Heico Corp (NYSE:HEI) stock rose 1.76% (As on May 29, 1:22:38 AM UTC-4, Source: Google Finance) after the company posted higher than expected results for the second quarter of FY 24. The company has reported an increase in net income of 17% to a record $123.1 million in the second quarter of fiscal 2024, up from $105.1 million, in the second quarter of fiscal 2023. Net sales increased 39% to a record $955.4 million in the second quarter of fiscal 2024, up from $687.8 million in the second quarter of fiscal 2023. Operating income increased 33% to a record $209.2 million in the second quarter of fiscal 2024, up from $157.1 million in the second quarter of fiscal 2023. The Company’s consolidated operating margin was 21.9% in the second quarter of fiscal 2024, as compared to 22.8% in the second quarter of fiscal 2023. EBITDA increased 35% to $252.4 million in the second quarter of fiscal 2024, up from $187.2 million in the second quarter of fiscal 2023. The total debt to net income attributable to HEICO ratio was 5.39x as of April 30, 2024, down from 6.14x as of October 31, 2023.  The net debt to EBITDA ratio was 2.45x as of April 30, 2024, down from 3.04x as of October 31, 2023. Cash flow provided by operating activities increased 82% to $141.1 million in the second quarter of fiscal 2024, up from $77.8 million in the second quarter of fiscal 2023. The company continues to forecast strong cash flow from operations for fiscal 2024.

HEI in the second quarter of FY 24 has reported the adjusted earnings per share of 88 cents, beating the analysts’ estimates for the adjusted earnings per share of 82 cents. The company had reported the adjusted revenue growth of 39 percent to $955.4 million in the second quarter of FY 24, beating the analysts’ estimates for revenue of $951.9 million. The Flight Support Group’s net sales increased 65% to a record $647.2 million in the second quarter of fiscal 2024, up from $392.2 million in the second quarter of fiscal 2023. The Electronic Technologies Group’s net sales increased 6% to $319.3 million in the second quarter of fiscal 2024, up from $301.8 million in the second quarter of fiscal 2023. The Electronic Technologies Group’s operating margin improved to 23.6% in the second quarter of fiscal 2024, up from 22.5% in the second quarter of fiscal 2023.