Company: HEI-A
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0000046619-25-000062
Chunk: 72

Company: HEICO CORP
Filing Date: 2025-08-27
Form: 10-Q
Item: Item 2
Chunk 72
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 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 34% to a record $502.1 million, or $3.57 per diluted share, in the first nine months of fiscal 2025, up from $374.4 million, or $2.67 per diluted share, in the first nine months of fiscal 2024 principally reflecting the previously mentioned higher consolidated operating income.

Comparison of Third Quarter of Fiscal 2025 to Third Quarter of Fiscal 2024

Net Sales

Our consolidated net sales in the third quarter of fiscal 2025 increased by 16% to a record $1,147.6 million, up from net sales of $992.2 million in the third quarter of fiscal 2024.  The increase in consolidated net sales principally reflects an increase of $121.0 million (an 18% increase) to a record $802.7 million in net sales of the FSG and an increase of $33.7 million (a 10% increase) to a record $355.9 million in net sales of the ETG.  The net sales increase in the FSG reflects strong organic growth of 13% and net sales of $34.9 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 $53.6 million, $22.8 million, and $9.8 million, respectively.  The net sales increase in the ETG reflects strong organic growth of 7% and net sales of $13.9 million contributed by fiscal 2025 and 2024 acquisitions.  The ETG's organic net sales growth is mainly attributable to increased demand for its other electronics, defense, and space products resulting in net sales increases of $11.4 million, $7.5 million, and $5.3 million, respectively, partially offset by a decrease in demand for its medical products resulting in a net sales decrease of $5.3 million.  Sales price changes were not a significant contributing factor to the change in net sales of the FSG and ETG in the third quarter of fiscal 2025.

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Gross Profit and Operating Expenses

Our consolidated gross profit margin improved to 39.8% in the