Heico Corp (HEI) has reported a 15.72 percent rise in profit for the quarter ended Oct. 31, 2016. The company has earned $44.26 million, or $0.65 a share in the quarter, compared with $38.25 million, or $0.56 a share for the same period last year.
Revenue during the quarter grew 10.54 percent to $363.30 million from $328.67 million in the previous year period. Gross margin for the quarter contracted 123 basis points over the previous year period to 37.35 percent. Total expenses were 79.06 percent of quarterly revenues, up from 79.02 percent for the same period last year. That has resulted in a contraction of 4 basis points in operating margin to 20.94 percent.
Operating income for the quarter was $76.08 million, compared with $68.95 million in the previous year period.
Laurans A. Mendelson, HEICO's chairman and chief executive officer, commented on the Company's full fiscal year and fourth quarter results stating, "Our record full year and fourth quarter of fiscal 2016 results in consolidated net sales, operating income and net income reflect the impact of our profitable fiscal 2016 and 2015 acquisitions, as well as continued increased demand for the majority of HEICO's products."
Operating cash flow improves significantly
Heico Corp has generated cash of $249.18 million from operating activities during the year, up 44.15 percent or $76.32 million, when compared with the last year.
The company has spent $297.62 million cash to meet investing activities during the year as against cash outgo of $186.01 million in the last year.
Cash flow from financing activities was $56.77 million for the year, up 107.68 percent or $29.44 million, when compared with the last year.
Cash and cash equivalents stood at $42.96 million as on Oct. 31, 2016, up 27.83 percent or $9.35 million from $33.60 million on Oct. 31, 2015.
Debt moves up
Heico Corp has witnessed an increase in total debt over the last one year. It stood at $458.22 million as on Oct. 31, 2016, up 24.65 percent or $90.63 million from $367.60 million on Oct. 31, 2015. Interest coverage ratio deteriorated to 36.61 for the quarter from 53.87 for the same period last year.
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