Heico — Dec 17, 2024 release

Mendelson, HEICO's Co-President and President of HEICO’s Electronic Technologies Group, commented on the Electronic Technologies Group's fourth quarter results stating, "Our quarterly results mainly featured high single-digit organic net sales growth of our space products, offset by lower defense products net sales, which are often lumpy, and slightly lower net sales of our other electronics products. We remain highly optimistic about more sustained growth across the majority of our product lines in fiscal 2025, driven by significantly higher orders and an increased quarter-end record backlog as of October 31, 2024. The Electronic Technologies Group's net sales were $336.2 million in the fourth quarter of fiscal 2024, as compared to $342.5 million in the fourth quarter of fiscal 2023. The net sales decrease principally reflects lower defense and other electronics net sales, partially offset by increased space products net sales and the impact from our fiscal 2024 acquisitions. The Electronic Technologies Group's net sales increased 3% to a record $1,263.6 million in the fiscal year ended October 31, 2024, up from $1,225.2 million in the fiscal year ended October 31, 2023. The net sales increase is mainly attributable to the impact of our fiscal 2023 and 2024 acquisitions and increased organic net sales of our defense and aerospace products, partially offset by lower organic net sales of our other electronics and medical products. The Electronic Technologies Group's operating income was $81.8 million in the fourth quarter of fiscal 2024, as compared to $86.4 million in the fourth quarter of fiscal 2023. The operating income decrease principally reflects a less favorable gro