HEICO Corporation reported significant financial growth for the nine months ended July 31, 2024, with consolidated net sales reaching $2,844.0 million, a 40% increase from $2,031.7 million in the same period of 2023. The Flight Support Group (FSG) segment experienced a remarkable 67% increase in net sales, totaling $1,947.6 million, driven by $625.5 million from acquisitions and 13% organic growth. In contrast, the Electronic Technologies Group (ETG) saw a modest 5% increase in net sales to $927.4 million, with a slight organic decline attributed to decreased demand in certain product lines.

Operating income for the nine months rose to $605.8 million, up 39% from $435.9 million in the prior year. The FSG segment's operating income surged by 61% to $438.6 million, while the ETG segment's operating income increased by 4% to $206.4 million. The overall gross profit margin improved to 39.0%, up from 38.8% in the previous year, reflecting higher sales in defense and aerospace products.

Net income attributable to HEICO for the nine months was $374.4 million, or $2.67 per diluted share, compared to $300.2 million, or $2.17 per diluted share, in the same period of 2023. The effective tax rate decreased to 17.3% from 19.0%, primarily due to a larger tax benefit from stock option exercises.

In terms of strategic developments, HEICO made several acquisitions, including exclusive licenses and assets from Honeywell International in December 2023 and May 2024, aimed at enhancing its product offerings for Boeing cockpit displays. Additionally, the company acquired the Aerial Delivery and Descent Devices divisions of Capewell Aerial Systems in August 2024. These acquisitions are expected to bolster HEICO's capabilities, although they were not material to the financial statements.

The company also reported a net cash provided by operating activities of $466.7 million, a 55% increase from $300.4 million in the same period last year. However, net cash used in investing activities was $112.2 million, primarily for acquisitions and capital expenditures.

As of July 31, 2024, HEICO's total assets stood at $7,422.4 million, up from $7,195.1 million at the end of the previous fiscal year. Total shareholders' equity increased to $3,596.9 million, reflecting strong operational performance and strategic growth initiatives.