HEICO Corporation delivered record-breaking results for the fourth quarter of fiscal year 2024, underscoring the company’s highly differentiated, asset-light, aerospace aftermarket model and disciplined M&A strategy. Consolidated revenue of $1.0137 billion rose 8.3% year over year, with net income of $139.7 million and diluted EPS of $0.99, up 35% year over year. EBITDA rose to $264.0 million, marking a 13% increase versus the prior-year quarter, with a trailing net debt to EBITDA ratio of 2.06x—back toward the historical target around 2x. The Flight Support Group (FSG) achieved record quarterly net sales of $691.8 million (+15% YoY) and operating income of $154.5 million (+35%), driving a 22.3% operating margin despite approximately 270 bps of acquisition-related intangible amortization. The Electronic Technologies Group (ETG) posted net sales of $336.2 million (slightly down YoY), with operating income of $81.8 million and a 24.3% operating margin, noting that true operating margin (before acquisition intangibles) remains above 28%. Backlog at ETG was at a record level, supporting management’s confidence in 2025 growth. HEICO’s cash flow generation remained robust: operating cash flow of $205.6 million and free cash flow of $189.5 million in Q4’24. The company also declared a quarterly dividend of $0.11 per share, marking the 93rd consecutive payout. Management highlighted a robust acquisition pipeline, integration progress at Wencor, and meaningful growth opportunities in defense and space (including missile defense components) and the new administration’s efficiency initiatives (DOGE) as a catalyst for DoD and PMA opportunities. Looking ahead to FY2025, HEICO anticipates continued organic growth in both FSG and ETG, with double-digit organic growth in FSG and low-to-mid single-digit organic growth in ETG, augmented by new product development, cross-segment collaboration, and accretive acquisitions. While revenue and earnings visibility remains solid, HEICO acknowledges macro uncertainty in defense budgets, OEM supply-chain constraints, and the potential regulatory and geopolitical developments that could influence timing. Overall, HEICO remains well-positioned to generate durable cash flow, deploy capital opportunistically, and return capital to shareholders while expanding its portfolio of high-margin, mission-critical aerospace solutions.