Company: HEI-A
Filing Date: 2025-05-29
Form Type: 10-Q
Source: 0000046619-25-000046
Chunk: 52

Company: HEICO CORP
Filing Date: 2025-05-29
Form: 10-Q
Item: Item 8
Chunk 52
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 HEICO Aerospace Holdings Corp. and the noncontrolling interests held by others in certain subsidiaries of the FSG and ETG.  Net income attributable to noncontrolling interests was $27.3 million in the first six months of fiscal 2025, as compared to $22.5 million in the first six months of fiscal 2024.  The increase in net income attributable to noncontrolling interests principally reflects improved operating results of certain subsidiaries of the FSG and ETG in which noncontrolling interests are held.

Net Income Attributable to HEICO

Net income attributable to HEICO increased by 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 principally reflecting the previously mentioned higher consolidated operating income.

Comparison of Second Quarter of Fiscal 2025 to Second Quarter of Fiscal 2024

Net Sales

Our consolidated net sales in the second quarter of fiscal 2025 increased by 15% to a record $1,097.8 million, up from net sales of $955.4 million in the second quarter of fiscal 2024.  The increase in consolidated net sales principally reflects an increase of $119.8 million (a 19% increase) to a record $767.1 million in net sales of the FSG and an increase of $22.8 million (a 7% increase) to $342.2 million in net sales of the ETG.  The net sales increase in the FSG reflects strong organic growth of 14% and net sales of $29.4 million contributed by fiscal 2025 and 2024 acquisitions.  The FSG's organic net sales growth reflects increased demand within its aftermarket replacement parts, repair and overhaul parts and services, and specialty products product lines resulting in net sales increases of $66.2 million, $15.7 million, and $8.5 million, respectively.  The net sales increase in the ETG reflects organic growth of 4% and net sales of $9.4 million contributed by fiscal 2024 and 2025 acquisitions.  The ETG's organic net sales growth is mainly attributable to increased demand for its space, aerospace, and other electronics products resulting in net sales increases of $7.1 million, $4.6 million, and $2.9