The Company's consolidated operating margin improved to 23.1% in the fourth quarter of fiscal 2025, up from 21.6% in the fourth quarter of fiscal 2024.

Net sales increased 16% to a record $4,485.0 million in the fiscal year ended October 31, 2025, up from $3,857.7 million in the fiscal year ended October 31, 2024. Operating income increased 24% to a record $1,019.0 million in the fiscal year ended October 31, 2025, up from $824.5 million in the fiscal year ended October 31, 2024. The Company's consolidated operating margin improved to 22.7% in the fiscal year ended October 31, 2025, up from 21.4% in the fiscal year ended October 31, 2024.

Our commercial aerospace sales growth has resulted in twenty-one consecutive quarters of sequential growth in net sales at the Flight Support Group.

EBITDA increased 26% to $331.4 million in the fourth quarter of fiscal 2025, up from $264.0 million in the fourth quarter of fiscal 2024. EBITDA increased 22% to $1,219.5 million in the fiscal year ended October 31, 2025, up from $1,002.2 million in the fiscal year ended October 31, 2024. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

-more-

Consolidated Results

Eric A. Mendelson and Victor H. Mendelson, HEICO’s Co-Chairmen and Co-Chief Executive Officers, commented on the Company's fourth quarter results stating, "HEICO did it again and we are extremely pleased to report record quarterly net income, operating income and net sales, reflecting robust double-digit organic net sales growth and contributions by our profitable fiscal 2025 acquisitions. These results reflect continuing very strong organic net sales growth in both of our reporting segments. We are beyond proud of HEICO's team, who generated our organic and acquired growth, by continuing our 35-year track record of exceptional performance. These results stem from hard work and actions taken over decades, not just the past year, and demonstrates the value creation of HEICO's long-term focus in everything we do.

Cash flow provided by operating activities increased 44% to $295.3 million in the fourth quarter of fiscal 2025, up from $205.6 million in the fourth quarter of fiscal 2024. Cash flow provided by operating activities increased 39% to $934.3 million in the fiscal year ended October 31, 2025, up from $672.4 million in the fiscal year ended October 31, 2024.

As a result of these strong cash flows, our total debt to net income attributable to HEICO ratio improved to 3.14x as of October 31, 2025, down from 4.34x as of October 31, 2024. And, our net debt to EBITDA ratio improved to 1.60x as of October 31, 2025, down from 2.06x as of October 31, 2024. See our reconciliation of total debt to net debt at the end of this press release.

Today, HEICO's Board of Directors declared a semiannual cash dividend of $.12 per share payable in January 2026. This cash dividend will be HEICO's 95th consecutive semiannual cash dividend since 1979. The cash dividend confirms our Board of Director's confidence in HEICO's future while continuing to reward our shareholders and retaining sufficient capital to fund our internal growth and acquisitions.

We continued to supplement our net sales and earnings growth in fiscal 2025 through the completion of five acquisitions, three by the Electronic Technologies Group and two by the Flight Support Group.

Looking ahead to fiscal 2026, we anticipate net sales growth across both the Flight Support Group and Electronic Technologies Group, driven by organic growth from increased demand for the majority of our products as well as growth through our recent acquisitions. We will continue to pursue selective acquisition opportunities to complement this growth. Our disciplined financial management remains dedicated to creat

hei-20250825

false000004661900000466192025-08-252025-08-250000046619hei:HeicoCommonStockMember2025-08-252025-08-250000046619us-gaap:CommonClassAMember2025-08-252025-08-25

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): August 25, 2025

HEICO CORPORATION

(Exact name of registrant as specified in its charter)

Florida001-0460465-0341002

(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

3000 Taft Street, Hollywood, Florida 33021

(Address of Principal Executive Offices) (Zip Code)

(954) 987-4000

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common Stock, $.01 par value per share HEINew York Stock Exchange

Class A Common Stock, $.01 par value per share HEI.ANew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 25, 2025, HEICO Corporation (the "Company") issued a press release announcing its results of operations for the three and nine months ended July 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

ExhibitDescription

99.1 Press release dated August 25, 2025

104Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HEICO CORPORATION

Date:August 25, 2025By:/s/ CARLOS L. MACAU, JR.

Carlos L. Macau, Jr. Executive Vice President - Chief Financial Officer and Treasurer

EX-99.1

2 a04302025ex991earningsrele.htm

EX-99.1

Document

EXHIBIT 99.1

May 27, 2025

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS NET INCOME (UP 27%) ON RECORD OPERATING INCOME (UP 19%) AND RECORD NET SALES (UP 15%) FOR THE SECOND QUARTER OF FISCAL 2025

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported an increase in net income of 27% to $156.8 million, or $1.12 per diluted share, in the second quarter of fiscal 2025, up from $123.1 million, or $.88 per diluted share, in the second quarter of fiscal 2024. Net income increased 37% to a record $324.7 million, or $2.31 per diluted share, in the first six months of fiscal 2025, up from $237.8 million, or $1.70 per diluted share, in the first six months of fiscal 2024.

Net sales increased 15% to a record $1,097.8 million in the second quarter of fiscal 2025, up from $955.4 million in the second quarter of fiscal 2024. Operating income increased 19% to a record $248.2 million in the second quarter of fiscal 2025, up from $209.2 million in the second quarter of fiscal 2024. The Company's consolidated operating margin improved to 22.6% in the second quarter of fiscal 2025, up from 21.9% in the second quarter of fiscal 2024.

Net sales increased 15% to a record $2,128.0 million in the first six months of fiscal 2025, up from $1,851.8 million in the first six months of fiscal 2024. Operating income increased 22% to a record $475.0 million in the first six months of fiscal 2025, up from $389.4 million in the first six months of fiscal 2024. The Company's consolidated operating margin improved to 22.3% in the first six months of fiscal 2025, up from 21.0% in the first six months of fiscal 2024.

Continued commercial aerospace product sales increases have resulted in nineteen consecutive quarters of sequential growth in Flight Support Group net sales.

EBITDA increased 18% to $297.7 million in the second quarter of fiscal 2025, up from $252.4 million in the second quarter of fiscal 2024. EBITDA increased 20% to $571.6 million in the first six months of fiscal 2025, up from $476.8 million in the first six months of fiscal 2024. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

-more-

Consolidated Results

Laurans A. Mendelson, HEICO’s Executive Chairman, along with Co-Chief Executive Officers Eric A. Mendelson and Victor H. Mendelson, commented on the Company's second quarter results stating, "We are very pleased to report record quarterly operating income and net sales, driven primarily by double-digit consolidated organic net sales growth. This performance mainly reflects strong organic net sales growth across all product lines of the Flight Support Group and double-digit organic net sales growth for the Electronic Technologies Group’s space and aerospace products.

Cash flow provided by operating activities increased 45% to $204.7 million in the second quarter of fiscal 2025, up from $141.1 million in the second quarter of fiscal 2024. We continue to forecast strong cash flow from operations for fiscal 2025.

