Company: HEI-A
Filing Date: 2025-02-28
Form Type: 10-Q
Source: 0000046619-25-000015
Chunk: 41

Company: HEICO CORP
Filing Date: 2025-02-28
Form: 10-Q
Item: Item 8
Chunk 41
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 items in our Condensed Consolidated Statements of Operations (in thousands):

Three months ended January 31,20252024Net sales$1,030,222 $896,363 Cost of sales624,560 549,594 Selling, general and administrative expenses178,857 166,559 Total operating costs and expenses803,417 716,153 Operating income$226,805 $180,210 Net sales by segment:Flight Support Group$713,174 $618,716 Electronic Technologies Group330,315 285,942 Intersegment sales(13,267)(8,295)$1,030,222 $896,363 Operating income by segment:Flight Support Group$166,116 $136,091 Electronic Technologies Group76,456 55,328 Other, primarily corporate(15,767)(11,209)$226,805 $180,210 Net sales100.0 %100.0 %Gross profit39.4 %38.7 %Selling, general and administrative expenses17.4 %18.6 %Operating income22.0 %20.1 %Interest expense(3.2 %)(4.3 %)Other income .1 %.1 %Income tax expense 1.3 %1.9 %Net income attributable to noncontrolling interests1.3 %1.2 %Net income attributable to HEICO16.3 %12.8 %

25

Comparison of First Quarter of Fiscal 2025 to First Quarter of Fiscal 2024

Net Sales

Our consolidated net sales in the first quarter of fiscal 2025 increased by 15% to a record $1,030.2 million, up from net sales of $896.4 million in the first quarter of fiscal 2024.  The increase in consolidated net sales principally reflects an increase of $94.5 million (a 15% increase) to a record $713.2 million in net sales of the FSG and an increase of $44.4 million (a 16% increase) to $330.3 million in net sales of the ETG.  The net sales increase in the FSG reflects strong organic growth of 13% and net sales of $13.5 million contributed by fiscal 2024 and 2025 acquisitions.  The FSG's organic net sales growth reflects increased demand within its aftermarket replacement parts