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Apr 30, 2021
Heico Q2 2021 Earnings Report
Reported strong operating cash flow and sequential improvements in net sales and operating income at Flight Support Group, along with record quarterly net sales at Electronic Technologies Group.
Key Takeaways
HEICO Corporation reported net income of $70.7 million, or $.51 per diluted share, in the second quarter of fiscal 2021. The company's consolidated operating margin was 20.7% in the second quarter of fiscal 2021. Net sales were $466.7 million in the second quarter of fiscal 2021. EBITDA was $120.0 million in the second quarter of fiscal 2021.
Record quarterly net sales in the Electronic Technologies Group were achieved.
Third consecutive quarter of sequential growth in net sales and operating income within the Flight Support Group was reported.
Total debt to shareholders' equity ratio improved to 27.1% as of April 30, 2021.
Cash flow provided by operating activities was $102.9 million in the second quarter of fiscal 2021.
Heico
Heico
Heico Revenue by Segment
Revenue by Segment
Flight Support Group Revenue
CapyFin.comElectronic Tech Group Revenue
CapyFin.com Forward Guidance
Given these uncertainties, we cannot provide fiscal 2021 net sales and earnings guidance at this time. However, we believe our ongoing fiscal conservative policies, strong balance sheet, and high degree of liquidity enable us to invest in new research and development, execute on our successful acquisition program, and position HEICO for market share gains as the industry recovers.
Positive Outlook
- Ongoing worldwide rollout of COVID-19 vaccines will have a positive influence on commercial air travel
- Generate favorable economic environments in the markets we serve
- Ongoing fiscal conservative policies
- Strong balance sheet
- High degree of liquidity
Challenges Ahead
- Pace of recovery in global travel remains difficult to predict
- New COVID-19 variants can negatively influence recovery
- Varying vaccine adoption rates can negatively influence recovery
- COVID-19 global pandemic moderated demand for our commercial aerospace parts and services in the second quarter of fiscal 2021 compared to the prior year.
- Cannot provide fiscal 2021 net sales and earnings guidance at this time.
Revenue & Expenses
Visualization of income flow from segment revenue to net income