Our total debt to net income attributable to HEICO ratio was 3.79x as of April 30, 2025, down from 4.34x as of October 31, 2024. Our net debt to EBITDA ratio was 1.86x as of April 30, 2025, down from 2.06x as of October 31, 2024. See our reconciliation of total debt to net debt at the end of this press release.

As we look ahead to the remainder of fiscal 2025, we remain confident in achieving net sales growth across both the Flight Support Group and Electronic Technologies Group segments, driven primarily by strong organic demand for most of our products. Additionally, we aim to accelerate growth through our recently completed acquisitions while positioning ourselves to capitalize on future acquisition opportunities. Our disciplined financial strategy continues to focus on maximizing long-term shareholder value through a balanced approach of strategic acquisitions and organic growth initiatives aimed at gaining market share, while maintaining a strong financial position and preserving flexibility."

Flight Support Group

Noting the Flight Support Group's record setting second quarter results, the Company stated that it extended its growth trend and achieved quarterly increases of 24% and 19% in operating income and net sales, respectively, as compared to the second quarter of fiscal 2024. These exceptional results principally reflect robust 14% quarterly organic net sales growth driven by increased demand across all of Flight Support Group's product lines, as well as the contributions from the fiscal 2025 and 2024 acquisitions. The Flight Support Group has now achieved nineteen consecutive quarters of growth in net sales.

The Flight Support Group's net sales increased 19% to a record $767.1 million in the second quarter of fiscal 2025, up from $647.2 million in the second qua

EX-99.1

2 a01312025q1ex991earningsre.htm

EX-99.1

Document

EXHIBIT 99.1

February 26, 2025

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS RECORD NET INCOME (UP 46%), RECORD OPERATING INCOME (UP 26%) AND RECORD NET SALES (UP 15%) FOR THE FIRST QUARTER OF FISCAL 2025

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported an increase in net income of 46% to a record $168.0 million, or $1.20 per diluted share, in the first quarter of fiscal 2025, up from $114.7 million, or $.82 per diluted share, in the first quarter of fiscal 2024.

Net sales increased 15% to a record $1,030.2 million in the first quarter of fiscal 2025, up from $896.4 million in the first quarter of fiscal 2024. Operating income increased 26% to a record $226.8 million in the first quarter of fiscal 2025, up from $180.2 million in the first quarter of fiscal 2024. The Company's consolidated operating margin improved to 22.0% in the first quarter of fiscal 2025, up from 20.1% in the first quarter of fiscal 2024.

Continued commercial aerospace product sales increases have resulted in eighteen consecutive quarters of sequential growth in Flight Support Group net sales.

EBITDA increased 22% to $273.9 million in the first quarter of fiscal 2025, up from $224.4 million in the first quarter of fiscal 2024. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

Net income attributable to HEICO in the first quarter of fiscal 2025 and 2024 were both favorably impacted by a discrete income tax benefit from stock option exercises. The benefit in the first quarter of fiscal 2025, net of noncontrolling interests, was $26.5 million, or 19 cents per diluted share, up from $13.3 million, or 10 cents per diluted share, in the first quarter of fiscal 2024.

Consolidated Results

Laurans A. Mendelson, HEICO’s Chairman and CEO, commented on the Company's first quarter results stating, "We are thrilled to announce all-time record quarterly net income, operating income and net sales, principally driven by double-digit organic growth within both the Flight Support Group and Electronic Technologies Group, as well as the contributions from our fiscal 2024 and 2025 acquisitions. The strong organic

-more-

growth reflects increased demand across all of the Flight Support Group’s product lines and for the Electronic Technologies Group's defense, space and aerospace products.

Cash flow provided by operating activities increased 82% to $203.0 million in the first quarter of fiscal 2025, up from $111.7 million in the first quarter of fiscal 2024. We continue to forecast strong cash flow from operations for fiscal 2025.

During the current quarter, we executed our successful acquisition strategy and deployed approximately $255 million in cash on profitable acquisitions. These acquisitions did not significantly increase leverage.

Our total debt to net income attributable to HEICO ratio was 4.15x as of January 31, 2025, down from 4.34x as of October 31, 2024. Our net debt to EBITDA ratio was 2.08x as of January 31, 2025, as compared to 2.06x as of October 31, 2024. See our reconciliation of total debt to net debt at the end of this press release.

As we look ahead to the remainder of fiscal 2025, we remain confident in achieving net sales growth across both the Flight Support Group and Electronic Technologies Group segments, driven primarily by strong organic demand for most of our products. Specifically, we are optimistic about sustained momentum in our defense products, as reflected in this past quarter's results. Additionally, we aim to accelerate growth through our recently completed acquisitions while positioning ourselves to capitalize on future acquisition opportunities. Our disciplined financial strategy continues to focus on maximizing long-term shareholder value through a balanced approach of strategic acquisitions and organic growth initiatives aimed at gaining market share, while maintaining a strong financial position and preserving flexibility."

Flight Support Group

Eric A. Mendelson, HEICO's Co-President and President of HEICO's Flight Support Group, commented on the Flight Support Group's record setting first quarter results stating, "Building on our growth trajectory, we delivered all-time quarterly record results in net sales and operating income, achieving quarterly increases of 22% in operating income and 15% in net sales as compared to the first quarter of fiscal 2024. These exceptional results principally reflect strong organic net sales growth of 13%, largely driven by a 15% and 11% organic increase in our aftermarket replacement parts and repair and overhaul parts and services product lines, respectively, as well as the contributions from our fiscal 2024 and 2025 acquisitions. Notably, this marks the eighteenth consecutive quarter of net sales growth for the Flight Support Gro

hei-20241217

false000004661900000466192024-12-172024-12-170000046619hei:HeicoCommonStockMember2024-12-172024-12-170000046619us-gaap:CommonClassAMember2024-12-172024-12-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): December 17, 2024

HEICO CORPORATION

(Exact name of registrant as specified in its charter)

Florida001-0460465-0341002

(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

3000 Taft Street, Hollywood, Florida 33021

(Address of Principal Executive Offices) (Zip Code)

(954) 987-4000

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common Stock, $.01 par value per share HEINew York Stock Exchange

Class A Common Stock, $.01 par value per shareHEI.ANew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On December 17, 2024, HEICO Corporation (the "Company") issued a press release announcing its results of operations for the fiscal year ended October 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

ExhibitDescription

99.1 Press release dated December 17, 2024

104Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HEICO CORPORATION

Date:December 17, 2024By:/s/ CARLOS L. MACAU, JR.

