HEICO Corporation (NYSE: NYSE: HEI ), a leading aerospace and electronics manufacturer, has announced record-breaking results for the second quarter of fiscal year 2024. The company's consolidated net income soared by 17% to $123.1 million, with operating income and net sales witnessing a significant increase of 33% and 39%, respectively, compared to the same period last year.
The Flight Support Group reached historic highs in quarterly net sales and operating income. The company's executives expressed confidence in future growth, driven by acquisitions, demand for products, and strategic initiatives. Key Takeaways Record consolidated net income of $123.
1 million, up 17% from the previous fiscal year. Consolidated operating income and net sales increased by 33% and 39%, respectively. Flight Support Group achieved record quarterly net sales and operating income.
Electronic Technologies Group net sales grew by 6%. HEICO anticipates further growth across its groups, driven by acquisitions and product demand. Executives aim to maintain high operating margins, targeting a long-term margin around 22%.
The partnership between Wencor and HEICO's specialty products group is expected to yield benefits in 2025. Supply chain issues are largely resolved, with some lingering delays. HEICO remains focused on R&D, with consistent investment planned.
Optimism expressed for the international travel market and the aviation industry's long-term prospects. Company Outlook Continued net sales grow.
