HEICO reports net income of US$27.6m for the first quarter of fiscal 2015

HEICO reported net income of US$27.6m, in the first quarter of fiscal 2015, up from US$27.5m in the first quarter of fiscal 2014. Net income in the first quarter of fiscal 2014 includes approximately US$2.6m, from a reduction in accrued contingent consideration related to a prior year acquisition. Operating income totaled US$46.4m in the first quarter of fiscal 2015 as compared to US$50.4m in the first quarter of fiscal 2014. The Company’s consolidated operating margin was 17.3% and 18.9% in the first quarter of fiscal 2015 and 2014, respectively. The decrease in the first quarter of fiscal 2015 operating income and operating margin was principally attributed to a US$4m benefit realized in the first quarter of fiscal 2014 resulting from the aforementioned net reduction in accrued contingent consideration. Net sales increased by 1% to US$268.2m in the first quarter of fiscal 2015, as compared to US$266.8m in the first quarter of fiscal 2014.