Company: HEI-A
Filing Date: 2025-02-28
Form Type: 10-Q
Source: 0000046619-25-000015
Chunk: 53

Company: HEICO CORP
Filing Date: 2025-02-28
Form: 10-Q
Item: Item 2
Chunk 53
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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, repair and overhaul parts and services, and specialty products product lines resulting in net sales increases of $60.9 million, $15.0 million and $5.1 million, respectively.  The net sales increase in the ETG reflects strong organic growth of 11% and net sales of $9.9 million contributed by fiscal 2024 and 2025 acquisitions.  The ET