Heico Corp (HEI) 10K Annual Reports & 10Q SEC Filings

HOLLYWOOD, FL and MIAMI, FL -- HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported net sales increased 20% to a record $609.6 million in the fourth quarter of fiscal 2022, up from $509.4 million in the fourth quarter of fiscal 2021. Operating income increased 27% to a record $146.5 million in the fourth quarter of fiscal 2022, up from $115.0 million in the fourth quarter of fiscal 2021. The Company's consolidated operating margin improved to 24.0% in the fourth quarter of fiscal 2022, up from 22.6% in the fourth quarter of fiscal 2021.

Net sales increased 18% to a record $2,208.3 million in the fiscal year ended October 31, 2022, up from $1,865.7 million in the fiscal year ended October 31, 2021. Operating income increased 26% to a record $496.8 million in the fiscal year ended October 31, 2022, up from $392.9 million in the fiscal year ended October 31, 2021. The Company's consolidated operating margin was 22.5% in the fiscal year ended October 31, 2022, as compared to 21.1% in the fiscal year ended October 31, 2021.

Improvement in the commercial aerospace market has resulted in nine consecutive quarters of sequential growth in net sales and operating income at the Flight Support Group.

Net income increased 13% to $97.2 million, or $.70 per diluted share, in the fourth quarter of fiscal 2022, up from $86.1 million, or $.62 per diluted share, in the fourth quarter of fiscal 2021. Net income increased 16% to a record $351.7 million, or $2.55 per diluted share, in the fiscal year ended October 31, 2022, up from $304.2 million, or $2.21 per diluted share, in the fiscal year ended October 31, 2021. Net income in both fiscal 2022 periods was adversely impacted by a higher effective income tax rate.

-more-

The following information was filed by Heico Corp (HEI) on Monday, December 19, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/46619/000004661922000066/hei-20221031.htm

View differences made from one year to another to evaluate Heico Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Heico Corp.

Continue

Assess how Heico Corp's management team is paid from their Annual Proxy

Heico Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter Sentiment:

All

Positive

Negative

Filter Category:

All

Financial

Revenue

M & A

Other

Filter Subcategory:

All

Income

Earnings

Expense

Product

Geography

Other

Inside Heico Corp's 10-K Annual Report:

Financial - Income Highlight
The increase in operating income of the FSG principally reflects the previously mentioned net sales growth, improved gross profit margin and efficiencies realized from the higher net sales volume.

Financial - Income Highlight
The decrease in operating income of the ETG principally reflects the previously mentioned lower gross profit margin and a lower level of efficiencies resulting from the organic net sales decrease, partially offset by a favorable impact from changes in the estimated fair value of accrued contingent consideration.
Other - Other Highlight
If there is a material change in such assumptions or if there is a material change in the conditions or circumstances influencing fair value, we could be required to recognize a material impairment charge.
Financial - Earnings Highlight
The increase in the FSG's gross profit margin principally reflects the previously mentioned higher net sales within our specialty products and aftermarket replacement parts product lines.
Other - Other Highlight
Net cash provided by operating activities increased by $23.8 million in fiscal 2022, up from $444.1 million in fiscal 2021.
Financial - Income
Our consolidated operating income as...Read more
Financial - Expense
The increase in consolidated SG&A...Read more
Financial - Earnings
Under this method, a set...Read more
Financial - Expense
However, continued cost inflation and...Read more
Financial - Earnings
Net cash provided by operating...Read more
Revenue - Product
Revenue Recognition HEICO recognizes revenue...Read more
Financial - Expense
Contract costs include all direct...Read more
Revenue - Geography
The Credit Facility also includes...Read more
Revenue - Product
The majority of our revenue...Read more
Other - Other
For further information on these...Read more
Other - Other
New Accounting Pronouncement See Note...Read more
Financial - Earnings
The reduction in the ETG's...Read more
Financial - Expense
Total new product research and...Read more
Revenue - Product
The net sales increase in...Read more
Revenue - Product
The ETG's organic net sales...Read more
Other - Other
A hypothetical 10% weakening or...Read more
Financial - Income
Operating Income Our consolidated operating...Read more
Revenue - Product
Certain of our contracts give...Read more
Financial - Expense
The decrease in consolidated SG&A...Read more
Financial - Earnings
Operating Activities Net cash provided...Read more
Other - Other
The Base Rate for any...Read more
Other - Other
Despite the aforementioned, we experienced...Read more
Financial - Expense
Under the cost-to-cost method, the...Read more
Revenue - Product
Index Results of Operations The...Read more
Revenue - Product
We periodically evaluate the carrying...Read more
Revenue - Product
As such, organic net sales...Read more
Financial - Earnings
The increase is principally attributable...Read more
Revenue - Product
Outlook As we look ahead...Read more
Financial - Earnings
Net Income Attributable to Noncontrolling...Read more
Other - Other
Borrowings under the Credit Facility...Read more
Financial - Expense
The increase in net working...Read more
Revenue - Product
The increase in consolidated net...Read more
Revenue - Product
Although sales price changes were...Read more
Financial - Expense
Index Inflation We have generally...Read more
Financial - Income
Further, the increase in consolidated...Read more
Financial - Income
Income Tax Expense Our effective...Read more
Other - Other
In April 2022, we entered...Read more
Other - Other
In evaluating the recoverability of...Read more
Other - Other
We finance our activities primarily...Read more
Revenue - Geography
Additionally, the FSG is a...Read more
Revenue - Product
We include variable consideration in...Read more
Other - Other
The FSG also engineers, designs...Read more
Other - Other
Based on our current outlook,...Read more
Revenue - Geography
These projections require management to...Read more
M & A - Other
Business Combinations We allocate the...Read more
Other - Other
The Applicable Rate for Base...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Heico Corp provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: HEI
CIK: 46619
Form Type: 10-K Annual Report
Accession Number: 0000046619-22-000066
Submitted to the SEC: Wed Dec 21 2022 4:11:10 PM EST
Accepted by the SEC: Wed Dec 21 2022
Period: Monday, October 31, 2022
Industry: Aircraft Engines And Engine Parts