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HEICO Corporation’s (HEI - Free Report) third-quarter fiscal 2024 earnings per share (EPS) of 97 cents beat the Zacks Consensus Estimate of 91 cents by 6.6%. The bottom line also improved 31.1% from the prior-year quarter’s 74 cents.
HEI’s Total Sales
The company’s net sales increased 37.3% year over year to $992.2 million in the reported quarter. The figure also beat the Zacks Consensus Estimate of $987 million by 0.6%.
The year-over-year upside was driven by record operating results from the Flight Support Group segment as well as strong contributions from HEI’s fiscal 2023 and 2024 acquisitions.
Heico Corporation Price, Consensus and EPS Surprise
HEICO’s cost of sales increased 35.8% year over year to $603 million in the quarter under review. The company’s selling, general and administrative expenses rose 33.6% to $172.8 million.
Interest expenses of $36.8 million jumped a massive 203.5% from $12.1 million in the prior-year quarter.
Segmental Performance
Flight Support Group: Net sales from this segment surged 68.3% year over year to $681.6 million. This rise was driven by strong organic growth of 15% and the positive impact of its fiscal 2023 and 2024 acquisitions.
The segment’s operating income soared 72% year over year to $153.6 million. This increase was due to solid net sales growth and an improved gross profit margin.
Electronic Technologies Group: The segment’s net sales decreased 1.2% to $322.1 million due to lower net sales for other electronics and medical products.
The segment’s operating income rose 2% year over year to $75.8 million, driven by an improved gross profit margin.
HEI’s Financial Details
As of July 31, 2024, HEI’s cash and cash equivalents totaled $202.9 million compared with $171 million as of Oct 31, 2023.
Cash flow provided by operating activities was $466.7 million during the first nine months of 2024, reflecting a 55.4% rise from the prior-year period’s level.
HEICO reported long-term debt (net of current maturities) of $2.25 billion as of July 31, 2024, down from $2.46 billion as of Oct 31, 2023.
Teledyne Technologies Inc. (TDY - Free Report) reported second-quarter 2024 adjusted earnings of $4.58 per share, which surpassed the Zacks Consensus Estimate of $4.49 by 2%. However, the bottom line declined 1.9% from $4.67 recorded in the year-ago quarter.
Total sales were $1.37 billion, which missed the Zacks Consensus Estimate of $1.38 billion by 0.2%. The top line also dropped 3.6% from $1.42 billion reported in the year-ago quarter.
Lockheed Martin Corporation (LMT - Free Report) reported second-quarter 2024 adjusted earnings of $7.11 per share, which beat the Zacks Consensus Estimate of $6.45 by 10.2%. The bottom line also improved 5.6% from the year-ago quarter's recorded figure of $6.73.
Net sales were $18.12 billion, which surpassed the Zacks Consensus Estimate of $17.10 billion by 6%. The top line also increased 8.6% from $16.69 billion reported in the year-ago quarter.
Textron Inc. (TXT - Free Report) reported second-quarter 2024 adjusted earnings of $1.54 per share, which surpassed the Zacks Consensus Estimate of $1.49 by 3.4%. The bottom line also improved 5.5% from the year-ago quarter’s figure of $1.46 per share.
TXT reported total revenues of $3.53 billion, which missed the Zacks Consensus Estimate of $3.55 billion by 0.6%. However, the reported figure increased 3% from the year-ago quarter’s level of $3.42 billion.
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HEICO's Q3 Earnings Surpass Estimates, Sales Increase Y/Y
HEICO Corporation’s (HEI - Free Report) third-quarter fiscal 2024 earnings per share (EPS) of 97 cents beat the Zacks Consensus Estimate of 91 cents by 6.6%. The bottom line also improved 31.1% from the prior-year quarter’s 74 cents.
HEI’s Total Sales
The company’s net sales increased 37.3% year over year to $992.2 million in the reported quarter. The figure also beat the Zacks Consensus Estimate of $987 million by 0.6%.
The year-over-year upside was driven by record operating results from the Flight Support Group segment as well as strong contributions from HEI’s fiscal 2023 and 2024 acquisitions.
Heico Corporation Price, Consensus and EPS Surprise
Heico Corporation price-consensus-eps-surprise-chart | Heico Corporation Quote
HEICO’s Operational Update
HEICO’s cost of sales increased 35.8% year over year to $603 million in the quarter under review. The company’s selling, general and administrative expenses rose 33.6% to $172.8 million.
Interest expenses of $36.8 million jumped a massive 203.5% from $12.1 million in the prior-year quarter.
Segmental Performance
Flight Support Group: Net sales from this segment surged 68.3% year over year to $681.6 million. This rise was driven by strong organic growth of 15% and the positive impact of its fiscal 2023 and 2024 acquisitions.
The segment’s operating income soared 72% year over year to $153.6 million. This increase was due to solid net sales growth and an improved gross profit margin.
Electronic Technologies Group: The segment’s net sales decreased 1.2% to $322.1 million due to lower net sales for other electronics and medical products.
The segment’s operating income rose 2% year over year to $75.8 million, driven by an improved gross profit margin.
HEI’s Financial Details
As of July 31, 2024, HEI’s cash and cash equivalents totaled $202.9 million compared with $171 million as of Oct 31, 2023.
Cash flow provided by operating activities was $466.7 million during the first nine months of 2024, reflecting a 55.4% rise from the prior-year period’s level.
HEICO reported long-term debt (net of current maturities) of $2.25 billion as of July 31, 2024, down from $2.46 billion as of Oct 31, 2023.
Zacks Rank
HEICO currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Teledyne Technologies Inc. (TDY - Free Report) reported second-quarter 2024 adjusted earnings of $4.58 per share, which surpassed the Zacks Consensus Estimate of $4.49 by 2%. However, the bottom line declined 1.9% from $4.67 recorded in the year-ago quarter.
Total sales were $1.37 billion, which missed the Zacks Consensus Estimate of $1.38 billion by 0.2%. The top line also dropped 3.6% from $1.42 billion reported in the year-ago quarter.
Lockheed Martin Corporation (LMT - Free Report) reported second-quarter 2024 adjusted earnings of $7.11 per share, which beat the Zacks Consensus Estimate of $6.45 by 10.2%. The bottom line also improved 5.6% from the year-ago quarter's recorded figure of $6.73.
Net sales were $18.12 billion, which surpassed the Zacks Consensus Estimate of $17.10 billion by 6%. The top line also increased 8.6% from $16.69 billion reported in the year-ago quarter.
Textron Inc. (TXT - Free Report) reported second-quarter 2024 adjusted earnings of $1.54 per share, which surpassed the Zacks Consensus Estimate of $1.49 by 3.4%. The bottom line also improved 5.5% from the year-ago quarter’s figure of $1.46 per share.
TXT reported total revenues of $3.53 billion, which missed the Zacks Consensus Estimate of $3.55 billion by 0.6%. However, the reported figure increased 3% from the year-ago quarter’s level of $3.42 billion.