Carlos L. Macau, Jr. Executive Vice President - Chief Financial Officer and Treasurer

EX-99.1

2 a07312024ex991earningsrele.htm

EX-99.1

Document

EXHIBIT 99.1

August 26, 2024

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS RECORD NET SALES (UP 37%), OPERATING INCOME (UP 45%) AND NET INCOME (UP 34%) FOR THE THIRD QUARTER OF FISCAL 2024

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported net income increased 34% to a record $136.6 million, or $.97 per diluted share, in the third quarter of fiscal 2024, up from $102.0 million, or $.74 per diluted share, in the third quarter of fiscal 2023. Net income increased 25% to a record $374.4 million, or $2.67 per diluted share, in the first nine months of fiscal 2024, up from $300.2 million, or $2.17 per diluted share, in the first nine months of fiscal 2023.

Net sales increased 37% to a record $992.2 million in the third quarter of fiscal 2024, up from $722.9 million in the third quarter of fiscal 2023. Operating income increased 45% to a record $216.4 million in the third quarter of fiscal 2024, up from $149.4 million in the third quarter of fiscal 2023. The Company's consolidated operating margin improved to 21.8% in the third quarter of fiscal 2024, up from 20.7% in the third quarter of fiscal 2023.

Net sales increased 40% to a record $2,844.0 million in the first nine months of fiscal 2024, up from $2,031.7 million in the first nine months of fiscal 2023. Operating income increased 39% to a record $605.8 million in the first nine months of fiscal 2024, up from $435.9 million in the first nine months of fiscal 2023. The Company's consolidated operating margin was 21.3% in the first nine months of fiscal 2024, as compared to 21.5% in the first nine months of fiscal 2023.

Our commercial aerospace sales growth has resulted in sixteen consecutive quarters of sequential growth in net sales at the Flight Support Group.

EBITDA increased 45% to $261.4 million in the third quarter of fiscal 2024, up from $179.8 million in the third quarter of fiscal 2023. EBITDA increased 41% to $738.3 million in the first nine months of fiscal 2024, up from $524.1 million in the first nine months of fiscal 2023. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

-more-

Consolidated Results

Laurans A. Mendelson, HEICO’s Chairman and CEO, commented on the Company's third quarter results stating, "We are very pleased to report strong record quarterly consolidated net sales driven by record quarterly operating results at the Flight Support Group, as well as strong contributions from our fiscal 2023 and 2024 acquisitions. These results reflect outstanding 15% organic net sales growth in the Flight Support Group principally arising from increased demand across all of its product lines and increased demand for the Electronic Technology Group's defense, space and aerospace products.

Our total debt to net income attributable to HEICO ratio was 4.73x as of July 31, 2024, down from 6.14x as of October 31, 2023. Our net debt to EBITDA ratio was 2.11x as of July 31, 2024, down from 3.04x as of October 31, 2023. See our reconciliation of total debt to net debt at the end of this press release.

Cash flow provided by operating activities increased 47% to $214.0 million in the third quarter of fiscal 2024, up from $145.9 million in the third quarter of fiscal 2023. We continue to forecast strong cash flow from operations for fiscal 2024.

Last week, we announced our Flight Support Group acquired the Aerial Delivery and Descent Devices divisions of Capewell Aerial Systems. The purchase price of this acquisition was paid in cash, principally using proceeds from our revolving credit facility, and we expect this acquisition to be accretive to our earnings within the year following the acquisition.

As we look ahead to the remainder of fiscal 2024, we remain optimistic about achieving net sales growth in both the FSG and ETG. This growth is expected to be largely fueled by the contributions from our fiscal 2023 and 2024 acquisitions, along with sustained demand for the majority of our products. Additionally, we are committed to ongoing product and service innovation, further market penetration, and maintaining our financial strength and flexibility."

Flight Support Group

Eric A. Mendelson, HEICO's Co-President and President of HEICO's Flight Support Group, commented on the Flight Support Group's record setting third quarter results stating, "Building on our growth trajectory, we achieved quarterly increases of 68% in net sales and 72% in operating income compared to the third quarter of fiscal 2023. These strong results are primarily driven by a robust 15% quarterly organic net sales growth, largely attributed to 17% organic net sales growth in our aftermarket replacement parts product line, as well as the contributions from our fiscal 2023 and 2024 acquisitions. This marks sixteen consecutive quarters of n

EX-99.1

2 a04302024ex991earningsrele.htm

EX-99.1

Document

EXHIBIT 99.1

May 28, 2024

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS RECORD NET SALES (UP 39%), OPERATING INCOME (UP 33%) AND NET INCOME (UP 17%) FOR THE SECOND QUARTER OF FISCAL 2024

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported an increase in net income of 17% to a record $123.1 million, or $.88 per diluted share, in the second quarter of fiscal 2024, up from $105.1 million, or $.76 per diluted share, in the second quarter of fiscal 2023. Net income increased 20% to a record $237.8 million, or $1.70 per diluted share, in the first six months of fiscal 2024, up from $198.1 million, or $1.43 per diluted share, in the first six months of fiscal 2023.

Net sales increased 39% to a record $955.4 million in the second quarter of fiscal 2024, up from $687.8 million in the second quarter of fiscal 2023. Operating income increased 33% to a record $209.2 million in the second quarter of fiscal 2024, up from $157.1 million in the second quarter of fiscal 2023. The Company's consolidated operating margin was 21.9% in the second quarter of fiscal 2024, as compared to 22.8% in the second quarter of fiscal 2023.

Net sales increased 41% to a record $1,851.8 million in the first six months of fiscal 2024, up from $1,308.8 million in the first six months of fiscal 2023. Operating income increased 36% to a record $389.4 million in the first six months of fiscal 2024, up from $286.5 million in the first six months of fiscal 2023. The Company's consolidated operating margin was 21.0% in the first six months of fiscal 2024, as compared to 21.9% in the first six months of fiscal 2023.

Our commercial aerospace sales growth has resulted in fifteen consecutive quarters of sequential growth in net sales at the Flight Support Group.

EBITDA increased 35% to $252.4 million in the second quarter of fiscal 2024, up from $187.2 million in the second quarter of fiscal 2023. EBITDA increased 38% to $476.8 million in the first six months of fiscal 2024, up from $344.3 million in the first six months of fiscal 2023. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

-more-

Consolidated Results

Laurans A. Mendelson, HEICO’s Chairman and CEO, commented on the Company's second quarter results stating, "We are very pleased to report strong record quarterly consolidated net sales driven by record quarterly operating results at the Flight Support Group and improved results at the Electronic Technologies Group, as well as strong contributions from our fiscal 2023 acquisitions. These results reflect 12% organic growth in the Flight Support Group's net sales principally arising from increased demand for its commercial aerospace products and services and 4% organic growth in the Electronic Technologies Group reflecting increased net sales of its defense and aerospace products.

Our total debt to net income attributable to HEICO ratio was 5.39x as of April 30, 2024, down from 6.14x as of October 31, 2023. Our net debt to EBITDA ratio was 2.45x as of April 30, 2024, down from 3.04x as of October 31, 2023. See our reconciliation of total debt to net debt at the end of this press release.

