HEICO CORP Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>HEICO CORP filed its Q1 2024 10-Q, reporting on financial performance for the period ending January 31, 2024.</b>

AI Summary

HEICO CORP (HEI-A) filed a Quarterly Report (10-Q) with the SEC on February 28, 2024. HEICO CORP reported financial results for the quarter ended January 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on October 31st. HEICO CORP is incorporated in Florida (FL). The company's SIC code is 3724 for Aircraft Engines & Engine Parts.

Why It Matters

For investors and stakeholders tracking HEICO CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, allowing for analysis of HEICO CORP's performance and trends. Understanding the company's financial position and operational results in this filing is crucial for making informed investment decisions regarding HEICO CORP.

Risk Assessment

Risk Level: low — HEICO CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any unusual or significant events that would elevate the risk profile.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to assess HEICO CORP's revenue, profitability, and cash flow trends.

Key Numbers

• 2024-01-31 — Reporting Period End Date (The end date for the financial reporting period covered by the 10-Q)
• 2024-02-28 — Filing Date (The date the 10-Q was filed with the SEC)
• 2023-10-31 — Fiscal Year End (The end date of HEICO CORP's fiscal year)
• 3724 — SIC Code (Standard Industrial Classification for Aircraft Engines & Engine Parts)

Key Players & Entities

• HEICO CORP (company) — Filer of the 10-Q report
• 3000 TAFT ST (address) — Business and mailing address of HEICO CORP
• HOLLYWOOD (location) — City of HEICO CORP's business and mailing address
• FL (location) — State of incorporation and business address for HEICO CORP
• 954-987-4000 (phone) — Business phone number for HEICO CORP
• HEINICKE INSTRUMENTS CO (company) — Former name of HEICO CORP
• 19860417 (date) — Date of name change from HEINICKE INSTRUMENTS CO to HEICO CORP
• 20240131 (date) — Conformed period of report for the 10-Q filing

FAQ

Industry Context

HEICO CORP operates within the aerospace and defense industry, specifically focusing on aircraft engines and engine parts.

Regulatory Implications

As a publicly traded company, HEICO CORP is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze HEICO CORP's revenue and profitability trends from the Q1 2024 10-Q.
2. Examine any disclosures regarding operational segments or significant business developments.
3. Compare key financial metrics to previous periods to identify performance changes.

Key Dates

• 2024-01-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-02-28: Filing Date — Date the 10-Q was officially submitted to the SEC.
• 2023-10-31: Fiscal Year End — Marks the conclusion of HEICO CORP's annual fiscal cycle.

Year-Over-Year Comparison

This filing represents the first quarterly report (10-Q) for HEICO CORP in fiscal year 2024, following the annual report (10-K) for the fiscal year ending October 31, 2023.

Filing Documents

• hei-20240131.htm (10-Q) — 929KB
• a01312024exhibit311.htm (EX-31.1) — 9KB
• a01312024exhibit312.htm (EX-31.2) — 9KB
• a01312024exhibit321.htm (EX-32.1) — 5KB
• a01312024exhibit322.htm (EX-32.2) — 5KB
• 0000046619-24-000014.txt (&nbsp;) — 6246KB
• hei-20240131.xsd (EX-101.SCH) — 43KB
• hei-20240131_cal.xml (EX-101.CAL) — 76KB
• hei-20240131_def.xml (EX-101.DEF) — 309KB
• hei-20240131_lab.xml (EX-101.LAB) — 640KB
• hei-20240131_pre.xml (EX-101.PRE) — 421KB
• hei-20240131_htm.xml (XML) — 823KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements: Condensed Consolidated Balance Sheets (unaudited) as of January 31, 2024 and October 31, 2023 2 Condensed Consolidated Statements of Operations (unaudited) for the three months ended January 31, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three months ended January 31, 2024 and 2023 4 Condensed Consolidated Statements of Shareholders' Equity (unaudited) for the three months ended January 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended January 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32

Other Information

Part II. Other Information

Other Events

Item 5. Other Events 33 Item 6. Exhibits 33

Signatures

Signatures 34 1 Index

FINANCIAL INFORMATION; Item 1. FINANCIAL STATEMENTS

PART I. FINANCIAL INFORMATION; Item 1. FINANCIAL STATEMENTS HEICO CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (in thousands, except per share data) January 31, 2024 October 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 196,323 $ 171,048 Accounts receivable, net 471,697 509,075 Contract assets 108,888 111,702 Inventories, net 1,068,735 1,013,680 Prepaid expenses and other current assets 66,716 49,837 Total current assets 1,912,359 1,855,342 Property, plant and equipment, net 327,661 321,848 Goodwill 3,290,494 3,274,327 Intangible assets, net 1,365,682 1,357,281 Other assets 439,873 386,265 Total assets $ 7,336,069 $ 7,195,063 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current maturities of long-term debt $ 4,739 $ 17,801 Trade accounts payable 194,894 205,893 Accrued expenses and other current liabilities 381,837 433,101 Income taxes payable 22,625 8,547 Total current liabilities 604,095 665,342 Long-term debt, net of current maturities 2,495,726 2,460,277 Deferred income taxes 128,203 131,846 Other long-term liabilities 425,541 379,640 Total liabilities 3,653,565 3,637,105 Commitments and contingencies (Note 11) Redeemable noncontrolling interests (Note 3) 365,865 364,807 Shareholders' equity: Preferred Stock, $ .01 par value per share; 10,000 shares authorized; none issued — — Common Stock, $ .01 par value per share; 150,000 shares authorized; 54,772 and 54,721 shares issued and outstanding 548 547 Class A Common Stock, $ .01 par value per share; 150,000 shares authorized; 83,566 and 83,507 shares issued and outstanding 836 835 Capital in excess of par value 585,888 578,809 Deferred compensation obligation 6,318 6,318 HEICO stock held by irrevocable trust ( 6,318 ) ( 6,318 ) Accumulated other comprehensive loss ( 25,962 ) ( 40,180 ) Retained earnings 2,705,128 2,605,984 Total HEICO shareholders' equity 3,266,438 3,145,995 Noncontrolling interests

View Full Filing

View this 10-Q filing on SEC EDGAR