HEICO Corporation reported a record second quarter for fiscal 2024, underscoring the benefits of accretive acquisitions and strong organic demand across its two operating platforms. Consolidated net sales of $955.4 million grew approximately 39% year over year, while net income rose 17% to $123.1 million and diluted EPS reached $0.88. EBITDA rose 35% to $252.4 million, delivering a robust EBITDA margin of about 26.4%. The earnings call emphasized that the Flight Support Group (FSG) achieved all-time quarterly net sales and operating income records, up 65% and 49% respectively versus the year-ago quarter, driven by the Wencor acquisition and a solid 12% organic growth, with aftermarket parts delivering a 21% organic expansion. HEICO’s Electronic Technologies Group (ETG) posted a 6% top-line increase to $319.3 million, with operating income of $75.3 million and an improved operating margin of 23.6%, aided by better gross margins and a favorable product mix, though acquisition-related intangible amortization compressed margins by roughly 400 basis points. Consolidated leverage improved to 2.45x on 4/30/2024, with a goal to reach 2x within 12–18 months post-Wencor, and operating cash flow surged to $141.1 million, supporting strong free cash flow generation of $128.2 million. Management signaled continued net sales growth in both FSG and ETG during fiscal 2024, backed by a strong backlog (notably in ETG) and ongoing product development, while stressing the importance of disciplined capital allocation and the potential for further M&A. The execution remains sensitive to defense spending, aerospace demand, supplier dynamics, and inflation, all of which were discussed as potential risk factors for the path ahead.