Cash flow provided by operating activities increased 82% to $141.1 million in the second quarter of fiscal 2024, up from $77.8 million in the second quarter of fiscal 2023. We continue to forecast strong cash flow from operations for fiscal 2024.

As we look ahead to the remainder of fiscal 2024, we continue to anticipate net sales growth in both the Flight Support Group and the Electronic Technologies Group, principally driven by contributions from our fiscal 2023 acquisitions and demand for the majority of our products. Additionally, we plan to continue our commitment to developing new products and services and further market penetration, while maintaining our financial strength and flexibility."

Flight Support Group

Eric A. Mendelson, HEICO's Co-President and President of HEICO's Flight Support Group, commented on the Flight Support Group's record setting second quarter results stating, "Continuing our growth trend, we achieved quarterly increases of 65% and 49% in net sales and operating income, respectively, as compared to the second quarter of fiscal 2023. These results principally reflect robust 12% quarterly organic net sales growth, mainly from 21% organic growth in our aftermarket replacement parts as well as contributions from our fiscal 2023 and 2024 acquisitions. The Flight Support Group has now achieved fifteen consecutive quarters of growth in net sales.

The Flight Support Group's net sales increased 65% to a record $647.2 million in the second quarter of fiscal 2024, up from $392.2 million in the second quarter of fiscal 2023. The Flight Support Group's net sales increased 66% to a record $1,265.9 mi

hei-20240226

false000004661900000466192024-02-262024-02-260000046619hei:HeicoCommonStockMember2024-02-262024-02-260000046619us-gaap:CommonClassAMember2024-02-262024-02-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): February 26, 2024

HEICO CORPORATION

(Exact name of registrant as specified in its charter)

Florida001-0460465-0341002

(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

3000 Taft Street, Hollywood, Florida 33021

(Address of Principal Executive Offices) (Zip Code)

(954) 987-4000

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common Stock, $.01 par value per share HEINew York Stock Exchange

Class A Common Stock, $.01 par value per share HEI.ANew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 26, 2024, HEICO Corporation (the "Company") issued a press release announcing its results of operations for the three months ended January 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

ExhibitDescription

99.1 Press release dated February 26, 2024

104Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HEICO CORPORATION

Date:February 26, 2024By:/s/ CARLOS L. MACAU, JR.

Carlos L. Macau, Jr. Executive Vice President - Chief Financial Officer and Treasurer

EX-99.1

2 a10312023ex991earningsrele.htm

EX-99.1

Document

EXHIBIT 99.1

December 18, 2023

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS RECORD OPERATING INCOME AND NET SALES FOR THE FOURTH QUARTER AND FULL FISCAL YEAR

4th Quarter of Fiscal 2023 Operating Income Increased 29% on a Net Sales Increase of 54%; Full Fiscal Year 2023 Net Income, Operating Income and Net Sales Set All-Time Records

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported net sales increased 54% to a record $936.4 million in the fourth quarter of fiscal 2023, up from $609.6 million in the fourth quarter of fiscal 2022. Operating income increased 29% to a record $189.4 million in the fourth quarter of fiscal 2023, up from $146.5 million in the fourth quarter of fiscal 2022. The Company's consolidated operating margin was 20.2% in the fourth quarter of fiscal 2023, as compared to 24.0% in the fourth quarter of fiscal 2022. Net income attributable to HEICO increased 6% to $103.4 million, or $.74 per diluted share, in the fourth quarter of fiscal 2023, up from $97.2 million, or $.70 per diluted share, in the fourth quarter of fiscal 2022.

The Company incurred acquisition costs during the fourth quarter of fiscal 2023 related to the Wencor Group ("Wencor") acquisition, which decreased net income attributable to HEICO by approximately $13.6 million, or $.10 per diluted share.

Net sales increased 34% to a record $2,968.1 million in the fiscal year ended October 31, 2023, up from $2,208.3 million in the fiscal year ended October 31, 2022. Operating income increased 26% to a record $625.3 million in the fiscal year ended October 31, 2023, up from $496.8 million in the fiscal year ended October 31, 2022. The Company's consolidated operating margin was 21.1% in the fiscal year ended October 31, 2023, as compared to 22.5% in the fiscal year ended October 31, 2022. Net income attributable to HEICO increased 15% to a record $403.6 million, or $2.91 per diluted share, in the fiscal year ended October 31, 2023, up from $351.7 million, or $2.55 per diluted share, in the fiscal year ended October 31, 2022.

The Company incurred acquisition costs during the fiscal year ended October 31, 2023 related to the Wencor and Exxelia International ("Exxelia") acquisitions, which

-more-

decreased net income attributable to HEICO by approximately $21.5 million, or $.15 per diluted share.

Improvement in the commercial aerospace market has resulted in thirteen consecutive quarters of sequential growth in net sales at the Flight Support Group.

EBITDA increased 36% to $234.2 million in the fourth quarter of fiscal 2023, up from $172.2 million in the fourth quarter of fiscal 2022. EBITDA increased 28% to $758.3 million in the fiscal year ended October 31, 2023, up from $593.7 million in the fiscal year ended October 31, 2022. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

Consolidated Results

Laurans A. Mendelson, HEICO’s Chairman and CEO, commented on the Company's fourth quarter results stating, "We are very pleased to report record quarterly results in consolidated net sales and operating income driven by record net sales at both of our operating segments. These results reflect 12% consolidated organic net sales growth principally arising from continued strong demand for our commercial aerospace products and services and the contributions from our fiscal 2023 and 2022 acquisitions.

On August 4, 2023, we completed the acquisition of Wencor, which is HEICO's largest ever in terms of purchase price, as well as revenues and income acquired. As I have stated before, Wencor is a perfect and highly complementary fit with HEICO.

Our total debt to net income attributable to HEICO ratio was 6.14x as of October 31, 2023, as compared to .83x as of October 31, 2022. Our net debt to EBITDA ratio was 3.04x and .25x as of October 31, 2023 and October 31, 2022, respectively. The net debt to EBITDA ratio increase in the fiscal year ended October 31, 2023 principally reflects our successful offering of $1.2 billion in senior unsecured notes (the "Notes") and increased borrowings on the revolving credit facility. We used a portion of the net proceeds from the sale of the Notes and additional borrowings on our revolving credit facility to fund the Wencor acquisition purchase price.

Cash flow provided by operating activities improved to $148.4 million in the fourth quarter of fiscal 2023, up from $143.9 million in the fourth quarter of fiscal 2022. Cash flow provided by operating activities in the fourth quarter of fiscal 2023 reflects an increase in working capital principally driven by an increase in inventories to support our increased consolidated backlog.

