HEICO Corp Files Q2 2024 10-Q
Ticker: HEI-A · Form: 10-Q · Filed: May 30, 2024 · CIK: 46619
Sentiment: neutral
Topics: 10-Q, aerospace, financials
TL;DR
HEICO Q2 10-Q filed. Financials and operations updated.
AI Summary
HEICO Corp filed its 10-Q for the period ending April 30, 2024, reporting on its second fiscal quarter. The filing details financial performance and operational updates for the company, which is a key player in the aircraft engines and engine parts industry. Specific financial figures and operational highlights are presented within the report.
Why It Matters
This filing provides investors and analysts with the latest financial health and operational performance of HEICO Corp, a significant entity in the aerospace manufacturing sector.
Risk Assessment
Risk Level: medium — As a publicly traded company in the aerospace sector, HEICO Corp is subject to market volatility, regulatory changes, and supply chain disruptions.
Key Numbers
- Q2 2024 — Fiscal Quarter (Reporting period for the 10-Q filing)
- 1031 — Fiscal Year End (Indicates the end of HEICO Corp's fiscal year)
Key Players & Entities
- HEICO CORP (company) — Filer of the 10-Q
- 20240430 (date) — End of the reporting period
- 3000 TAFT ST, HOLLYWOOD, FL 33021 (address) — Company's business address
- 954-987-4000 (phone_number) — Company's business phone number
- HEINICKE INSTRUMENTS CO (company) — Former company name
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended April 30, 2024.
What is HEICO Corp's primary industry classification?
HEICO Corp is classified under AIRCRAFT ENGINES & ENGINE PARTS [3724].
When was HEICO Corp's name last changed?
The company's name was last changed from HEINICKE INSTRUMENTS CO on April 17, 1986.
What is the filing date of this 10-Q?
This 10-Q filing was made on May 30, 2024.
What is the state of incorporation for HEICO Corp?
HEICO Corp is incorporated in Florida (FL).
Filing Stats: 4,731 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-05-30 16:26:07
Filing Documents
- hei-20240430.htm (10-Q) — 1233KB
- a43024exhibit101.htm (EX-10.1) — 635KB
- a43024exhibit311.htm (EX-31.1) — 9KB
- a43024exhibit312.htm (EX-31.2) — 9KB
- a43024exhibit321.htm (EX-32.1) — 5KB
- a43024exhibit322.htm (EX-32.2) — 5KB
- 0000046619-24-000039.txt ( ) — 7540KB
- hei-20240430.xsd (EX-101.SCH) — 44KB
- hei-20240430_cal.xml (EX-101.CAL) — 81KB
- hei-20240430_def.xml (EX-101.DEF) — 314KB
- hei-20240430_lab.xml (EX-101.LAB) — 520KB
- hei-20240430_pre.xml (EX-101.PRE) — 388KB
- hei-20240430_htm.xml (XML) — 1028KB
Financial Information
Part I. Financial Information Item 1.
Financial Statements
Financial Statements: Condensed Consolidated Balance Sheets (unaudited) as of April 30, 2024 and October 31, 2023 2 Condensed Consolidated Statements of Operations (unaudited) for the six and three months ended April 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (unaudited) for the six and three months ended April 30, 2024 and 2023 4 Condensed Consolidated Statements of Shareholders' Equity (unaudited) for the six and three months ended April 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended April 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 Item 2.
Management's Discussion and Analysis of Financial Condition and
Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.
Controls and Procedures
Controls and Procedures 37
Other Information
Part II. Other Information
Other Events 38
Item 5. Other Events 38 Item 6. Exhibits 38
Signatures
Signatures 39 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) April 30, 2024 October 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 204,161 $ 171,048 Accounts receivable, net 504,362 509,075 Contract assets 110,158 111,702 Inventories, net 1,088,101 1,013,680 Prepaid expenses and other current assets 61,919 49,837 Total current assets 1,968,701 1,855,342 Property, plant and equipment, net 326,740 321,848 Goodwill 3,285,468 3,274,327 Intangible assets, net 1,333,337 1,357,281 Other assets 451,599 386,265 Total assets $ 7,365,845 $ 7,195,063 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current maturities of long-term debt $ 4,382 $ 17,801 Trade accounts payable 194,875 205,893 Accrued expenses and other current liabilities 353,874 433,101 Income taxes payable 6,032 8,547 Total current liabilities 559,163 665,342 Long-term debt, net of current maturities 2,385,267 2,460,277 Deferred income taxes 119,987 131,846 Other long-term liabilities 490,253 379,640 Total liabilities 3,554,670 3,637,105 Commitments and contingencies (Note 11) Redeemable noncontrolling interests (Note 3) 368,369 364,807 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; 54,828 and 54,721 shares issued and outstanding 548 547 Class A Common Stock, $ .01 par value per share; 150,000 shares authorized; 83,644 and 83,507 shares issued and outstanding 836 835 Capital in excess of par value 598,699 578,809 Deferred compensation obligation 6,318 6,318 HEICO stock held by irrevocable trust ( 6,318 ) ( 6,318 ) Accumulated other comprehensive loss ( 35,677 ) ( 40,180 ) Retained earnings 2,825,021 2,605,984 Total HEICO shareholders' equity 3,389,427 3,145,995 Noncontrolling interests 5