HEICO Corporation delivered a landmark third quarter of fiscal 2024 (Q3 2024, quarter ended July 31, 2024) with consolidated operating income and net sales reaching record levels. Revenue rose 37% year over year to $992.2 million, while operating income advanced 45% year over year to $216.4 million and net income climbed 34% to $136.6 million ($0.97 diluted EPS). EBITDA totaled $261.4 million, up 45% from the prior-year period, with an EBITDA margin of approximately 26.3%. The quarterly results reflect exceptional had momentum across HEICO’s two primary segments, Flight Support Group (FSG) and Electronic Technologies Group (ETG), underpinned by meaningful acquisitions and strong organic growth. The FSG posted 68% net sales growth to a quarterly record of $681.6 million and operating income of $153.6 million (+72% YoY), driven by 15% organic growth and accretive contributions from recent acquisitions, including Capewell and Wencor-related synergies. ETG delivered net sales of $322.1 million with operating margin of 23.5%, and acknowledged ongoing volatility in non‑A&D markets though defense and commercial aviation demand remained robust. Consolidated debt metrics improved meaningfully, with net debt-to-EBITDA at 2.11x as of July 31, 2024 (down from 3.04x in 2023), reflecting the company’s successful deleveraging post-Wencor, solid free cash flow generation ($198.1 million of free cash flow for the quarter and $214 million operating cash flow), and a 10% dividend increase to $0.11 per share in July 2024. Management reaffirmed a constructive outlook, citing a robust M&A pipeline, ongoing product and service innovation, and expectations for continued sales growth across both FSG and ETG, supported by acquired platforms and favorable aftermarket demand. The quarter also featured strategic investments, including the Honeywell cockpit display licenses, and the Capewell Aerial Systems acquisition, which HEICO believes will be accretive within the first year post‑close. The breadth of products, diversified end markets (aerospace after-market parts, defense, avionics, and electronics), and the scale of backlog imply a favorable multi‑year trajectory, albeit with near-term supply-chain and OE production headwinds.