Earlier this month, HEICO's Board of Directors declared a semi-annual cash dividend of $.10 per share payable in January 2024. This cash d

EX-99.1

2 a07312023ex991earningsrele.htm

EX-99.1

Document

EXHIBIT 99.1

August 28, 2023

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS RECORD NET SALES FOR

THE THIRD QUARTER OF FISCAL 2023

Fiscal 2023 3rd Quarter Net Income up 24% on 16% Operating Income Increase, and Record Net Sales - Which Increased 27%

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported net sales increased 27% to a record $722.9 million in the third quarter of fiscal 2023, up from $569.5 million in the third quarter of fiscal 2022. Operating income increased 16% to $149.4 million in the third quarter of fiscal 2023, up from $128.7 million in the third quarter of fiscal 2022. The Company's consolidated operating margin was 20.7% in the third quarter of fiscal 2023, as compared to 22.6% in the third quarter of fiscal 2022.

Net sales increased 27% to a record $2,031.7 million in the first nine months of fiscal 2023, up from $1,598.7 million in the first nine months of fiscal 2022. Operating income increased 24% to a record $435.9 million in the first nine months of fiscal 2023, up from $350.3 million in the first nine months of fiscal 2022. The Company's consolidated operating margin was 21.5% in the first nine months of fiscal 2023, as compared to 21.9% in the first nine months of fiscal 2022.

Improvement in the commercial aerospace market has resulted in twelve consecutive quarters of sequential growth in net sales at the Flight Support Group.

Net income attributable to HEICO increased 24% to $102.0 million, or $.74 per diluted share, in the third quarter of fiscal 2023, up from $82.5 million, or $.60 per diluted share, in the third quarter of fiscal 2022. Net income attributable to HEICO increased 18% to a record $300.2 million, or $2.17 per diluted share, in the first nine months of fiscal 2023, up from $254.5 million, or $1.85 per diluted share, in the first nine months of fiscal 2022.

The Company incurred acquisition costs during the third quarter of fiscal 2023 related to the Wencor Group ("Wencor") acquisition, which decreased net income attributable to HEICO in the third quarter of fiscal 2023 by approximately $3.5 million, or 3 cents per diluted share.

-more-

EBITDA increased 18% to $179.8 million in the third quarter of fiscal 2023, up from $152.7 million in the third quarter of fiscal 2022. EBITDA increased 24% to $524.1 million in the first nine months of fiscal 2023, up from $421.6 million in the first nine months of fiscal 2022. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

Consolidated Results

Laurans A. Mendelson, HEICO’s Chairman and CEO, commented on the Company's third quarter results stating, "We are very pleased to report record quarterly consolidated net sales at both the Flight Support Group and the Electronic Technologies Group. These results reflect 12% consolidated organic growth in our net sales principally arising from a continued strong demand for our commercial aerospace products and services and the contributions from our fiscal 2023 and 2022 acquisitions.

Earlier this month, we completed the acquisition of Wencor for $1.9 billion in cash and approximately 1.1 million shares of HEICO Class A Common Stock with an assigned value of $150 million in the merger agreement, or $2.05 billion in the aggregate. The transaction is HEICO's largest ever in terms of purchase price, as well as revenues and income acquired. As I have stated before, we believe Wencor is a perfect and highly complementary fit with HEICO. We expect the combination will be transformative, providing a unique and growing portfolio of proprietary cost-saving solutions for our airline and OEM customers. We continue to anticipate this highly synergistic acquisition to be accretive to our earnings within the year following closing. Further, HEICO anticipates it will continue to achieve its often-articulated growth objectives in the years subsequent to the closing. Immediately following the closing, we forecast our pro forma net debt-to-EBITDA leverage ratio will be approximately 3:1 and will return to historical levels within roughly one year to eighteen months after the acquisition, excluding the impact of any future acquisitions or other possible capital deployment activities.

Our total debt to net income attributable to HEICO trailing twelve months ratio was 3.06x as of July 31, 2023, as compared to .83x as of October 31, 2022. Our net debt to EBITDA ratio was .75x and .25x as of July 31, 2023 and October 31, 2022, respectively. Our net debt to EBITDA ratio increase in the first nine months of fiscal 2023 principally reflects our successful offering of $600 million principal amount of 5.25% Senior Unsecured Notes due August 1, 2028 (the "2028 Notes") and $600 million principal amount of 5.35% Senior Unsecured Notes due August 1, 2033 (the "2033 Note

EX-99.1

2 a04302023ex991earningsrele.htm

EX-99.1

Document

EXHIBIT 99.1

May 22, 2023

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS RECORD OPERATING INCOME AND NET SALES FOR THE SECOND QUARTER AND FIRST SIX MONTHS OF FISCAL 2023

2nd Quarter of Fiscal 2023 Net Income up 24% on Record Operating Income, which Increased 28%, and Record Net Sales, which Increased 28%

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported net sales increased 28% to a record $687.8 million in the second quarter of fiscal 2023, up from $538.8 million in the second quarter of fiscal 2022. Operating income increased 28% to a record $157.1 million in the second quarter of fiscal 2023, up from $122.8 million in the second quarter of fiscal 2022. The Company's consolidated operating margin was 22.8% in both the second quarter of fiscal 2023 and 2022.

Net sales increased 27% to a record $1,308.8 million in the first six months of fiscal 2023, up from $1,029.2 million in the first six months of fiscal 2022. Operating income increased 29% to a record $286.5 million in the first six months of fiscal 2023, up from $221.6 million in the first six months of fiscal 2022. The Company's consolidated operating margin improved to 21.9% in the first six months of fiscal 2023, up from 21.5% in the first six months of fiscal 2022.

Improvement in the commercial aerospace market has resulted in eleven consecutive quarters of sequential growth in net sales and operating income at the Flight Support Group.

Net income increased 24% to $105.1 million, or $.76 per diluted share, in the second quarter of fiscal 2023, up from $85.0 million, or $.62 per diluted share, in the second quarter of fiscal 2022. Net income increased 15% to $198.1 million, or $1.43 per diluted share, in the first six months of fiscal 2023, up from $171.9 million, or $1.25 per diluted share, in the first six months of fiscal 2022.

EBITDA increased 28% to $187.2 million in the second quarter of fiscal 2023, up from $146.6 million in the second quarter of fiscal 2022. EBITDA increased 28% to $344.3 million in the first six months of fiscal 2023, up from $268.8 million in the first six months of fiscal 2022. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

-more-

Consolidated Results

Laurans A. Mendelson, HEICO’s Chairman and CEO, commented on the Company's second quarter results stating, "We are very pleased to report record quarterly consolidated net sales at both the Flight Support Group and the Electronic Technologies Group. These results reflect 10% consolidated organic growth in our net sales principally arising from a continued rebound in demand for our commercial aerospace products and services and the contributions from our fiscal 2023 and 2022 acquisitions.

Our total debt to shareholders' equity ratio was 26.4% as of April 30, 2023, as compared to 11.0% as of October 31, 2022. Our net debt (total debt less cash and cash equivalents) of $627.5 million as of April 30, 2023 to shareholders’ equity ratio was 21.9% as of April 30, 2023, as compared to 5.7% as of October 31, 2022.

