HEICO has reported an increase in net income of 23% to US$114.7 million in the first quarter of fiscal year 2024, up from US$93.0 million in the first quarter of fiscal year 2023.
Net sales increased 44% to US$896.4 million in the first quarter of 2024, up from US$620.9 million in the first quarter of 2023. Operating income increased 39% to US$180.2 million up from US$129.4 million in the first quarter of 2023. The company's consolidated operating margin was 20.1% in the first quarter, as compared to 20.8% in the first quarter of 2023.
HEICO's commercial aerospace sales growth has resulted in fourteen consecutive quarters of sequential growth in net sales at the Flight Support Group.
EBITDA increased 43% to US$224.4 million in the first quarter of 2024, up from US$157.1 million in the first quarter 2023.
Net income attributable to HEICO in the first quarter of fiscal 2024 and 2023 were both favourably impacted by a discrete income tax benefit from stock option exercises. The benefit in the first quarter 2024, net of non-controlling interests, was US$13.3 million, up from US$6.1 million in the first quarter of 2023.
Total debt to net income attributable to HEICO ratio was 5.88x as of January 31, 2024, down from 6.14x as of October 31, 2023. The company's net debt to EBITDA ratio was 2.79x as of January 31, 2024, down from 3.04x as of October 31, 2023.
Cash flow provided by operating activities increased 46% to US$111.7 million in the first quarter up from US$76.7 million in 2023. HEICO continues to forecast strong cash flow from operations for fiscal year 2024.
For the remainder of the fiscal year 2024 the company continues to anticipate net sales growth in both the Flight Support Group and the Electronic Technologies Group, principally driven by contributions from its 2023 acquisitions and demand for the majority of its products. Additionally, HEICO plans to continue its commitment to developing new products and services and further market penetration, while maintaining its financial strength and flexibility. (£1.00 = US$1.27 at time of publication).