Our total debt to net income attributable to HEICO ratio was 2.0x as of April 30, 2023, as compared to .83x as of October 31, 2022. Our net debt to EBITDA ratio was .94x and .25x as of April 30, 2023 and October 31, 2022, respectively.

The increase in our debt ratios in the first six months of fiscal 2023 principally reflect the impact from financing the purchase of Exxelia International in January 2023.

Cash flow provided by operating activities was $77.8 million in the second quarter of fiscal 2023, as compared to $96.8 million in the second quarter of fiscal 2022. Cash flow provided by operating activities in the second quarter of fiscal 2023 reflects an increase in working capital principally driven by an increase in inventories to support our increased consolidated backlog. We continue to forecast strong cash flow from operations for fiscal 2023.

Earlier this month, we announced that HEICO entered into an agreement to acquire 100% of Wencor Group (“Wencor”) for $1.9 billion in cash and $150 million in HEICO Class A Common Stock. The transaction's closing, which is expected to occur by the end of calendar 2023, would be HEICO's largest-ever in terms of purchase price, as well as revenues and income acquired, and is subject to customary closing conditions, including, among others, antitrust clearance. Additionally, Wencor is expected to be accretive to HEICO's earnings within a year of the transaction's closing and will be a part of HEICO's Flight Support Group.

As we look ahead to the remainder of fiscal 2023, we continue to anticipate net sales growth in both operating segments, principally driven by demand for the majority of our products. Additionally, continued inflationary pressures and lingering supply chain

EX-99.1

2 a01312023q1ex991earningsre.htm

EX-99.1

Document

EXHIBIT 99.1

February 27, 2023

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS RECORD NET SALES AND STRONG OPERATING INCOME FOR THE FIRST QUARTER OF FISCAL 2023

1st Quarter of Fiscal 2023 Operating Income Increased 31%

on a Net Sales Increase of 27%

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported net sales increased 27% to a record $620.9 million in the first quarter of fiscal 2023, up from $490.3 million in the first quarter of fiscal 2022. Operating income increased 31% to $129.4 million in the first quarter of fiscal 2023, up from $98.8 million in the first quarter of fiscal 2022. The Company's consolidated operating margin improved to 20.8% in the first quarter of fiscal 2023, up from 20.2% in the first quarter of fiscal 2022.

Net income attributable to HEICO in the first quarter of fiscal 2023 and 2022 were both favorably impacted by a discrete income tax benefit from stock option exercises. The benefit in the first quarter of fiscal 2023, net of noncontrolling interests, was $6.1 million, or 4 cents per diluted share, down from $17.5 million, or 13 cents per diluted share, in the first quarter of fiscal 2022.

The Company incurred $5.1 million of acquisition costs related to closing the Exxelia International acquisition in January 2023, which decreased net income attributable to HEICO in the first quarter of fiscal 2023 by approximately $4.3 million, or 3 cents per diluted share.

Improvement in the commercial aerospace market has resulted in ten consecutive quarters of sequential growth in net sales and operating income at the Flight Support Group.

Net income increased 7% to $93.0 million, or $.67 per diluted share, in the first quarter of fiscal 2023, up from $86.9 million, or $.63 per diluted share, in the first quarter of fiscal 2022. Net income in first quarter of fiscal 2023 was impacted by a higher effective income tax rate.

-more-

EBITDA increased 29% to $157.1 million in the first quarter of fiscal 2023, up from $122.3 million in the first quarter of fiscal 2022. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

Consolidated Results

Laurans A. Mendelson, HEICO’s Chairman and CEO, commented on the Company's first quarter results stating, "We are very pleased to report record quarterly consolidated net sales driven by record quarterly operating results at the Flight Support Group and from our fiscal 2022 and 2023 acquisitions within the Electronic Technologies Group. These results reflect 14% consolidated organic growth in our net sales principally arising from a continued rebound in demand for our commercial aerospace products and services.

Our total debt to shareholders' equity ratio was 28.5% as of January 31, 2023, as compared to 11.0% as of October 31, 2022. Our net debt (total debt less cash and cash equivalents) of $640.2 million as of January 31, 2023 to shareholders’ equity ratio was 23.3% as of January 31, 2023, as compared to 5.7% as of October 31, 2022.

Our total debt to net income attributable to HEICO ratio was 2.19x as of January 31, 2023, as compared to .83x as of October 31, 2022. Our net debt to EBITDA ratio was 1.02x as of January 31, 2023, as compared to .25x as of October 31, 2022.

The increase in our debt ratios in the first quarter of fiscal 2023 principally reflect the impact from financing the purchase of Exxelia International in January 2023, which is HEICO's largest-ever acquisition in terms of purchase price.

Cash flow provided by operating activities remained strong, totaling $76.7 million in the first quarter of fiscal 2023, as compared to $78.0 million in the first quarter of fiscal 2022. Cash flow provided by operating activities in the first quarter of fiscal 2023 reflects an increase in working capital principally driven by an increase in inventories to support our increased consolidated backlog. We continue to forecast strong cash flow from operations for fiscal 2023.

As we look ahead to the remainder of fiscal 2023, we continue to anticipate net sales growth in both operating segments, principally driven by demand for the majority of our products. Additionally, continued inflationary pressures and lingering supply chain disruptions stemming from the COVID-19 pandemic may lead to higher material and labor costs. During fiscal 2023, we plan to continue our commitments to developing new products and services, further market penetration, and an aggressive acquisition strategy while maintaining our financial strength and flexibility."

-more-

Flight Support Group

Eric A. Mendelson, HEICO's Co-President and President of HEICO's Flight Support Group, commented on the Flight Support Group's record setting first quarter results stating, "Continuing our growth trend, we achieved quarterly increases of 60% and 36% in o

hei-20221219

false000004661900000466192022-12-192022-12-190000046619hei:HeicoCommonStockMember2022-12-192022-12-190000046619us-gaap:CommonClassAMember2022-12-192022-12-19

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): December 19, 2022

HEICO CORPORATION

(Exact name of registrant as specified in its charter)

Florida001-0460465-0341002

(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

3000 Taft Street, Hollywood, Florida 33021

(Address of Principal Executive Offices) (Zip Code)

(954) 987-4000

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common Stock, $.01 par value per share HEINew York Stock Exchange

Class A Common Stock, $.01 par value per share HEI.ANew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On December 19, 2022, HEICO Corporation (the "Company") issued a press release announcing its results of operations for the fiscal year ended October 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

ExhibitDescription

99.1 Press release dated December 19, 2022

101.SCHInline XBRL Taxonomy Extension Schema Document

101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document

101.LABInline XBRL Taxonomy Extension Labels Linkbase Document

101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document

104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HEICO CORPORATION

Date:December 19, 2022By:/s/ CARLOS L. MACAU, JR.

Carlos L. Macau, Jr. Executive Vice President - Chief Financial Officer and Treasurer

EX-99.1

2 a07312022ex991earningsrele.htm

EX-99.1

Document

EXHIBIT 99.1

August 29, 2022

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS RECORD OPERATING INCOME AND NET SALES FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF FISCAL 2022

3rd Quarter of Fiscal 2022 Operating Income Increased 28%

on a Net Sales Increase of 21%

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported net sales increased 21% to a record $569.5 million in the third quarter of fiscal 2022, up from $471.7 million in the third quarter of fiscal 2021. Operating income increased 28% to a record $128.7 million in the third quarter of fiscal 2022, up from $100.8 million in the third quarter of fiscal 2021. The Company's consolidated operating margin improved to 22.6% in the third quarter of fiscal 2022, up from 21.4% in the third quarter of fiscal 2021.

Net sales increased 18% to a record $1,598.7 million in the first nine months of fiscal 2022, up from $1,356.3 million in the first nine months of fiscal 2021. Operating income increased 26% to a record $350.3 million in the first nine months of fiscal 2022, up from $277.9 million in the first nine months of fiscal 2021. The Company's consolidated operating margin improved to 21.9% in the first nine months of fiscal 2022, up from 20.5% in the first nine months of fiscal 2021.

Improvement in the commercial aerospace market has resulted in eight consecutive quarters of sequential growth in net sales and operating income at the Flight Support Group.

Net income increased 7% to $82.5 million, or $.60 per diluted share, in the third quarter of fiscal 2022, up from $76.9 million, or $.56 per diluted share, in the third quarter of fiscal 2021. Net income increased 17% to a record $254.5 million, or $1.85 per diluted share, in the first nine months of fiscal 2022, up from $218.2 million, or $1.58 per diluted share, in the first nine months of fiscal 2021. Net income in both fiscal 2022 periods was adversely impacted by a higher effective income tax rate.

-more-

EBITDA increased 23% to $152.7 million in the third quarter of fiscal 2022, up from $123.9 million in the third quarter of fiscal 2021. EBITDA increased 21% to $421.6 million in the first nine months of fiscal 2022, up from $347.9 million in the first nine months of fiscal 2021. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

Consolidated Results

Laurans A. Mendelson, HEICO’s Chairman and CEO, commented on the Company's third quarter results stating, "We are very pleased to report record quarterly consolidated net sales and operating income driven mainly by record quarterly operating results at the Flight Support Group. These results reflect 13% consolidated organic growth in our net sales principally arising from a continued rebound in demand for our commercial aerospace products and services.

Our total debt to shareholders' equity ratio improved to 9.9% as of July 31, 2022, down from 10.3% as of October 31, 2021. Our net debt (total debt less cash and cash equivalents) of $112.2 million as of July 31, 2022 to shareholders’ equity ratio improved to 4.5% as of July 31, 2022, as compared to 5.6% as of October 31, 2021.

Our net debt to EBITDA ratio improved to .20x as of July 31, 2022, down from .26x as of October 31, 2021. During fiscal 2022, we successfully completed five acquisitions and we completed seven acquisitions over the past year. We have no significant debt maturities until fiscal 2025 and plan to utilize our financial strength and flexibility to aggressively pursue high quality acquisitions of various sizes to accelerate growth and maximize shareholder returns.

Cash flow provided by operating activities increased 20% to $149.2 million in the third quarter of fiscal 2022, up from $124.0 million in the third quarter of fiscal 2021. Cash flow provided by operating activities remained strong, totaling $323.9 million in the first nine months of fiscal 2022, as compared to $334.1 million in the first nine months of fiscal 2021.

In July 2022, we announced that our Flight Support Group acquired 96% of the stock of Accurate Metal Machining, Inc. The acquisition’s purchase price was paid in cash, principally using proceeds from the Company's revolving credit facility and we expect this acquisition to be accretive to our earnings within the year following the acquisition.

In August 2022, we announced that our Electronic Technologies Group acquired 100% of the stock of Charter Engineering, Inc. The acquisition’s purchase price was paid in cash using cash provided by operating activities and we expect this acquisition to be accretive to our earnings within the year following the acquisition.

In August 2022, we announced that our Electronic Technologies Group acquired 100% of the stock of Sensor Systems, Inc. The acquisition’s purchase price was paid for w

EX-99.1

2 a04302022ex991earningsrele.htm

EX-99.1

Document

EXHIBIT 99.1

May 23, 2022

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS RECORD OPERATING INCOME FOR THE SECOND QUARTER AND FIRST SIX MONTHS OF FISCAL 2022

2nd Quarter of Fiscal 2022 Net Income up 20% on Record Operating Income, which Increased 27%, and Net Sales, which Increased 15%

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported an increase in net income of 20% to $85.0 million, or $.62 per diluted share, in the second quarter of fiscal 2022, up from $70.7 million, or $.51 per diluted share, in the second quarter of fiscal 2021. Net income increased 22% to $171.9 million, or $1.25 per diluted share, in the first six months of fiscal 2022, up from $141.3 million, or $1.03 per diluted share, in the first six months of fiscal 2021.

Improvement in the commercial aerospace market has resulted in seven consecutive quarters of sequential growth in net sales and operating income at the Flight Support Group.

Net sales increased 15% to $538.8 million in the second quarter of fiscal 2022, up from $466.7 million in the second quarter of fiscal 2021. Operating income increased 27% to a record $122.8 million in the second quarter of fiscal 2022, up from $96.7 million in the second quarter of fiscal 2021. The Company's consolidated operating margin improved to 22.8% in the second quarter of fiscal 2022, up from 20.7% in the second quarter of fiscal 2021.

Net sales increased 16% to a record $1,029.2 million in the first six months of fiscal 2022, up from $884.6 million in the first six months of fiscal 2021. Operating income increased 25% to a record $221.6 million in the first six months of fiscal 2022, up from $177.0 million in the first six months of fiscal 2021. The Company's consolidated operating margin improved to 21.5% in the first six months of fiscal 2022, up from 20.0% in the first six months of fiscal 2021.

EBITDA increased 22% to $146.6 million in the second quarter of fiscal 2022, up from $120.0 million in the second quarter of fiscal 2021. EBITDA increased 20% to $268.8 million in the first six months of fiscal 2022, up from $224.0 million in the first six months of fiscal 2021. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

-more-

Consolidated Results

Laurans A. Mendelson, HEICO’s Chairman and CEO, commented on the Company's second quarter results stating, "We are very pleased to report record quarterly consolidated operating income driven mainly by record quarterly operating income at the Flight Support Group. These results principally reflect 9% consolidated organic growth in our net sales principally arising from a continued rebound in demand for our commercial aerospace products and services.

Our total debt to shareholders' equity ratio was 11.0% as of April 30, 2022, as compared to 10.3% as of October 31, 2021. Our net debt (total debt less cash and cash equivalents) of $148.6 million as of April 30, 2022 to shareholders’ equity ratio was 6.1% as of April 30, 2022, as compared to 5.6% as of October 31, 2021.

Our net debt to EBITDA ratio was .28x and .26x as of April 30, 2022 and October 31, 2021, respectively. We have no significant debt maturities until fiscal 2025 and plan to utilize our financial strength and flexibility to aggressively pursue high quality acquisitions of various sizes to accelerate growth and maximize shareholder returns.

As we look ahead to the remainder of fiscal 2022, we expect global commercial air travel to continue growing despite the potential for additional COVID-19 global pandemic (the "Pandemic") variants. We remain cautiously optimistic that the ongoing worldwide rollout of Pandemic vaccines, including boosters, will continue to positively influence global commercial air travel and benefit the markets we serve. But, it still remains very difficult to predict the Pandemic's path and effect, including factors like new variants and vaccination rates, potential supply chain disruptions and inflation, which can impact our key markets. Therefore, we feel it would not be responsible to provide fiscal 2022 net sales and earnings guidance at this time. However, we believe our ongoing conservative policies, strong balance sheet, and high degree of liquidity enable us to continuously invest in new research and development, take advantage of periodic strategic inventory purchasing opportunities, and execute on our successful acquisition program, which collectively position HEICO for market share gains."

Flight Support Group

Eric A. Mendelson, HEICO's Co-President and President of HEICO's Flight Support Group, commented on the Flight Support Group's second quarter results stating, "Continuing our growth trend, we achieved quarterly increases of 87% and 33% in operating income and net sales, respectively, as compared to the se

EX-99.1

2 a01312022q1ex991earningsre.htm

EX-99.1

Document

EXHIBIT 99.1

February 23, 2022

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

HEICO CORPORATION REPORTS 23% INCREASE IN QUARTERLY OPERATING INCOME AND 13% QUARTERLY ORGANIC NET SALES GROWTH

1st Quarter of Fiscal 2022 Net Income up 23% on Operating Income Increase of 23% and Net Sales Increase of 17%

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported an increase in net income of 23% to $86.9 million, or $.63 per diluted share, in the first quarter of fiscal 2022, up from $70.6 million, or $.51 per diluted share, in the first quarter of fiscal 2021.

While net income, operating income and net sales in the first quarter of fiscal 2022 and 2021 were adversely affected by the COVID-19 global pandemic (the "Pandemic") as discussed below, those impacts have been declining over time. Improvement in the commercial aerospace market has resulted in six consecutive quarters of sequential growth in net sales and operating income at the Flight Support Group.

Net sales increased 17% to $490.3 million in the first quarter of fiscal 2022, up from $417.9 million in the first quarter of fiscal 2021. Operating income increased 23% to $98.8 million in the first quarter of fiscal 2022, up from $80.3 million in the first quarter of fiscal 2021. The Company's consolidated operating margin improved to 20.2% in the first quarter of fiscal 2022, up from 19.2% in the first quarter of fiscal 2021.

EBITDA increased 18% to $122.3 million in the first quarter of fiscal 2022, up from $104.0 million in the first quarter of fiscal 2021. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

-more-

Consolidated Results

Laurans A. Mendelson, HEICO’s Chairman and CEO, commented on the Company's first quarter results stating, "We are very pleased to report continued strong trends in quarterly consolidated financial results with quarterly consolidated increases of 23% and 17% in operating income and net sales, respectively. These results reflect 13% organic growth in our net sales principally arising from a continued rebound in demand for our commercial aerospace products and services.

Our total debt to shareholders' equity ratio improved to 10.1% as of January 31, 2022, down from 10.3% as of October 31, 2021. Our net debt (total debt less cash and cash equivalents) of $112.3 million as of January 31, 2022 to shareholders’ equity ratio improved to 4.8% as of January 31, 2022, down from 5.6% as of October 31, 2021.

Our net debt to EBITDA ratio improved to .22x as of January 31, 2022, down from .26x as of October 31, 2021. We have no significant debt maturities until fiscal 2024 and plan to utilize our financial strength and flexibility to aggressively pursue high quality acquisitions of various sizes to accelerate growth and maximize shareholder returns.

As we look ahead to the remainder of fiscal 2022, we expect global commercial air travel to continue on a path to recovery despite the potential for additional Pandemic variants, such as Omicron's recent emergence. We remain cautiously optimistic that the ongoing worldwide rollout of Pandemic vaccines, including boosters, will continue to positively influence global commercial air travel and benefit the markets we serve. But, it still remains very difficult to predict the Pandemic's path and effect, including factors like new variants and vaccination rates, potential supply chain disruptions and inflation, which can impact our key markets. Therefore, we feel it would not be responsible to provide fiscal 2022 net sales and earnings guidance at this time. However, we believe our ongoing conservative policies, strong balance sheet, and high degree of liquidity enable us to continuously invest in new research and development, take advantage of periodic strategic inventory purchasing opportunities, and execute on our successful acquisition program, which collectively position HEICO for market share gains."

-more-

Flight Support Group

Eric A. Mendelson, HEICO's Co-President and President of HEICO's Flight Support Group, commented on the Flight Support Group's first quarter results stating, "Continuing our growth trend, we achieved quarterly increases of 103% and 37% in operating income and net sales, respectively, as compared to the first quarter of fiscal 2021. These results principally reflect strong quarterly organic net sales growth of 48% for our commercial aerospace parts and services. Additionally, the Flight Support Group has now achieved six consecutive quarters of growth in operating income and net sales.

The Flight Support Group's net sales increased 37% to $272.7 million in the first quarter of fiscal 2022, up from $199.3 million in the first quarter of fiscal 2021. The net sales increase reflects strong organic growth of 30% as well as the impact from our profitable fisca

hei-20211215

false000004661900000466192021-12-152021-12-150000046619hei:HeicoCommonStockMember2021-12-152021-12-150000046619us-gaap:CommonClassAMember2021-12-152021-12-15

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): December 15, 2021

HEICO CORPORATION

(Exact name of registrant as specified in its charter)

Florida001-0460465-0341002

(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

3000 Taft Street, Hollywood, Florida 33021

(Address of Principal Executive Offices) (Zip Code)

(954) 987-4000

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common Stock, $.01 par value per share HEINew York Stock Exchange

Class A Common Stock, $.01 par value per share HEI.ANew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On December 15, 2021, HEICO Corporation (the "Company") issued a press release announcing its results of operations for the fiscal year ended October 31, 2021. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

ExhibitDescription

99.1 Press release dated December 15, 2021

101.SCHInline XBRL Taxonomy Extension Schema Document

101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document

101.LABInline XBRL Taxonomy Extension Labels Linkbase Document

101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document

104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HEICO CORPORATION

Date:December 15, 2021By:/s/ CARLOS L. MACAU, JR.

Carlos L. Macau, Jr. Executive Vice President - Chief Financial Officer and Treasurer